Boutique 5 room Inn w/ Restaurant
South Shore, Nova Scotia
Not often do you come across waterfront dining, waterfront accommodations, and the waterfront lifestyle all together in one package. This business has been growing almost every year since the owner took over in 2004. Seeing is believing. If you're looking for an opportunity to own a waterfront hospitality business, you'll need to make a trip to see and appreciate this location, the community , the building, the rooms, the staff, and all there is to enjoy in the area.
The property has been well cared for and you'll notice many updates and some significant investments have been made in recent years. Most notably, was the addition of 5 rooms in 2016, which rent out for prices ranging from $119 for a compact bachelor suite to $249 per night for a 900 sft luxury oceanfront suite. These units are in high demand, given their stunning waterfront views.
A few details of the business include:
- There is a private dock for up to 6 boats, used by guests from all over.
- There are 86 seats inside and another 60 outside during the summer.
- The commercial kitchen is fully equipped, with full time manager for the kitchen. Seller does not cook.
- 4 VLTs
- Total of 4 FT and 12/14 PT staff during the high season and 4 FT and 3/4 PT during the low season.
Seller's Discretionary Earnings has averaged approximately $130,000 for the last 2 years. Revenues have been growing year over year and were approximately $525k in 2018.
Room (Inn) Revenues - $84k
Food and Beverage - $392k
VLT "Profits" - $46k
For your consideration, a $450k mortgage would have payments of approximately $3k/mth. As such, there is approximately $95k in available pre-tax earnings for a new owner after mortgage payments.
Seller's discretionary earnings are the pretax and pre-interest profits before non-cash expenses, one owner's benefits, one time investments, and any non-related income or expenses. SDE may require that expenses be adjusted if a new owner will necessarily need to take on a new expense.
Minimum Equity Required
Stunning waterfront parcels (3) of land, comprising nearly 1/2 acre of land, connected to town water and sewer, and home to over 6,000 sft of real estate, over 2 storeys. The building was originally built in approximately 1975 and has undergone substantial renovations, includes a private docking system and boat slips.
- 400 amp electrical entrance (tons of extra capacity)
- ductless heat pumps (2 suites), oil fired boiler and hot water, pellet stove
Non Disclosure Agreement
I hereby acknowledge that information regarding the following business(es) and/or Seller(s) is being provided to me in SECRECY AND CONFIDENCE and is to be used solely for the purpose of assessing the prospective purchase of the business(es) through Gateway Business Brokers.
I agree not to disclose any of the information given in connection herewith, either directly or indirectly, to third parties, except direct support people; nor will I use, or assist others to use, any such information for competitive trade purposes or to circumvent Gateway Business Brokers in any transaction or contact with the seller(s). I agree not to make copies of any of the material provided and to return all of it if I discontinue interest in the Business. The material and information furnished is believed to be reliable for the purpose of evaluating the Business. Further, I agree that all inquiries, investigations, negotiations, offers to purchase, and/or letters of intent must be made through Gateway Business Brokers. I agree to protect and not disclose the confidentiality of the information I receive permanently, even if I choose not to purchase the said business.
I agree that any breach of this Non-Disclosure Agreement (the "Agreement"), directly or indirectly, will be harmful to the Seller(s) and Gateway Business Brokers. In consideration for the information given, I agree that the laws of Nova Scotia will govern this Agreement and that all actions that may arise in law and/or equity shall be brought in Nova Scotia.
It is understood that this Agreement also applies to any information previously supplied by Gateway Business Brokers, verbally or in writing. I understand that neither the Seller(s), the Business(es), its officers, directors, employees, nor Gateway Business Brokers ,shall have any liability as a result of furnishing me the material included in this Agreement.
This agreement also acknowledges that the undersigned Buyer(s) has (have) been advised that Gateway Business Brokers provides Client representation for the seller(s) and Customer representation for the buyer(s) in this transaction, as per the terms that have or will be provided. I agree that should I buy, lease or come into possession of the Business, in whole or part, during the listing term or within 1 year from the expiry date of the listing term, Gateway Business Brokers’ right to a fee, as per Gateway Business Brokers’ agreement with the Seller(s), will be deemed earned. I understand I will be personally liable for payment of any applicable fees, as so reasonably determined, if I breach any clause of this agreement. It is agreed, however, that if a purchase is completed with the assistance available from Gateway Business Brokers, I am not liable for a fee.