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Oct 3, 2019 — This Historic Inn has over 200 years of history to share and offers its customers an exceptional experience with waterfront dining and charming rooms. You'll find this property has received very recent though, care and attention, raising the standards of the offering to its guests while ensuring the property is well positioned for years to come.
We are confident there can be a few quick wins for a new operator who is focused on revenue generating efforts and cost controls. 23 rooms is the ideal size for attracting speciality bus tours, something this property has not taken advantage of. For the prospective buyer who has management, ownership, or other hands on experience in accommodations and/or food service, we're certain you'll recognize significant opportunity for financial improvement. Let's connect for a chat and we'll show you what we mean.
Room rates currently range from $90 - $155 in low season and $120 - $175 in the high season, with over $330k in rooms sales per year.
There are a total of 25 - 30 staff during peak season for this business, which includes the restaurant, which seats 90 inside + 40 on the outdoor patio.
2018 Revenues: $1,178,000, with room sales making up 30% of this amount.
Revenues have been very steady over the past 4 years, averaging $1,142,000, and fluctuating not more than 5%.
Seller's Discretionary Earnings are $125,000.
Seller's discretionary earnings are the pretax and pre-interest profits, before non-cash expenses, owner benefits, one time investments, and any non-related income or expenses. SDE may require that expenses be adjusted if a new owner will necessarily need to take on a new expense.
Minimum Equity Required
This property is situated on approximately 1.27 acres of land, with additional available parking.
The roof has been redone in 2018, with many other substantial upgrades in past few years. A full list is available.
Town water and sewer
Property taxes in 2018: $13,128
There is a principal residence that will be included with the sale of the business. This property is near finished a complete renovation and is 2 bedroom, 2 bathroom, 2 storey property. We are currently assessing the value of the property and will update the listing shortly. The 1.27 acres includes the land which the home sits on, being approximately 11,045 sft or .25 acres.