New England is a region steeped in history and natural beauty and is a captivating and established destination for leisure travel getaways to romantic Inns and cozy Bed and Breakfasts. It makes sense that it’s also a great place to buy an Inn or Bed and Breakfast! New England is comprised of six states – Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. You’ll find an incredible array of landscapes in these small but diverse states, from the rugged coastlines of Maine to the tranquil lakes, forests, and mountains of Vermont.

This part of the country is also renowned for its vibrant fall foliage, quaint small towns, and historic sites that date back to the early days of American settlement. Visitors are drawn to its scenic drives, outdoor adventures, and cultural richness, with iconic cities and towns offering a mix of modern attractions and colonial heritage.

If these characteristics are a critical feature of your purchase model, buying a New England Inn might be the perfect fit for you. We have decades of experience helping aspiring Innkeepers buy Inns for sale and assisting current innkeepers in selling their property to the next owner. We also offer in-depth Inn consulting, covering all aspects of Innkeeping. If you’re in the market for a New England Inn, reach out to our team and let us know how we can help you buy an Inn today!

Why Consider Inns for Sale in New England

Fall enthusiasts and aspiring innkeepers, there’s one destination to consider that trumps all else: New England. If you love all things fall, your search for Inns for sale should start in one of these six beautiful states. Here, you’ll find a unique blend of charm, history, sensational fall foliage, and even year-round opportunities for tourism. It’s an ideal location to purchase a new Inn!

New England’s scenic beauty is a big part of why it’s a great location to start your search. The region’s picturesque landscapes draw visitors in year-round. They come for various reasons, but at the heart of it is the opportunity to experience a quintessentially American experience.

Each season brings its own appeal, from vibrant fall foliage to cozy winter retreats. For you, that translates to a steady stream of guests, which makes it an excellent place to consider running an Inn. Moreover, New England states share a strong sense of community and have a well-established tourism infrastructure network, which means they are supportive environments for innkeepers and owners. These factors make New England a great place to consider investing in the hospitality industry.

Additionally, the historic nature of many properties here allows innkeepers to offer guests an authentic, memorable stay, often in historic buildings that add to the allure. This individualized character is important when defining who you are and crafting a unique-to-you lodging and hospitality style.

Our founding business partners chose New England as their home base because of the area’s commitment to arts, cultural pursuits, and the outdoors. The other critical reason was the ease of travel between the active metro areas of New York, Boston, Montreal and beyond. You have everything within striking distance within an hour of your chosen destination and even closer if you chose the right location to operate your future hospitality business.

Why Choose the B&B Team Realtors & Consultants

When looking for inns for sale in New England, partnering with The B&B Team is an excellent choice. We have comprehensive listings of Inns for sale in New England and offer the most in-depth consulting services tailored specifically to the hospitality industry. With over 40 years of experience and a track record of facilitating successful inn transactions, we provide invaluable insight into the nuances of buying and selling bed and breakfasts and Inns.

We’ll work with you to establish what you’re looking for and then help you navigate the complexities of this diverse regional market, ensuring that your investment aligns with your financial goals and lifestyle aspirations. This commitment to personalized service and industry-specific knowledge will undoubtedly help you maximize your potential and start your Innkeeping journey off on the right foot.

Our knowledgeable team understands that each Inn is unique and requires a tailored strategy to maximize its potential. Whether you’re a first-time buyer or a seasoned innkeeper looking to expand, our team will offer guidance on every aspect of the process, from initial property search to closing the deal. Our extensive network and deep understanding of the region make us the go-to experts for finding the perfect inn for sale in New England.

Moreover, our focus on education and support extends beyond the purchase. We offer ongoing consulting services and educational opportunities to help you optimize your business operations and ensure long-term success. This level of dedication and expertise makes The B&B Team not just a broker but a trusted partner in your journey to owning a successful inn in one of the country’s most picturesque and historically rich regions. Contact us to get started on your Innkeeping journey today!

In many markets across the country, travelers have countless options for lodging. From traditional hotels and independent Airbnb, VRBO, or other vacation rentals to traditional Bed and Breakfasts, Historic Inns, and Boutique Hotels, the options are plentiful. Creating something unique and keeping yourself apart from the competition is essential, as it will transform your property from just another place to stay into a destination with its own distinct identity.

Crafting a unique Inn with a cohesive vision and story and offering guests an experience they can’t find anywhere else should be an essential part of your business plan whenever you’re looking to buy a Bed and Breakfast or historic Inn. This uniqueness not only attracts first-time visitors but also fosters loyalty, as guests are more likely to return to a place that left a lasting impression. By differentiating your inn through location, design, and personalized service, you elevate it beyond mere accommodation.

