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Bridgton, Maine, Resort for Sale
Additional Income Opportunities
The Resort has been run as a seasonal, low-key, modest family-style resort motel, for this was what the current owner was looking for. However, there are plenty of opportunities to increase its income and reduce its expenses.
HOME EXPENSES COVERED First of all, if designed as the appropriate legal entitiy with an on-site manager provided for the benefit of the business, the new owner can have almost all of his/her living expenses covered. Rent, cable TV, internet, heat, water, electricity are all provided and are an expense for the Resort, but not necessarily an income for the owner. Consult your legal and financial advisors for details.
EXPANSION POSSIBLE AND PLANNED FOR Years ago, the property had 6 additional rental rooms on site plus a full-service restaurant. These were lost in a fire in the 1970's, but they are grandfathered by the Town. When the spa building was built, it was made with 10" outside walls and 8" inside walls, plus an oversized heating and hot water system. ZONE VALVES, electrical load, and plumbing and wastewater pipe is stubbed and ready to be used for 5 more guest rooms plus a kitchen on top of the spa building. Even the game room/spa ceilings are designed to allow easy access to new construction of a second floor. New rooms could be used during the winter (with the other buildings closed, if desired), additional rooms for summer and fall overflow, or as specialty rooms (ADA or deluxe rooms).
THE APARTMENTS The Lakeview Loft and/or the Garden Suite apartment are great for providing partial compensation for an on-site manager/maintenance person, freeing up the owners’ time (and cash flow) if desired. Both apartments have provisions for tying in the front doorbell and the Resort's phone system. The Loft can also allow back access for staff to the office (locked off if used for rental income.)
The Garden Suite: The downstairs, handicap-accessible Garden Suite apartment is currently being rented year-round for $850 per month. It can also be used by a family member, and was successfully marketed as a weekly rental room during the summer.
Garden Suite Living Room Large, Handicap Bathroom Garden Suite Tiled Kitchen
The Lakeview Loft: The 3-level, 2-bedroom, 2-bath Lakeview Loft apartment is currently rented year-round for $1,150 per month. In fact, it could be used by an owner/manager as his/her living space, allowing the rental of the attached 4-bedroom, 2-bath home for approximately $1,800 per month. In 2003 and 2004 it was successfully marketed for $1000 per week for the summer months.
2nd Level Master BR and Bath Large Kitchen with Storage View to kitchen from 3rd Level Loft
WEDDINGS & EVENTS In 2000, 2001, and 2002 the resort had over a dozen weddings each year, and up-sold almost all of them on decorations, etc. Due to a health situation in 2003, the promotion of special events and weddings has been drastically reduced to 4-5 annually.
There is potential to significantly increase the conference, wedding and special event business. The house kitchen - while not being used as such currently - is capable of being modified to use as a catering kitchen, which would add significantly to the income by proving food services for small to medium events.
FOOD SERVICE / RESTAURANT If the current back office space were converted to a kitchen (which was done years ago), or the area over the garage made into a kitchen (which it was designed for), the Conference Center could be converted to the only lake-view restaurant in town, also adding to package options and providing catering for events.
If nothing else, beer and wine could be offered in the Conference Room for after ski, or just relaxing in the evening during the spring, summer, and fall.
CONTROLLABLE EXPENSES Due to health restrictions, the current owner is required to have virtually all maintenance and repairs done by outside companies or maintenance staff. An owner/manager that is capable of performing some of these tasks (e.g. painting, papering, shoveling, snow plowing, trash removal, lawn care, gardening, minor repairs, etc.) could reduce operating expenses significantly. In addition, laundry is done by contracted outside help. Again, this is a task that could be handled (and was once handled) mostly by the owners during the off-season.
EXPAND TO YEAR-ROUND OPERATION Back when the Resort was run year-round, many winter weekends were sold out, as was school vacation week! Shawnee Peak (with New England's largest night skiing) is only 5 miles from the Resort, and the snowmobile trail goes right across the back of the property. Guests can literally park their sleds right outside their doors!
SPA BUILDING FURNACE ROOM
Up to 6 additional valves are already in place to add heat and hot water to any construction on top of the spa building, and the rest of the domestic hot water and heating system is sized for such an expansion.
