Here we are
The other side. No, not the pandemic, the year 2021. A new year, and a lot of real estate action.
For many reasons, there should be a serious number of hotel transactions this year. There will be losers and there will be winners. We trust you were listening to the music and found your chair.
And for transactions that have brand signage on the roof comes “change of ownership PIP’s” (COO).
It’s the few words that buyers dislike seeing. They represent seemingly endless requirements.
The COO PIP is nothing new to our industry. During “normal” times, it’s programmed and not a really big issue. But in the chaos we are in, and will continue to be in for some time, it can be overwhelming.
Our group has handled over 50 COO PIP’s in the past ten years so the challenge does not chase us into the hills.
But we can understand the buyers, many of whom don’t have the expertise inhouse. Many who see these PIP’s as an extraordinary undertaking during a time when resources are scarce.
So for you buying hotels in 2021:
Take a few minutes to find the groups that regularly and expertly manage PIP completion as their sole focus.
COO PIP’s don’t scare us one bit.