If you’re looking to buy a bed and breakfast, start with Inn consulting with The B&B Team. We are far more than a real estate company that will help you with the buying and selling of a Bed and Breakfast or Historic Inn. We’re also the leading Inn consulting firm in the industry, with incredible knowledge about the market, how to find your target audience, and how to craft a unique identity for your business that will help you stand out from the competition. Contact us for help guiding you through the process of finding your dream property today!

Start with a Great Location

One of the key things our Inn consulting can help with when looking for a historic Inn or Bed and Breakfast for sale is location analysis. The location of your inn can set the stage for everything else. A picturesque setting, whether it’s in the rolling hills of a quiet countryside, along a serene waterfront, or nestled within a charming historic district, will naturally draw guests in.

Location is also important when it comes to guest appeal and finding your target market. After all, a location is so much more than its physical location. It’s also a set of experiences waiting to unfold for your guests. Whether it’s nearby attractions, seasonal appeal, or vibrant events that bring guests to your door, choosing to start a bed and breakfast in a location with a natural tourism draw will be an important part of any successful Inn.

Inn Consulting: Understand Who Your Target Market Is

While we’re helping you scout out locations for various Inns for sale, our Inn consulting service will also prove valuable in helping you identify and understand your target market. Knowing your target market is crucial for making your inn stand out.

Are you catering to romantic couples, families on vacation, or solo travelers seeking tranquility? Perhaps your inn is a haven for artists and writers or a retreat for business travelers who need a mix of comfort and functionality. Understanding who your ideal guests are will help you tailor your services, amenities, and even your marketing efforts. Most importantly, knowing your target market will help you know whether or not your investment is a good one – this is a key role for our hospitality consultants!

Once you have identified and understand your target market, you can work on crafting custom experiences and amenities for your business plan, and work on creating a cohesive style and voice for your property and its area. By aligning your offerings with the specific needs and desires of your target market, you create a personalized experience that resonates with them, making your inn not just a place to stay but a destination in itself.

Define the Style of Your Inn

Finally, as you work through the process of buying a Bed and Breakfast or Inn, we’ll encourage you to define the style of your Inn. This is, after all, the first impression your guests will have of their experience, and this – coupled with your personalized hospitality – is what guests will remember long after their stay.

Style is about so much more than decor, though. It’s also the atmosphere you create and the story that your Inn tells. Whether your style is rustic and cozy, modern and chic, or classic and elegant, it should reflect both the character of the building and the expectations of your guests.

When it comes to defining this style, even the smallest details matter. The scent in the air, the softness of the linens, the artwork on the walls—they all contribute to the overall experience. Helping you understand these details is an integral part of our Inn consulting and comes from decades of working with boutique properties around the country. This dedication to guest experience and establishing a consistent theme that complements your inn’s location and appeals to your target market will prove critical to your success.

Ultimately, making your inn unique is about creating a cohesive experience that begins the moment a guest arrives and lingers in their memory long after they’ve left. It’s about marrying location, market, and style into a seamless narrative that sets your inn apart from the rest. By paying attention to these key areas, you can craft an inn experience that not only attracts guests but turns them into loyal repeat visitors who can’t wait to return. If you’re ready to buy an Inn or Bed and Breakfast and want to hire the best Inn consulting firm in the market today, reach out to the knowledgeable B&B Team today!

The journey with the B&B team starts early when you’re just getting started. We host regular seminars, both online and in person, for aspiring Innkeepers. These seminars are a fantastic way to learn more about the industry and what you’ll need to do to make this purchase a reality. From there, we help you by finding properties, brokering deals, and connecting you with industry professionals.

How to Start a Bed and Breakfast

Do you truly understand the Bed and Breakfast industry? Understanding this industry and how it differs from other lodging and hospitality industries is an important first step when planning out how to start a Bed and Breakfast. At its most basic, a bed and breakfast (also called a B&B or an Inn) is a type of lodging that offers overnight accommodation and usually includes a daily breakfast as part of the included amenities.

Unlike traditional hotels, B&Bs are usually smaller and located in private homes, historic buildings, or other significant buildings. They also provide a more personalized experience, with hosts often living on-site and interacting closely with guests. The charm of a B&B lies in its unique character, often reflecting the local culture and history of its location.

