North Conway, NH, (PRWEB) July 9, 2005
The hotel/hospitality industry is coming off its strongest growth in revenue per available room in more than 20 years; and optimism remains high for continued improved performance. One industry expert is seeing the impact in New HampshireÂs White Mountains, where the market for B&Bs, country inns and developable land for hotels is hot.
David Cianciolo of Badger Realty in North Conway, New Hampshire has been selling hospitality real estate in the White Mountains for 30 years. ÂInterest from well-qualified buyers has never been higher; some of the buyers are hotel developers, while others are leaving their careers to follow their dream of owning an inn or B&B. Properties come on the market and are sold quickly. In just the past few months, our office has sold virtually every lodging property that was on the marketÂand weÂre seeing other owners who were thinking about selling in the future making their move to offer their property for sale now.Â
The area around North Conway is often referred to as the Mt. Washington Valley, as itÂs located near the highest peak in the northeastern U.S. With the largest segment of the U.S. population within a dayÂs drive, the area is one of the most popular year-round resort destinations in the U.S. According to Cianciolo, ÂMany people tell us they wish they could live here. With a bed & breakfastÂthe fastest growing segment of the lodging industry in the U.S.Âor a country inn, they can. ItÂs a way to combine the independence of owning your own business, the ability to meet people from all over the world, and the enjoyment of the lifestyle this area offers.Â
Cianciolo and his partner, Ed OÂHalloran, have personally been responsible for the listing and sale of nearly 40% of all commercial properties on the market in the Mt. Washington Valley area in the last twelve months. Recent sales by Badger Realty have included Carter Notch Inn in Jackson, which was purchased by a couple from the U.K.; The Forest Inn in Intervale; the Spruce Moose Inn & Cottages, Wildflowers Inn B&B, Old Red Inn & Cottages, and the Briarcliff Motel in North Conway; and three adjacent properties in North Conway which will be the site for a 98-room Hilton Hampton Inn & Suites.
Cianciolo encourages those thinking of purchasing an inn or B&B in the future to start working with a specialist in hospitality real estate now. ÂBuyersÂespecially those who donÂt have a background in hospitality managementÂneed time to learn about the industry, the market and what type of property can help them meet their goals and dreams. Plus, properties come on the market and are sold so quickly that you could miss the perfect property if youÂre not ready to act.Â