Can I Make Smoke Free?
I own a small office building with 2 units. Upper unit is chiropractor, lower unit is non medical. The employees of the lower unit have a problem with smoking next to the building, clouds of smoke when paitents are walking in to see the chiropractor. Their lease does not address smoking other than no smoking in the building. Can I make the whole property including the parking lot smoke free at this point? If I can, and they still smoke, what can I do about it? Thanks.
You describe the smokers as employees. Have you had a quiet discussion with the actual leaseholder. I had a similar problem with a bookstore and grocery store. After talking to corporate, the smokers moved to the other side of the building from the entrance to the bookstore.
Jim
I have. The owner of the company and leaseholder has a main office in another town. This isnt a big company so I can deal directly with him. He though, like the office mananger never really does anything about it. He says "we will talk with our employees" but it never changes. I have sorta looked the other way on some issues but our neighbor owns some area that I have shared access with so I need to make him happy as well. This tenant is a low paying company so they dont attract the best employees.
thanks for the spam west2nd,
Yes there are international hotel brokers. I work for just such a firm. Admittedly, we have only brokered a few deals that were out of the country because its hardly worth the headache. Unless you have millions to spend, its not really worth the effort. I have a hotel construction project in CA right now that needs to be purchased. Guy has done all the homework but doesnt have the cash to complete the deal he has put together.
Quote:
On 2006-01-11 01:27, AaronSanDiego wrote:
thanks for the spam west2nd,
Yes there are international hotel brokers. I work for just such a firm. Admittedly, we have only brokered a few deals that were out of the country because its hardly worth the headache. Unless you have millions to spend, its not really worth the effort. I have a hotel construction project in CA right now that needs to be purchased. Guy has done all the homework but doesnt have the cash to complete the deal he has put together.
maybe he can partner up?
Neo
I own an investment company that specializes in owning and operating a hotel.. I have 2 great hotels for you to consider.. However they are located in the heart of downtown Salt Lake City, Utah.. please respond to **Please See My Profile** of interested
commercialking,
I have done only a couple of these deal in the states, none internationally. Even though I know of sources. As Aaron mentioned there are actually quite a few international brokers. You would be surprised at how many hoteliers here in the states own properties abroad. Here are the general underwriting guidelines associated with hotels:
Cap Rate: 7.35% to 12.1%
Best Rates are associated with: Properties with >1.50 DSCR, <65% LTV, >60% occupancy, market ADR, appropriate reserves for FF&E, Franchise Fees, Advertising & Marketing, Repair & Maintenance
Issues:
"Mom & pop" operators are being scrutinized
Non-flagged hotels have an adverse view. Interior corridors are viewed better than exterior corridors.
Spreads are impacted by variance from market ARD and Occupancy
Many lenders are underwriting to a Max. Occupancy of 75%
Net Cash Flow calculations include FF&E, Franchise Fees, Advertising & Marketing, Repair & Maintenance
Lenders may reconcile property value using the Direct Capitalization Approach on NOI and NCF
General Required Calculations:
Historical ADR & Occupancy
Departmental Revenue, Departmental Income, Total General Expenses, Operating Expense Ratio
Net Operating Income - Departmental Income minus Total Expenses
Net Cash Flow - NOI minus FF&E and extraordinary cap ex
Debt Service Coverage Ratio - NOI divided by Annual Debt Service
Cap Rate - should be applied to the stabilized income stream to estimate direct capitalized value to support loan request.
Hope this helps you out and if you have any questions feel free to contact me and I will try to answer them the best I can.
Thanks,
Mark
commercialking - I am an international hotel broker, I have 2 lists of hotels available at present.
If you or any of your clients would be interested please let me know.[ Edited by emma_leigh on Date 10/15/2007 ]
I dealt with these guys in a REO Marriot property.
http://www.eastdilsecured.com/locations.htm
Are you going to change your nickname to hotelking?
We finance hotels and also work with several hotel brokers and private investors that work exclusively with hotel buyers and brokers domestic and internationally
Well it turns out the thing I needed most in this deal is not a hotel its a Flake detector. Lets you know when the guy you are dealing with is totally unreliable.
dealing w/ name brokers like CBRE, or boutique firms.
Lots of REOs in this space too.