This would be a holiday let, a week at a time or so. My own house on the other end of town is still open for pilgrims who need a place to stay for just a night. It is not even bought or built yet, I am just sounding out the market[...]
18 years ago Annakappa and I researched the country we went to live in with a stringent set of requirements before we chose our location.
We eventually bought and converted a charming, over 150-year old adobe and bahareque house.
Initially we had no intention to start operating a hospitality property, but the market potential was such that additionally we constructed and fully equipped a studio and an apartment for rent to tourists. Each unit is for max. 2 people and we require a minimum stay of 10 days. (we appreciate our free time too much
)
We designed, built, decorated and furnished all buildings ourselves.The cost of bringing the original house in a liveable state (electric, sewage, plumbing, roof, walls, floors, doors, windows, fixtures, garden, etc.) was nearing the purchase price of the property.
Our circumstances are very different from the North of Spain. Property values and building costs are cheaper, and so are operating costs: no need for heating, (nor A/C by the way
), lower taxes and rates (electric, water, municipal, etc.).
Our guest mix comes from Canada, USA, northern Europe and local businesses. We can operate year 'round because of a pleasant climate (1'100 meter above sea level). Temperatures range between 16 C. at night time and 29 C. during the day. We advertised a few years on VRBO and similar sites, but now our repeat business is 95% and our bed occupancy 80% and
this article is not intended to be publicity (we like some breathing space when we go walking the Camino
)
Above mentioned factors, and probably some more, are essential before starting to think of a hospitality property in northern Spain. Even on a small scale, a professional business plan is essential. And remember Hilton's saying: "location, location, location"