If you’re here learning how to start a Bed and Breakfast, odds are you understand just how immensely rewarding this business venture can be!  Even so, like any business, it demands careful planning and consideration. Below are several critical factors to keep in mind:

1. Legal and Regulatory Compliance: First and foremost, ensure you are well-versed in local zoning laws, health and safety regulations, and business licensing requirements. These can vary significantly depending on your location and can impact your ability to operate as a Bed and Breakfast.
2. Financial Planning and Budgeting: A clear and realistic financial plan is essential. This includes not only the initial investment required to purchase or renovate the property but also ongoing costs such as maintenance, utilities, insurance, marketing, and staffing.
3. Market Research: Understanding your target market is vital. Conduct thorough market research to identify potential guests, their preferences, and the competition.
4. Property and Design: Evaluate a prospective property’s size, layout, and condition. Consider the number of guest rooms, private and shared spaces, and amenities. The design and décor should reflect a warm and inviting atmosphere while ensuring comfort and functionality. Attention to detail in furnishings, bedding, and cleanliness will significantly impact guest satisfaction.
5. Guest Experience: Exceptional guest service is at the heart of a successful B&B. This includes personalized interactions, attention to detail, and anticipating guests’ needs.
6. Marketing and Online Presence: Effective marketing strategies are crucial to attracting guests, and you should have a dedicated marketing budget set aside from the start. Develop a professional website with high-quality images and detailed information about your B&B, and work with an industry-specific company that knows how to help you improve your visibility across platforms.

Once you’ve worked your way through the process and thoroughly understand how to start a Bed and Breakfast, it’s time to start considering how to buy the property of your dreams. There are plenty of things to consider when starting a new business, including the types of financing and understanding things like Small Business Loans. Refer to our blog for tips, tricks, and information when it comes to buying a Bed and Breakfast.

By carefully considering the factors outlined above, following a strategic approach, and working with the experienced brokers at The B&B Team, you have a great start. Attend one of our upcoming seminars to learn more and to get started on your journey to Innkeeping today!

Buying a wedding venue is a lot like purchasing an Inn or boutique lodging property—often, you’re buying both, which provides a diversity of income streams from day one! Whether you already own an Inn and are looking to upgrade your facility into a leading wedding venue or are looking for existing wedding venues for sale, partnering with the knowledgeable brokers and consultants at The B&B Team is the #1 place to start.

We’ve been working in the hospitality industry for over 40 years and offer a wealth of experience in finding the right property for you, assessing and valuing properties, securing financing, establishing a successful business plan, and so much more. We also have a comprehensive list of properties for sale, including a range of high-end Bed and Breakfasts, Inns, Boutique Hotels, and Wedding Venues. Get started on your path towards your dream of owning a wedding venue, and contact our team today!

Tips & Tricks: How to Start or Buy a Wedding Venue

It’s no secret that the wedding industry can be highly lucrative, and profit margins can exceed even the most operationally sound pure lodging business. The key to profitability is, as always, developing a sound acquisition model and defensible projections for growth.

If you’re looking for wedding venues for sale and are considering jumping into this new venture, there are some things you should know and do first. Like financing a bed and breakfast, buying a wedding venue outright can be tricky – and expensive. It’s important to partner with an expert, like The B&B Team, to guide you through the process.

Draft Your Business Plan

Weddings are a timeless tradition, so there’s always a demand for wedding venues. The style and scope of wedding services and features have changed dramatically over the years, and there are important considerations to make before you buy a wedding venue. Understanding your market, industry-related trends, and the various demands of owning an event venue is essential to drafting a business plan—a vital first step in securing the wedding venue of your dreams!

Preparing a solid business plan is a necessary first step to establish before you look for wedding venues for sale and secure financing. This plan will also help ensure your long-term success and articulate your vision in a concise and defensible framework. As you draft your business plan, it’s important to consider things like the strength of your location (in a destination location or as the destination), amenities, and services you plan to offer, and this will determine your overall pricing structure and the types of wedding packages and services you plan to offer.

You may also want to consider adding more services to control the complete guest experience, such as catering (a wedding is the only place you can charge upwards of $100 for a half chicken!), event planning, decorations, and more, to increase your revenue streams and overall profitability.

Buying a wedding venue attached to a Bed and Breakfast or Boutique Hotel can also support your revenue, particularly in the off-season when the wedding business slows down. It is also worth discussing the many ways in which our current and former clients have created a demand for weddings in the “off-season” around unique, subjective experiences outside of typical summer wedding fare!

Finance Your Venue

Once you have a solid understanding of your finances and a target property in mind, it’s time to explore various financing options. Traditional commercial real estate loans from banks are a common route, but they can be challenging for small, prospective businesses to obtain. The upfront money required for these loans typically ranges from 20 – 30%, and the process can take 45 – 60 days.

An attractive alternative, especially for those who want to start a wedding venue with no money, is a Small Business Administration (SBA) loan. These often have favorable repayment terms and lower down payment requirements. The application process for an SBA Loan can be daunting and time-consuming, but overall, it is an excellent option worth considering. Most SBA loans take an average of 30 – 90 days to be funded.

Wedding Industry Trends

Though weddings continue to be lucrative businesses, with couples on average spending $29,000 on their weddings in 2023, there are some industry trends to be aware of, especially before investing in a wedding venue.

