Some deals are not won on price. They are won on patience. This converted London hotel took three years of steady contact before it completed at £3.125m, well below where it started.
The strategic vision
During the COVID-19 pandemic, we identified that the hotel sector would face significant challenges, particularly smaller operators reliant on tourism. This backpacker-style hotel, created from converted residential houses, presented a long-term opportunity.
Relationship building strategy
- Initial contact: direct letter approach during pandemic
- Initial ask: £4.4m (above target)
- Strategy: maintained regular contact over three years
- Patience: waited for circumstances to change
Exceptional outcome
- Final purchase price: £3.125m
- Savings: £1.275m below initial asking price
- Market context: over £1m above recent finance valuation
- Deal structure: quick completion, no financing required
- Timeline: three-year relationship building paid off