Bed and Breakfast Inn for Sale, Tyler, TX

$545,000

Updated December 27, 2011

Located in the heart of East Texas, the Woldert-Spence Manor is an operating bed & breakfast that has been continually open since 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.

      Turnkey sale includes property, furnishings, bookings, and all business property

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

      Property 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)

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

      Solid weekday business-traveler base; in 2010 almost 50% of our room nights came from mid-week traffic. A full third of our reservations come from repeat guests and direct referrals.

      2010 was a banner year, with a 2010 annual revenue of $105,000. This represents a 7.6% increase over 2009, and it also represents the highest revenue that the Woldert-Spence Manor has ever had since opening in 1993. This year (2011) has also been extremely strong---March 2011 and May 2011 were our two highest revenue months ever. Per room, 2011 revenues are on par with 2010 (note that we had to take one carriage house out of rotation starting in July, for our on-site innkeeper).

      Strong web presence, including #1 ranking on Google, overall Outstanding rating on Bedandbreakfast.com, overall Excellent rating on TripAdvisor, as well as listings on BBonline.com, Expedia.com, Hotels.com, and Kayak.com

      Historical 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

      Client contact database for direct e-mail marketing (we have been doing an e-mail newsletter since 2009 using Constant Contact)

      Separate 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.

      Closing conducted through a real-estate attorney. (Finder's fee considered for realtor bringing the successful buyer.)

      Partial owner financing considered.

      Asking price: $545,000.

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.

We have the second highest revenue out of all East Texas B&Bs (that's not a guess, that's based on State of Texas hotel receipts).

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.

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, we recently have had to move back to Arizona to be near our family. We now have a wonderful innkeeper who is currently running the Manor for us.

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

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