The number one thing to know about weddings in 2024 is that they are all about celebrating love. That means that personalizing the wedding ceremony is essential in today’s weddings. Another emerging trend is weddings that go beyond a single-day celebration and become weekend-long celebrations of love, friendship, and family—both new and old.

With a similar increase in the popularity of destination weddings, it’s more important than ever to consider how your wedding venue can accommodate out-of-town guests and offer plenty of experiences for a related wedding weekend. This can include things like providing a space for rehearsal dinners or post-wedding brunches, having ready-made ideas for bachelor and bachelorette parties, and just being on hand to help couples gather with their loved ones and bask in the glow of celebration.

Intimate weddings, including small and more intimate celebrations that allow for genuine connection between guests, are also on the rise. This growing trend is not surprising, as savvy couples often look for ways to save, especially with increasing rates of inflation and expenses across the board, for ideological reasons or simply to divert funds towards experience-driven travel, a home purchase, or beyond. Offering inclusive packages that are mindful of different price points can help your wedding venue succeed.

The Best Wedding Venues for Sale

As you start looking for wedding venues for sale to bring your dreams to fruition, you need to consider location. The old mantra “location, location, location” has never held so much weight and can genuinely make or break the success of your event venue. Before you open a venue, consider its accessibility, scenic value, capacity, and potential for expansion.

If you’re looking to buy wedding venues in historic mansions or rural farms, understanding the commercial value of different wedding venues for sale is essential. Whether you have a property in mind or not, working closely with the experts at The B&B Team will ensure you find the right property for your goals.

Once you’re ready to find the perfect wedding venue, we’re here to serve as your partner! We offer various consulting services and look forward to helping you navigate through a successful purchase. Get started by browsing our current Bed and Breakfast and other wedding venues for sale or contact us today to start the conversation!

One of the most commonly asked questions we get from aspiring Innkeepers is how to start a bed and breakfast with no money. There are many questions and considerations surrounding the financing process when buying a B&B, and while the process appears abstract to incoming owners and operators, there is a fairly clear framework for determining the “bankability” of a small hospitality business and the best structure for financing based upon a buyer’s unique qualifications. The process involves several key steps and considerations: From understanding the lifestyle and demands of owning and operating a Bed and Breakfast to securing your dream property, the B&B Team’s dedication to and knowledge of the industry is unmatched.

If you’re wondering how you’ll ever afford to finance the purchase of a B&B, a great place to start is one of our upcoming Aspiring Innkeeper Seminars. Our team brings decades of combined knowledge and experience in acquisition, valuation, financing, and operations related to staffing, managing a small business entity, and core hospitality values that will ensure your success in the near and distant future. The best place to start is one of our immersive seminars. Register for one of our upcoming seminars today or call us to discuss if this program is a strong fit based on your plans for the future.

How to Start a Bed and Breakfast With No Money

When buying an Inn or Bed and Breakfast, you must have a solid understanding of the financing process so you can achieve your dreams and have the best possible outcome.

Understand Your Financial Picture

One of the first keys to success when starting a Bed and Breakfast, no matter how much capital is ready for investment or has yet to be assessed, is to understand your complete financial picture. This includes basic tasks like reviewing your credit score, understanding your debt-to-income ratio, and ensuring you have a solid down payment, typically around 20-30% of the property’s purchase price. (The required down payment will be determined by the structure of the loan – direct versus an “enhanced” SBA guaranteed bank loan – the ability of the cash flow to support projected debt service, and other key factors.)

Additionally, it’s essential to have a clear understanding of the required funds beyond the down payment for reserves and working capital, including funds to cover potential renovation costs and initial operating expenses. Lenders will scrutinize your financial health, so having a comprehensive financial portfolio can enhance your chances of securing a loan. More importantly, understanding your finances related to the purchase of an Inn is essential for finding the right Inn for you.

Find the Right Property

Whether you have a property in mind or not, working closely with the experts at The B&B Team will ensure you find the right property for your goals. An important aspect of buying a Bed and Breakfast is ensuring you purchase something that is financially viable – meaning they generate enough income to cover things like operating expenses, any attached debts, and an appropriate stream of revenue. This, of course, depends on the goals of your Innkeeping business.

A critical question in this process: Are you looking for a healthy return on investment, or are you looking for more of a lifestyle property that’s perhaps smaller in size and does just well enough to cover expenses and provide a desired “lifestyle” to owner/operators? Whatever type of Bed and Breakfast you’re looking to buy, these are important considerations to make when it comes to purchase price, overall budget, and financing.

Create Your Business Plan

Preparing a solid business plan is an essential step as you work through financing a Bed and Breakfast. A solid and well-thought-out business plan is necessary not only for securing financing but also for ensuring the long-term success of your B&B and preparing to exit the industry when the time is right. Your business plan should include detailed market research, a clear marketing strategy, and financial projections that demonstrate the potential profitability of the B&B. Most critically, the business plan should establish defensible projections that call for realistic long-term growth with strategic improvements to the physical plant, marketing program, and general operation strategies.

