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Listing ID: 2531190

Golden Investment Opportunity, Fully Furnished Boutique Hotel, Restaurant & Bar For Sale

San Jose - Capital City, Costa Rica

$ 1,995,000

(Furniture / Fixtures and Inventory / Stock included)
(Real Estate Included)

Revenue: $ 250k to 500k

Cash Flow: $ 250k to 500k

Business Description

27 Years In Operation, Strategically Located And Expandable. Health Issues Force Current Reduced Price Reflects A 10-13% ROI.

This well-established Spanish hacienda style courtyard boutique hotel is marketed to adult (gay & hetro-friendly) clientele on the prestigious northwest corner of El Triangulo – Boulevar Rohrmoser in the exclusive USA Embassy district is a haven for adventurous travelers in search of Costa Rica’s exotic, natural surroundings. Strategically located on 0.342 acres (14,886 square feet / 1,382.65 square meters) land with approx. 17,222 square feet / 1,600 square meters of construction in the exclusive Rohrmoser Embassy area of San Jose.

The property extensively restored, maintained and stylishly furnished has functioned as one of Costa Rica's premier boutique hotels over 26 years. Entire bar and restaurant area has undergone a complete renovation during the prior year 2016. The property is ideally located to provide a base for tourists visiting Costa Rica, and is only 30 to 45 minutes by Nature Air or Sansa from beaches, rainforest, volcanoes and some of the most stunning ecological resorts in the world.

Amenities of this property include:
• 23 tastefully decorated units of varying size, style & budget (all with private baths and three with kitchens).
• Full service bar (indoor and poolside) and restaurant adjoining the garden area.
• Three-level balcony sundeck with native teak flooring (space for extra construction).
• Massage Room
• Two changing rooms with shower baths at pool
• Reception office
• Solar heated pool
• Outdoor hot tub
• 9 phone lines with central phone system
• Wi-Fi wireless internet access throughout property
• Full kitchen and laundry.
• Two staff housing units (private baths and one with kitchenette).
• Parking for up to seven cars within the walls of the compound plus three more cars under the carport entrance. plus more than a dozen street side spaces with our expansive triangular corner location.
• Large storage/maintenance bodega.
• Licensed as hotel, bar and restaurant with company-owned liquor license until 2:30 AM.
• Additional units or construction possible on the remaining undeveloped second floor levels or the rear garage area.
• Our fifth building adjoining the poolside was recently remodeled (2013) adding with new construction 6 varied guest units (#32, #33, #34, #35, #37 & #38) and a final seventh guest unit (#36) awaits final construction to bring our total guest room count to 24. This building also includes a common / staff kitchen, social areas / small conference area. In this expansion, an estimated 90+ square meters of new construction were added to the compound.
• City water and backup water storage tank with a full property pressurized system.
• Property: 0.342 acres / 14,886 square feet / 1382.65 square meters.
• Construction: (approximate) 17,222 square feet / 1,600 square meters.

Current operations offer lodging and tour / travel planning only. The bar and restaurant are currently under independent management with a short-term agreement. This arrangement may be negotiated to continue for the new hotel operator; otherwise, the current resto-bar operator is prepared to vacate with short notice. The property is affiliated with a reservation company in the USA which provides our tradename, reservation system and banking support to make our international booking easy. This arrangement may be negotiated to continue under a simple fee structure or may be purchased outright with an installment agreement. This USA based reservation company has been in operations since 1983 and provided full tour and travel planning for throughout Costa Rica.

With restructuring of online reservations systems in the prior year, we are experiencing record occupancy improvements. San Jose continues as the best tourism business plan for Costa Rica with a steady, more year-round occupancy. Further gains are expected from additional marketing efforts to promote our increased capacity and ability to host small group tours. There is tremendous growth opportunity for a new hotel operator to expand on our well-established reputation and existing client base. There remains from 25-40% growth potential with the right marketing, pricing and team.

With limited effort and further remodeling, up to eight more units could be created within existing construction plus additional units with new construction. If a new operator would like to live on property at the beginning, it would be possible to utilize one of the three room options that have either kitchen or full apartment style facilities.

The existing staff are all available to remain running the operations. The retiring administrator (with health issues) is currently offering most of his direction offsite but will remain available for whatever time needed to train and transition to new operators. The property may be purchased solely as an investment without an owner’s personal involvement in operations but the best scenario would be with a new administrator either the owner or hired to expand on our solid base. It is a proven income producer and needs the energy of new owner(s) to move to the next level. Unlike more seasonal beach locations, this Capital City property enjoys year-round bookings primarily from tourists but now ever growing local and business travelers.

Highly motivated this $2.4 million company is Currently offered with a $405K reduction at $1,995,000 for entire package as a stock sale of the owning / operating turnkey corporation in Costa Rica. The tradename, services and other benefits from the independent USA based reservation company with the favorable bank and credit card processing may be contracted for ongoing use separately if desired or acquired outright in a separate installment purchase. Options will be disclosed to serious buyers.

To a qualified buyer up to $1,500.000 in favorable local bank and seller financing is available. Under a NDA with serious candidate, you will have the opportunity to fully discuss the operations, tax structure and review the records and revenue. Month sales averages during in past two fiscal years from 26-35K with average 46-54% occupancy, with annual NOI near 200-260K after OE. During the last fiscal YE 9/30/2016, hotel operations do not include bar and restaurant as these departments have been given to an outside operator to reduce the stress to the health challenged administrator. Depending on the skills or connections of new owner(s), food and beverage could be managed to become another major revenue source.

In October of 2007, we engaged a surveyor to unite the 6 fincas to one unified plano. This has been completed with national registry and the new registered plano. We offer special pricing for available rooms for nacional guests and residents. We are represented in all major OTAs (online travel agents) and favorably reviewed in TripAdvisor, Google & Yahoo search engines.

Kindly contact us for more details.

Property Details

Property Type:

Real

Miscellaneous

Financing Available:

Yes

Reason For Selling:

Health of principal.

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