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Income
Feb 1, 2005 19:00:24 GMT -5
Post by DooWopper on Feb 1, 2005 19:00:24 GMT -5
What would you guys estimate as the average income of one of the smaller motels that are on the beach block? Im guessing it's not enough to make a living off of but I may be wrong.
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Income
Feb 1, 2005 19:07:58 GMT -5
Post by FlyinGN on Feb 1, 2005 19:07:58 GMT -5
not sure about a small hotel but we know the owners of 2 large hotels on the beach and they are doing VERY well thanks you:)
Frank
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Feb 1, 2005 19:29:42 GMT -5
Post by Al Alven on Feb 1, 2005 19:29:42 GMT -5
I can't give you specific numbers, DooWopper, but I can tell you that they probably do much better than you would think...
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Feb 1, 2005 19:56:49 GMT -5
Post by JIMD on Feb 1, 2005 19:56:49 GMT -5
If they bought the hotel prior to 1999 they are probably doing quite well. I don't think there is any way you could buy at the prices they want now and make any money running the hotel. Perfect example is the Oceanview motel in the Crest, it was for sale in 1998 for 2.9 million and just sold for around 20 million. No way could you buy that hotel and make money running it at that price even if it were in perfect shape.
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Feb 1, 2005 19:59:40 GMT -5
Post by FlyinGN on Feb 1, 2005 19:59:40 GMT -5
true Jim. We stayed there a few years ago and it was in not so good shape a few years ago..
Frank
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Feb 1, 2005 20:05:55 GMT -5
Post by Al Alven on Feb 1, 2005 20:05:55 GMT -5
Oh, no question about that, JIMD.
By and large, when you see a motel for sale in the Wildwoods these days, chances are it's a goner. Just a matter of time before a sale goes through and they can be demolished to make way for condos.
I don't think anyone could have fathomed that the Oceanview would have sold for the amount it just did a few years ago. Imagine that, 20 mil!
Unbelievable.
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Feb 4, 2005 23:30:05 GMT -5
Post by AnthonyV on Feb 4, 2005 23:30:05 GMT -5
I remember when the Oceanview was known as THE ADMIRAL EAST not all that long ago...
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