This plan will help you articulate your vision to potential lenders or investors and serve as a roadmap for managing the business effectively.

Different Ways to Finance a Bed and Breakfast

Once you have a solid understanding of your finances and a target property in mind, it’s time to explore various financing options. Traditional commercial real estate loans from banks are a common route, but they often come with stringent requirements. Most lenders require a 20% – 30% downpayment in addition to closing costs, working capital, and reserves. A common misconception when going this route is to turn to big lenders, but we find that often, smaller banks and lenders offer better terms, not to mention more personalized service and attention to detail. You can expect this more conventional process to take 45 – 60 days on average.

Alternatively, Small Business Administration (SBA) loans can be advantageous due to their favorable terms and lower down payment requirements. The application process for an SBA Loan can be daunting and time-consuming, but it can be a required route, particularly when a large downpayment or an historically underperforming business is a hurdle to securing your dream property. This can be an excellent option for those who are looking to start a bed and breakfast with no (or little) money. On average, most SBA loans take 60 – 90 days to finalize authorization and funding.

Another option you may not have considered when funding the start of a Bed and Breakfast is Private investors or partnerships, most often found in the form of “angel investors” amongst close and supportive family and friends. This can be a beneficial route to take, especially if you lack sufficient capital or need additional expertise. This approach, however, requires that expectations regarding a return on investment be set in no uncertain terms, to ensure that investors understand that the average hospitality property does not resemble a cash cow! Whatever financial vehicle you choose to purchase your Inn, it’s crucial to compare interest rates, repayment terms, and fees across different lenders to find the most suitable financing option for your needs.

Consult with the Experts

Once you have these various puzzle pieces in place, you’re that much closer to financing a Bed and Breakfast! A key component of this process is seeking professional advice, including the wisdom you’ll gain from The B&B Team and our partners. We’re here to support you in this process, from start to finish, and can significantly increase your chances of a successful investment. We offer a range of consulting services and look forward to helping you navigate through a successful purchase of a Bed and Breakfast. Get started by registering for one of our upcoming seminars, or contact us today!

Experience is the heart and driving economic force of our special segment of the hospitality and tourism industry. If we can all agree on this statement, in some form, our success should be based on the ability to expand and elevate the experience of guests as they start the research and booking process, through their time on property, and then as we work to continue a connection that drives repeat bookings and a steady clip of referrals. Of course, this concept is often discussed and the realities of our daily lives have a way of creating barriers to steady, ongoing development.

We posed the following question at a recent gathering of Select Registry owners and operators at the Association of Lodging Professionals Conference and Marketplace:  

What was the best thing you did in 2022 to elevate the guest experience? 

While the answers were varied, they reflected the need to evolve or else be judged against properties far inferior to the ranks of the independent and established Inns, B&Bs, and unique lodging properties that define our industry. Four answers rung out amongst the list that may inspire you to plan or reconsider your next improvements and the impact they will have on your guests wellbeing in the short and long term. 

Property #1 upgraded their Wi-Fi. 

Even before the so-called age of the mixed business and leisure travel (“Bleisure” being the latest portmanteau to describe this trend), the importance of strong and steady wireless internet connectivity was key. It still boggles the mind that certain hotel chains charge a fee for a signal that supports HD streaming capabilities. 

Property #2 gutted and upgraded all 10 of their guest baths. 

Notwithstanding the swift return on investment and the ability to command and defend a substantial rate increase, experience in our daily lives starts and ends in a grand soaking tub, spa shower, feet touching radiant heated tile floors, as we ready ourselves for a day of adventure in business or in purely pleasure-seeking pursuits. When was the last time you packed an overnight bag and laid out your toiletries to embody your guest’s experience in the space you are recommending to them in the highest possible terms? Considered improvements to your guest rooms and bathrooms should occur on a regular schedule. A particularly successful, long term owner renovated rooms on a three year schedule and, when the time came to sell, the focus on business growth supported the price they desired and left little room for potential purchasers to nickel and dime.

Property #3 added a complimentary guest ice cream fridge. 

How many of us constant travelers seek “the best” and “most local” food-driven experiences? At times this requires significant forethought and planning but, in other cases, owners can bring the local hits into their respective properties and, in doing so, become true ambassadors to their communities and provide the best and most local way to stay. This was a practice of a particular hotelier during the pandemic who saw the need to comfort guests with a famous local ice cream brand. We have also seen this play out in myriad Vermont Inns that offer hyper local craft beers, ciders, and health tonics on an honor system. How do these properties afford such complimentary or trust-based amenities and services? Consider the overall quality of the experience you are offering, the cost (rates) required to support your ongoing work and the constant improvement to the asset, and the fact that your guests should, in the best case, be clearly aligned with your brand. These key ingredients should provide you with ample opportunity to enhance your brand and its connection to your local market while working to improve the top and bottom line. 

