Asheville, North Carolina is a city known around the country as a wonderful destination. Not only does it enjoy a moderate, temperate climate that can be enjoyed four seasons, but it boasts an array of activities for virtually any taste, from music to crafts, art and theater to hiking and biking, architecture and museums to history and eclectic dining. In short, Asheville has something for everyone.
On the lodging side, Asheville can rightfully claim to have some of the finest bed & breakfasts gathered in one location that a traveler will find anywhere. From small to large, simple to opulent, and with much in between, if you like inns, you’ll love Asheville’s choices. And for aspiring innkeepers who dream of owning a beautiful B&B one day, this is a town whose name is mentioned to us at The B&B Team® more often than almost any other, often as a benchmark: “I’d like something in a place like Asheville.” That line is often followed by “But we can’t afford Asheville.”
To be sure, real estate and inns for sale in Asheville are higher than many places. There are a number of reasons for that. One is that Asheville is simply a very desirable place to live, and that always creates superior demand and a marketplace premium. But another reason is that the inns in Asheville enjoy a level of business that many areas are jealous of. Great revenues help create great value. So, while prices can be high, there is often a justifiable reason for that price. But there’s a caveat…
We often mention “the Asheville premium” which is frequently attached to inns for sale. While there is logic to this thinking, the actual rationale is sometimes flawed. To start with a sustainable price and then add a premium doesn’t work. If the numbers (revenues and asset value) don’t support the price, then the premium isn’t justified. But when the numbers support the price, then even if the price is high, the value is still there, and the price can be considered “reasonable and defensible.”
We are very pleased to be representing one of the B&B’s in Asheville, Hill House Bed & Breakfast Inn. With a charming cottage and nine guest rooms (only eight are used), and a delightful new owner’s residence on the property, this B&B is in fantastic condition (a prerequisite for good revenues), is very well marketed (another requirement for business), and boasts a style and décor that match today’s sensibilities and appeal to a sophisticated traveler of any age. The up-market styling, combined with a superior guest experience, creates a business that is strong, profitable, and that supports the asking price of $1,995,000. And considering that the owners live in a comfortable, two story residence that is convenient and private, Hill House Bed & Breakfast Inn represents superior value for a serious buyer. So, for anyone considering an Asheville, NC B&B for sale in their future, this is one not to be missed. Check it out at our website.