Well I have just gotten off the phone with the prospective seller. I faxed over the pre-lim list you suggested for all commercial properties and I just wondered aside from profitability, what should I be looking for in the hotel? He says it will take about two days to get it all togther and I want to be ready as I only have a 10 day window for the initial review ( I did this to show my commitment to getting the deal done.) I have done some review of commercial docs before and have a degree in real estate finance but not hotel knowledge specifically. So any advice is helpful.
I saw an old post about whether or not you were comforatble with the due diligence checklist you have so far. You replied that maybe you will post a more propety specific list soon. Have you got one for hotels since I konw you persoanlly invest in them?
Posted by ray@lcorn on October 16, 2006 at 14:53:16:
JG,
I don’t recall the post you mentioned, but that sounds like something I’d say… I continually update my due diligence lists. That’s how they came to be actually… every time I miss something or get surprised (and yes, it still happens), it goes on the list. Last time I counted there were about eighty or so items, and I have a few more to add.
I included property specific lists for Retail, Office, Multi-family and Mobile Home Parks on the Forms CD with my book, “DealMakers Guide to Commercial Real Estate”. I have one for hotels, but it’s not in a publishable format at the moment. If you have a specific question post it here and I’ll be glad to help if I can.