Top 10 Tips:

1 - Make sure you take sound advice from hotel specialist advisors who have a proven record of involvement in the hotel sector

2 -  Have a clear strategy on what you want from your hotel purchase a lifestyle hotel or a hotel business where returns are the primary objective

3 - Make sure you have a detailed business plan with immediate and longer term goals written into the plan

4 - When sourcing funding ask the agent to recommend a specialist finance broker or bank who are familiar with the nuances of the hotel sector

5 - Undertake sufficient due diligence in terms of assessing the likes of the location, target audience, competition and potential.

6 - Learn about hotels as you view and visit and try and get a complete cross section of your likely market and take the best working practises with you

7 - Have an open view and some flexibility you may have to compromise on certain things in the realisation you will probably have to create the hotel of your dreams and not be able to simply acquire it

8 - Engage professionals – valuers, accountant, solicitors - who are familiar with the hotel sector - the difference between one who has experience and those who claim to have will make a significant difference

9 - Weigh up the pros and cons and undertake your own SWOT analysis (strengths - weaknesses - opportunities - threats)

10 - Consider the staffing structure and how this will provide you with what you want from running the business in terms of your anticipated personal involvement