Property #4 shared a guest preference survey. 

When your best laid plans for improvements and procedure for satisfying guests are not landing as they should, your past, current, and future guests are your greatest resource. Enlightened hospitality experiences are, at their core, created by guests feeling seen and heard at every stage of guests booking and experiencing your property and individual approach to hospitality. Your recognition of their position as travel experts in their own right will create an even stronger sense of connection and should provide you with data to inform your ongoing enhancements and support your success personally and professionally. 

Now, since we presume our readers include some of the most driven and capable operators in this industry, we will pose this question to you:

What improvements or enhancements are you considering as you work to elevate the guest experience at your property? 

Thanks for listening and sharing your thoughts that will carry us all into the future, 

Eben Viens

While the changes may appear inconsequential on the surface, they are a clear response to the monumental shift in the way guests engage in the booking process, offering options for longer stays and a streamlined process for booking extended stays to multiple destinations.

Airbnb Categories. The first update focuses on broadening the perspectives of travelers in the discovery stage. This development promises to drive bookings outside of established destination locations, using categories such as amazing views, bed and breakfasts (!), creative spaces, design, iconic cities, tiny houses, and more, to challenge users to book properties that were not otherwise on their radar.

According to the press release, “Airbnb Categories organize homes by what makes them unique, which helps people discover places they wouldn’t have otherwise found. This can help alleviate over-tourism by redistributing travel to new locations beyond the same popular destinations.”

AirDNA’s April 2022 Market Review notes that demand is up 25% over 2019, Average Daily Rates (ADRs) are up 33.9% over 2019, and Revenue is up 67.4% over 2019. While occupancy is the one statistic that is down, this has been linked to an increase in the nightly supply of rentals in destination/resort markets and small cities, not from systematic weakness in demand. At the same time, inventory is clearly limited in markets, with many owners of vacation rentals using them more frequently. This is a clear case of keeping the consumer’s gaze fixed on the platform to protect and nurture the company’s revenue stream.

Split Stays encourage guests to “discover more” of a particular market or region. This feature was clearly data-driven, with Airbnb noting that “in the last three months, nearly half of nights booked on Airbnb were for trips of a week or more.” This nudge, which is also driven by the new Airbnb Categories, seeks to inspire longer travel.

In reading this segment, I was reminded of the growing appeal of “146 Routes du Bonheur, itineraries to discover the world“, the concierge and benefit-driven program of Relais & Chateaux. One of these itineraries, “New Englands Most Beautiful Spots”, transports guests from Bedford, New York, through the Connecticut countryside, up to Woodstock, Vermont, and concludes with sea views and fine dining at Castle Hill Inn. Like member Inns, Innkeepers all have different tastes, standards, and styles, and our individual “Roads to Happiness” should be discussed with like-minded professionals and Innkeepers. Maybe there is an opportunity for collaboration before the journey ends.

AirCover is Airbnb’s “comprehensive protection included for free with every booking.” Without getting into the details (there aren’t many) or sparking a heated debate around the merits of the program, it is enough to state that AirCover is a catch-all confidence booster with the desired effect of driving bookings heading into the summer season.

According to the release, the package protects guests from last-minute host cancellations, misrepresented accommodations, the inability to check in to your hosting property, and access to a 24-hour safety line “if you ever feel unsafe.” While these are very reasonable and welcome protections, it’s important to note that protections are often (always?) created in response to clear and present danger, not as a preemptive act.

These musings are not meant as a criticism of what has effectively become the world’s largest hospitality collection (with over 7 million listings worldwide), but rather as a recognition of the way that tech companies are analyzing consumer habits and harnessing that knowledge to shape the future of travel.

While consumer spending was up approximately 1% in April driven by demand and inflation, a review of 2022 financials across hospitality segments shows continued growth over previous years, but, in most cases, stabilization from the heights of 2021. The current climate has kept this James Garfield quote top of mind in recent months:

“I have seen the sea lashed into fury and tossed into spray, and its grandeur moves the soul of the dullest man; but I remember that it is not the billows, but the calm level of the sea from which all heights and depths are measured.” 

Happy Memorial Day to all and best wishes for busting bank accounts as we continue our march through 2022!

Eben Viens

It’s a common trend in our industry that the overarching macro news obscures counter trends among niches or segments of the larger picture. While it has been difficult to ignore the tell-tale signs of a red-hot real estate market during Covid times, there are critical nuances that require interpretation in the Inn and Bed and Breakfast industry.

