How Do I find potential Competition?

Question

I am looking into investing in a hotel. There is not a lot of hotels in the area but I see the potential for it happening. Where do I look to find out information about potential competition??

Answer 1

Call Donald.  Seriously, that is how he has made so much through the years.  He has written several books and if you attend the free public seminars, you get one free. Do a search at the local library or Barnes and Noble website or Check out his site below:

Answer 2

In most towns and counties the best place to get information on potential competition is the local planning or zoning board.  

Both will be aware of the location of tracts large enough to support a hotel and it's parking lot.  They will also be aware of the availability of utility hookups and if anybody has any development plans in the works.



A possible secondary source is to contact the property owners and ask them if anyone has approached them about purchasing their property and what the planned use is.

Yet another possibility is to approach commercial developers known to be interested in your locale and ask them if they are interested in developing a hotel.  Whatever their answer be sure to ask the why or why not.

Hope this helps

Jerry-the-bookkeeper