Bed and Breakfast Inn for Sale, Tyler, TX

$380,000

Updated August 27, 2014

Located in the heart of East Texas, the Woldert-Spence Manor is an turnkey bed & breakfast that was first opened in 1993. Bordered by Tyler's historic red brick streets, we are the closest lodging to the downtown Tyler business district and historic square. The Manor has 8 guest rooms--6 rooms in the Main House and 2 separate carriage houses. The grounds include a backyard jacuzzi, azalea garden, and koi pond, as well as enough off-street parking for a fully booked house.

      greendot.gifTurnkey sale includes property, furnishings, bookings, and all business property

      greendot.gifEight guest rooms, all with private baths. Some rooms also include private balconies, porches, clawfoot tubs, or gas fireplaces.

      greendot.gifWe have recently updated and redecorated several of our rooms to give them a more modern feel while still maintaining the historic Victorian charm of the B&B. We have also recently completely renovated the exterior of the buildings.

      greendot.gifProperty consists of two parcels totaling 0.55 acres. There is a total of 5,100 square feet of living space in three structures: the main house (3,700 square feet, built in 1884) and two carriage houses (each about 700 square feet, built in the 1930s). The main house is a Tyler Historic Landmark. There is also an additional 1,400 square feet of storage space (which could be converted to guest rooms with some investment)

      greendot.gifStrong weekend traffic from Dallas-Fort Worth area, as well as Austin, Houston, Shreveport, and local stays.

      greendot.gifSolid weekday business-traveler base; almost 50% of our room nights came from mid-week traffic. A full third of our reservations come from repeat guests and direct referrals.

      greendot.gifAt our peak, we saw an annual room revenue of about $105,000. Full financials are available upon request.

      greendot.gifStrong web presence, including #1 ranking on Google, overall Outstanding rating on Bedandbreakfast.com, and an overall Excellent rating on TripAdvisor.

      greendot.gifHistorical web stats available from July 2008 to present (we believe in tracking things so you know what works and what doesn't), and a reservation database dating from 1998

      greendot.gifClient contact database for direct e-mail marketing. We also have a Facebook page to take advantage of social media.

      greendot.gifSeparate owner's quarters. Actually, there are three different choices. You could choose to live in either the Rockway Carriage House or the Mockingbird Cottage. The Mockingbird Cottage allows the option of a large private yard, separate from the public spaces (which is great for dogs or kids). You also could live in the main house, where there is a suite of rooms (Room #2 and an adjoining office), if you would like to preserve the revenue from the carriage houses.

      greendot.gifPartial owner financing considered.

      greendot.gifAsking price: $380,000.

Why this B&B?

If you've spent time looking at bed & breakfast inns for sale you know that there are a lot on the market to choose from. The lifestyle of an innkeeper really is enjoyable and rewarding, but only if you go in with your eyes open. Many B&Bs are sold as "potential B&Bs", which means a lot of investment and time is needed, during which you aren't bringing in any revenue. Many others--even existing B&Bs--make you wonder if you could make a living running them. When we set out to buy a B&B ourselves, we were looking for something that could be our full-time job, not just a hobby. We found it--the Woldert-Spence Manor isn't just a romantic B&B, it's also a viable business. When operating, we had the second highest revenue of all B&Bs in East Texas.

We have a strong weekend client base: Dallas is our #1 source of guests, being less than 90 minutes away, but followed closely by local stays and traffic from Houston, Austin, and San Antonio. And unlike many other B&Bs, we also have a strong weekday business-traveler base.

We've spent much of our time investing in the business, such as updating the rooms and installing new high-efficiency AC units. But we also have focused on improving the web site and web presence--which is the #1 source of our reservations.

Why Tyler?

Tyler is actually a bit more than a small town, with a population of about 100,000. The most striking part about Tyler and East Texas in general is the natural beauty. We have rolling hills, streams and lakes, and are in the middle of the East Texas piney woods (actually more than just pine trees--lots of hardwoods, too). Tyler is world-renowned for it's rose industry and the annual rose festival (October), and a close second is the annual azalea and spring flower trail. In spring, the entire town explodes in color, drawing tourists from all over Texas. In autumn, the changing colors of the sweetgums and maples is truly impressive.

Tyler is known as the medical hub of East Texas, with four world-class hospitals. In addition, there is a booming law practice here, as Tyler has become a popular venue for international patent cases. The Harvey Convention Center is about a mile away from us, and we have a very active Convention and Visitors Bureau working to bring conventions into town. Add in the draw of people from the surrounding area to Tyler's restaurants and shopping, and Tyler is a busy place.

Fortunately, Tyler has also kept its historic charm. We're located within a few blocks of three historic districts (Brick Streets, Azalea, and Charnwood), and just a few blocks from the historic downtown square. The Heart of Tyler organization is making great strides in revitalizing the downtown area, including new galleries and restaurants.

Why are we selling?

We love Tyler and the piney woods of East Texas, and we enjoyed running the Manor. However, in 2011 we had to move back to Arizona to be near our family. An innkeeper did a great job running the property for us until March 2013, but has recently gone on to other things. We closed temporarily to conduct exterior renovations, then decided to remain closed until we could find a buyer for the business. However, we are still maintaining all of the business systems (reservation system, web site, business listings) in order to start accepting reservations again on a moment's notice.

We are interested in talking to people who are looking for a turnkey B&B. Please call or e-mail us directly if you'd like to discuss purchasing the Woldert-Spence Manor.

Chris & Lisa Garrett
(903) 372-0529
lcgarrett77@msn.com

Or for a property tour, you can also call our realtor:
Blair Swaim, Burns Commercial Properties
Cell: (903) 245-0238
Office: (903) 534-1200
bswaim@burns-commercial.com

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The Woldert-Spence Manor
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