First off, the Inn, Bed and Breakfast, and boutique iteration of hospitality remains a vibrant segment of the greater hospitality industry. The increasing interest in the market of tech driven hospitality groups is a clear indicator of the opportunity that truly independent properties offer both guests and owners.

At the start of the pandemic, the larger hospitality market was faced with publicized declines in occupancy and average daily room rates. (Hotel and resort properties rely heavily on business meetings and business travel.) The falloff in activity is complicated by a record number of rooms coming online due to expansion planned in a flourishing pre-pandemic world.

Metro area and airport hotels suffered the greatest economic turbulence at the height of Covid, with a veritable tsunami of closures that touched some of the highest-flying brands. The developments of New York and Los Angeles iterations of NoMad were difficult to ignore.

It’s a different story for Inns, B&Bs, and independent properties, in particular those properties in reach of active metro areas. With international travel out of the question consumers sought readily available alternatives. A Tuscan retreat was replaced with an extended trip to the Hudson Valley, Costa Brava became coastal Maine, North Carolina, or California’s Lost Coast. It is clear that the convenience and economy of “drive to” vacations versus “fly to” luxury trips became an undeniable trend over the last two years. For those Inns able to capture and curate experiences desired by weary, pandemic-worn guests, the economic benefit was palpable.

The general report from Inns and B&Bs in 2021 was positive with most well-marketed properties experiencing record income and occupancy. Inns we engage with on a regular basis report booking pace in 2022 that shows continued growth in both occupancy and average daily rates (ADR). One explanation for growth – in addition to the ongoing ‘pent of demand for travel’ – is the virtuous cycle of repeat business that has been a long-term driver of occupancy in our market.

At the same time, millennial travelers seem to have discovered Inns during the pandemic, and many are intrigued, if not enthralled, with a model that speaks to their unrelenting desire for the authentic, the subjective, the unique, the shareable. Of course, peer review sites (Google/TripAdvisor) remain the gateway for guests, ensuring that they are investing in an experience that supports their worldview. Forget ornamental expression and exposition – guests want facts and personal contact with Innkeepers and other likeminded individuals. And when their needs shift in a different direction, they want recognition of that fact. Remember, the majority of good review focus on Innkeepers (and so do the bad ones).

Other factors bode well for Inns and their owners. The focus on romantic travel of yesteryear has given way to interest in activity, adventure, education. Guests want a menu of opportunities that speak to their personal interests and stretch their limits in like kind. Smart Innkeepers are developing packages and marketing experiences, visually and otherwise, that reach beyond roses and champagne and focus on connecting with guests on a personal plane. The time is now for Innkeepers to continually push the bounds, reaching younger demographics while appealing to the needs of all travelers for the new. We all need to talk about what that constitutes – far more than we are today.

All of this points to a very bright future for our segment of the hospitality industry – far brighter than the threadbare prognostications of the greater industry that is just now sharing notes of optimism as travelers “learn to live” with Covid and its related ills.

There remains positive news for both aspiring Innkeepers and those long-term residents of the industry who are looking towards retirement or other ventures. While the Fed will continue to raise interest rates to stave off inflation, they remain at a very bankable level, offering an open window to Buyers who are serious about making the jump into the Innkeeping lifestyle. For Sellers, a lack of inventory of viable Inn business puts emphasis on any property that is well established, well marketed, and defensibly priced.

While the simple answer is that we are operating in a Seller’s market, a benefit of entering and inhabiting our industry is that reason comes into play in even the most fantastical real estate markets. Numbers must be put to perceptions and banks remain the backstop, helping to separate the facts of business lending from the folly of greater market trends.

Whichever side of the fence you are on – and especially if you are straddling the spikes – we are here to provide support and share in the heights and depths of our evolving industry.

Thanks for listening,

Eben Viens

The Innkeeping world has lost one of its pioneering members with the passing of Bill Oates on Monday, November 22. Bill’s influence on the industry is immeasurable, and his legacy is carried on by industry professionals, consultants, brokers, and the countless Innkeepers who were his colleagues and close friends.

I had the great pleasure of knowing Bill not only as a mentor and “the Innkeeping guru,” but as a grandfather and partner in travel from before I could distinguish one lodging property from another. Later on, as Bill’s Parkinson’s Disease limited his mobility, I was called on to traverse the country by his side and was constantly reminded of his passion for the Inn business and, more so, the guests and Innkeepers who make the Inn experience so truly transformative. As a celebration of Bill’s life, I wanted to share a few guiding principles gleaned from our time working together.

Seek Adventures. It was a somewhat circuitous path that carried Bill from his early years as a student of Southeast Asian History writing a dissertation on a peasant revolt in East Java to years spent in artist enclaves in Greensboro, Vermont, to his years as a “hippie” and natural food store owner to his final role as a country business broker turned Inn-consultant. Bill was a true iconoclast and carried his passion for all things through his many professional careers.

