Your Shout: Julian Troup, FPDSavills

All too often, vendors go to the market insufficiently prepared, which can affect the price achieved and the level of business in the interim. It is vital that the following

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points be considered by any vendor:n Have the hotel looking good, internally and externally, before going to the market. - Have produced three years' accounts, together with the most up-to-date management figures available. Also, have produced trading information on the likes of occupancy, room rates and sales mix. - Undertake some preliminary due diligence relating to staff, and any outstanding property or operational issues. - If the decision is taken not to inform the staff, have a response prepared in the event they learn of, or suspect, your plans.n Make sure your accountants and solicitors are aware of your intentions so they can act without delay, insisting on financial due diligence in preparing the contract. - Be prepared to give a legitimate reason for selling - every purchaser requires this. - Although the agent should be able to provide this, have to hand comparable evidence to support your price, to show not only to the prospective purchaser but also to their advisers, particularly valuers. The marketing of a hotel can be a stressful and complicated exercise, compounded by the effects on trade and on staff morale, if the decision is taken to market the property openly. So it is important to be properly prepared to see to the smooth running of the sale, as delay in the completion of the transaction will not only take its toll in stress on the vendor but will also unsettle staff and potential customers. The more time is taken to conclude a deal, the more chance there is of it falling through, or of seeing attempts on the part of the purchaser to reduce the price. In simple terms, a good motto is: be