Historic "Waterfront" Inn w/ Restaurant - Click For Details

Listing ID

1181

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Location

South Shore, Nova Scotia

Description

This Historic Inn has over 200 years of history to share and offers its customers an exceptional experience with waterfront dining and charming rooms. You'll find this property has received very recent though, care and attention, raising the standards of the offering to its guests while ensuring the property is well positioned for years to come.

We are confident there can be a few quick wins for a new operator who is focused on revenue generating efforts and cost controls. 23 rooms is the ideal size for attracting speciality bus tours, something this property has not taken advantage of. For the prospective buyer who has management, ownership, or other hands on experience in accommodations and/or food service, we're certain you'll recognize significant opportunity for financial improvement. Let's connect for a chat and we'll show you what we mean.

Room rates currently range from $90 - $155 in low season and $120 - $175 in the high season, with over $330k in rooms sales per year.

There are a total of 25 - 30 staff during peak season for this business, which includes the restaurant, which seats 90 inside + 40 on the outdoor patio.

Financial Information

2018 Revenues: $1,178,000, with room sales making up 30% of this amount.

Revenues have been very steady over the past 4 years, averaging $1,142,000, and fluctuating not more than 5%.

Seller's Discretionary Earnings are $125,000.

Seller's discretionary earnings are the pretax and pre-interest profits, before non-cash expenses, owner 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

$600,000

Real Estate

This property is situated on approximately 1.27 acres of land, with additional available parking.
The roof has been redone in 2018, with many other substantial upgrades in past few years. A full list is available.
Town water and sewer

Property taxes in 2018: $13,128

There is a principle residence that will be included with the sale of the business (price currently being determined). This property is near finished a complete renovation and is 2 bedroom, 2 bathroom, 2 storey property. We are currently assessing the value of the property and will update the listing shortly. The 1.27 acres includes the land which the home sits on, being approximately 11,045 sft or .25 acres.

Price

$1,249,000

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.

Non-Disclosure Agreement