Seek Education. Bill was a longtime supporter of the myriad Innkeeping organizations, including the now named Association of Lodging Professionals and Select Registry. Education and camaraderie with like-minded individuals were some of his “key ingredients” for success in this industry. In moments of industry fragmentation, Bill saw (and filled) the need to create markets to keep the Innkeeping trade alive. He was often discovered with both the Wall Street Journal and New York Times under his questioning gaze. (His recommendation: if you avoid the op-eds, you can typically steer towards some truth!)

Seek controversy. Bill did not shy away from controversial topics or positions. In fact, he welcomed controversy and viewed it as a way to transform ways of thinking and used that position to guide the Innkeeping industry forward. To his mind, controversy was the genesis of open and meaningful conversations which were often the source of great progress.

Seek Stories. Bill found the greatest joys in working with Innkeepers and seeking stories in financial statements. For him, “The Numbers” were a vast historical manuscript that, if held under the right light (or set of eyes), could tell the story of a life well-lived (or in need of guidance) in a series of figures, decimals, and percentage points.

Above all else, Bill had a loving and passionate personality. It did not take coaxing for him to share his methodology or expertise with others. He looked at this sharing of information – with competitors as much as partners – as a method for sharpening his perspective and own business approach. For those who knew him well, Bill was exact and had equally high standards for his partners and associates.

Those of you who knew Bill will have your own stories to tell or keep close to your heart. Others need only look to the vibrant expressions of hospitality at most active Inns, and you will find Bill’s influence, his vision, and his passion at play.

A celebration of Bill’s life will be held at River Garden Marketplace in Brattleboro, Vermont, on Saturday, April 25th, from 2 PM – 5 PM. In lieu of flowers, donations can be made to groundworks collaborative in Brattleboro, Vermont, or to your local area hospice.

Warm regards,

Eben

The B&B Team / Inn Partners LLC

The two questions most resounding in my life since late last year: Where have you been? And what do you envision for the future of The B&B Team®?

From a distance, the first question can be answered plainly. I have not sat still over the course of the pandemic. In fact, even before I took over the reins of The B&B Team® in December, my work with current and aspiring Innkeepers led me from California to Michigan to Florida to Maine (with quite a few stops in between).

While all my conversations during these trips were colored by the pandemic, most were surprisingly familiar in nature. There were Innkeepers driven by the age old “grandparent syndrome” looking to gracefully trade their career in hospitality for unadulterated time with family. Others were simply looking for a temperature check on their business in an effort to improve their profit margins. A turn to Virtual Seminars in early 2020 led to one of our most active years of aspiring Innkeeper workshops, with well over 150 attendees joining us for this new iteration of our long-time entrée into the world of Innkeeping. Clearly, the appeal of the Innkeeping lifestyle (at least in its theoretical form) was only buoyed by the pandemic.

With a few exceptions, we found that there was a pervasive positive energy driving most current and future Innkeepers through the perils of the pandemic and keeping their focus on the constant stream of guests seeking care at their Inns.

Les yeux qui ne voient pas, the eyes which do not see the beauty of individual, selfless acts of hospitality will never truly recognize how bright and bold the future of our industry should be!

An Innkeeper in Maine recently described her small coastal community as a town of true iconoclasts. The comment was well taken, and I believe reflects most members of our tight knit coalition of Innkeepers and hospitality professionals. At their best, we fit some similar, yet indistinguishable mold of craftspeople, caretakers, cooks, cleaners, healers, designers, spiritual guides, and marketing mavens. And in this highly choreographed scramble of our daily lives, we somehow remain highly attuned to the needs and desires of others. These acts of transcendent hospitality make hospitalitarians (to quote restaurateur Danny Meyer) out of former teachers, attorneys, pilots, nurses, professors, accountants, engineers, senators, builders, and beyond. Seeing these acts unfold is what makes our lives as guests and Innkeepers so profoundly rewarding.

As with all lasting works of architecture, the future of The B&B Team® is based upon historical practices driven by integrity, honesty, and a quality approach to all of our work on behalf of aspiring and current Innkeepers. We plan to build upon this strong foundation to not only guide the transition of Innkeepers and hospitality owners in our community, but to do so in a way that moves our industry forward and keeps the conversation around the Innkeeping trade vital, self-possessed, and enticing to the droves of travelers seeking authentic, subjective, shareable, and safe experiences.

Bigger has never equated to better in our industry and there are thankfully thousands of aspiring, current, and emeritus Innkeepers and professionals that give cause for constant celebration.

I look forward to carrying forward the mantle of The B&B Team® and our affiliate organizations and continuing the conversations that will ferry us all into the future.

Kindest Regards,

Eben Viens