Looking back at almost a year of starting this hotel, from conception, design, which I did myself, drawing site and floor plans to negotiating with contractors and after completion marketing it, I sort of feel exhausted now.
The hotel has been received very well by guests. There will always be a few that aren’t satisfied with the best of things, but overall I feel, and the vast majority of the guest reviews prove it, that we have done a good job with it. It is also somewhat difficult to maintain a standard you have established, not the least because of the vagaries of the Cambodian mentality. Employees might quit on you at a moment’s notice. Contractors might or might not show up, etc. I had written about that in a previous post.
I have come to the decision now that I need to take a bit of a rest. For that reason I am looking for an active partner to help out with running this hotel, and possibly take over completely in due course as I am close to retirement age, although I will still be there to share in the overall management. Initially, I thought I could do this for a longer time but the full-time engagement is wearing me out a bit.
As a recap, we are a 3-star boutique hotel on Occheuteal, Sihanoukville, which opened in November 2013. The year so far has turned out to be very successful, all things considered. We are two partners (the other one a silent partner already here as he runs a hotel in Phnom Penh) who own the business on leased premises - the lease runs for 10 years with an option to renew; it is almost like a concession on the land. We remodeled 6 existing rooms and added 10 deluxe rooms, a swimming pool, and a nice front and backyard with plenty of tropical plants as well as two small restaurants for serving breakfast and snacks. We added dinner recently.This is a family-style hotel with a personal touch. Guest relations with our mostly Western guests (95%) are conducted on a very personal level. By guest reviews we are alternately ranked number 3 and 4 on booking.com, and number one in our category.
When we started we were looking for someone to manage the hotel, and possibly come in as a partner. Although we met with some interest most of the people didn’t have the funds or no business experience at all. We ended up hiring a manager who unfortunately did a poor job. Being Cambodian he was not attuned to Western guests’ quirks and demands. We employ 10 staff.
So we are now looking for someone who is interested in becoming an active partner in this hotel who can maintain, possibly even improve, the standard and personal touch. Prospects for tourist arrivals in Sihanoukville are very positive for the next few years. Internet sales come from Agoda and Booking.com. A special listing has been placed on Tripadvisor. We have advance bookings right into March 2015 and are practically sold out for the Xmas, New Year period. We introduced the hotel into the market with very special, comparatively low rates. The investment phase is over. We will charge normal rates for the next high season which will get us profitable margins. The groundwork has been done. This is a unique opportunity for someone to get into the business. A person with previous experience in the hospitality or tourism industry including a business background would be ideal.
As for valuation, the basis is 200,000 shares, with a share being valued at $1.25. The number of shares to sell is subject to discussion with the potential partner/investor. Full financials and records are available. Further details, e. g. investment volume, occupancy, rent, overhead expenses, etc. will be disclosed once personal contact has been made. Active engagement is required. Anybody interested please contact us at email@example.com.