Travel Center
Hi, I'm attempting to put together a 479 acre development to include a Travel Center, commercial themed strip mall and the rest of the land in residential single family homes and townhomes. Excellent location.
I need to know if anyone here has any experiences with putting in a Travel Center, which I haven't done before. I'm trying to decide whether to 1)sell/lease the land for it, 2) completely build it and lease/sell it, or 3) build it and run it.
I'd like to know the amount of difficulty associated with building it myself as far as special licenses/permits other than a commercial builder status. My county officials are clueless but eager for it to be successful for additional revenue. Will be trying the state next.
Any help will be appreciated.
Thanks!
Terry
I cant offer any advice, but I would also look into the franchises that are already existing. Since this is your first, they would be able to help and if you dont like it you can sell it through them as well.
Good Luck,
Kyle
Quote:
On 2004-02-23 11:23, KyleGatton wrote:
I cant offer any advice, but I would also look into the franchises that are already existing. Since this is your first, they would be able to help and if you dont like it you can sell it through them as well.
Good Luck,
Kyle
Excellent suggestion! Thank you. I contacted a couple. The information also helped support data that the spot is a great location based on the fact that it met the criteria for a couple of very successful nationwide franchises.
Thanks again,
Terry
just curious, what is a travel center?
I am a developer and 479 acres is a lot of land. I hope you have some equity sources.
A travel center is essentially a glorified truck stop with a restaraunt. The profit potential on them are tremendous. If you get the right location and hire the right management, theoretically you could pay it off in under 5 years. I have seen one that paid itself off in 2, but I have also seen a couple go bust due to rerouting of the highways. Point in fact is US route 1 in florida. You can name your price for them there because I95 took over. It is a boom or bust field.
Good luck Terry,
Kyle
You might want to add lodging to your travel center plans. In my opinion, for business purposes, you won't need a franchise because you'll have a ton of daily traffic. Lenders may balk but with the built in business, you should prevail. I'm in the lodging business and with a small but growing brand. It doesn't generate diddly. On the other hand, if the lender requires a franchise/brand, look fot eh cheapest one you can find with the easiest out terms you can negotiate.
Quote:
On 2004-03-04 01:33, jfslenes wrote:
You might want to add lodging to your travel center plans. (snip)
Many thanks for the suggestion. There is an old, no-name motel next to the property now. We are looking at trying to work the financing in and purchase it too, tear it down and rebuild it with ICF's for energy efficiency. It will cost us more, but I think it might have some desirable results since I can build at cost.
I want to put in a full service and supply department for the trucks and rv's too.
Thanks!
Terry