10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Why We Sold Live Oak Lake

  • Isaac French
  • 20 January 2025
  • 2 minute read
Total
0
Shares
0
0
0
image

But the timing just wasn’t ideal—six months of operating history is far less appealing to buyers than a full year. Plus, our broker didn’t specialize in unique hospitality assets, and while we did get some interest (including from a notable PE firm), no offers felt right. After a few months, we pulled the listing.

At the start of 2023, ​David du Menil​ from ​The Intrepid Group​ reached out. He specializes in outdoor hospitality and happened to live just down the road. We re-listed—this time at $7.3M. Soon after, we were under contract at $6.5M.

Here’s where my inexperience taught me a hard lesson: the nonrefundable portion of the earnest money was only $15,000. Due diligence went smoothly (having the local broker was a life-saver for the amount of trips onsite and coordination required for this process).

Two days before we were scheduled to close, the buyers set up a last minute, last steps / congratulatory call (I should’ve known).

I get on, and the sellers’ attorney tells us there’s been a delay with funding and they’re not able to close on time. They asked for two extra weeks. We reluctantly agreed.

Verge Management Selects TPG Hotels & Resorts to Manage Portfolio of Marriott Select Service Hotels
Trending
Verge Management Selects TPG Hotels & Resorts to Manage Portfolio of Marriott Select Service Hotels

Next day, they informed us they were out. Their lender had actually backed out weeks prior without us knowing it. They’d been unsuccessfully scrambling to find an alternative.

The $15,000 barely even covered my attorney’s fees.

Lesson learned, but I was pretty disappointed. (As a seller, always secure 1-3% of the contract price in earnest money to protect your position).

Just days later, we received another offer—$7M with $200,000 in earnest money. ​This buyer​ was much more prepared.

But a few days before closing, we get on another call: one of their investors had backed out. Now we had to decide: walk away with $200,000, or give them more time.

We gave them six weeks, and to their credit, though it almost all fell apart a third time, they came through.

what i learned

Running Live Oak Lake was deeply fulfilling and exhilarating, but it was also relentless.

Great hospitality is always relentless, and you have to love something about that to succeed at it. But there are builders and there are operators. I’ve realized I’m more of the former and a lot less of the latter:)

Selling was bittersweet. But the combination of all these things coming together felt right. Timing was right. Price was right.

The takeaway? Don’t force things. If it’s meant to be, it’ll be.

“Birds fly, fish swim, and deals fall through.” —Paul Graham

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Mergers & Acquisitions

Hunter Hotel Advisors Arranges Sale of Home2 Suites by Hilton Wayne

  • LODGING Staff
  • 22 August 2025
View Post
  • Mergers & Acquisitions

HREC Facilitates Sale of Hampton Inn Denver-International Airport

  • Colin Tessier
  • 22 August 2025
View Post
  • Mergers & Acquisitions

Marcus & Millichap Facilitates Sale of Best Western Plus Royal Mountain Inn & Suites

  • LODGING Staff
  • 21 August 2025
View Post
  • Mergers & Acquisitions

Rocco Forte finds new capital partner to expand in Europe, Middle East

  • Denis Stackeusky
  • 21 August 2025
View Post
  • Mergers & Acquisitions

1912 Hotels St Pauls Ltd makes first UK acquisition

  • Cynera Rodricks
  • 21 August 2025
View Post
  • Mergers & Acquisitions

Hyatt Regency Denver Announces Full Guestroom Renovation

  • LODGING Staff
  • 20 August 2025
View Post
  • Mergers & Acquisitions

Hotel funds are back in business

  • Automatic
  • 20 August 2025
View Post
  • Mergers & Acquisitions

Douglas Arms Hotel in Castle Douglas brought to market for £225k

  • Cynera Rodricks
  • 19 August 2025
Sponsored Posts
  • 2025 SOCIETIES Quaterly 3

    View Post
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ

    View Post
  • Case Study: Refinery Hotel Redefines Revenue Management with LodgIQ

    View Post
Last Posts
  • Summer camp is over for lodging companies
    • 25 August 2025
  • APAC travel shifts from spontaneous getaways to purposeful journeys
    • 25 August 2025
  • Deepfakes are the new front desk scam
    • 25 August 2025
  • What is the problem?
    • 23 August 2025
  • Hunter Hotel Advisors Arranges Sale of Home2 Suites by Hilton Wayne
    • 22 August 2025
Sponsors
  • 2025 SOCIETIES Quaterly 3
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ
  • Case Study: Refinery Hotel Redefines Revenue Management with LodgIQ
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.