Ã¯Â¿Â½PAGE Ã¯Â¿Â½ Ã¯Â¿Â½PAGE Ã¯Â¿Â½6Ã¯Â¿Â½
A report outlining the legal implications of undertaking the of acquisition a country house and converting it into a hotel
I intend to form a company along with some associates, for the purpose of acquiring a country house and convert it into a hotel which will then be leased to a hotel management company. This report will outline the legal implications of this undertaking and assess the legal implications of construction decisions in particular reference amongst other matters, to tort, land law, company, employment and consumer and planning law.
Setting up the company
Hotels possess a dual nature as they can be seen both as business and as real estate. It is therefore of great importance to have the advice of professionals who are familiar with the hotel industry. It is important to assemble a team of seven professionals who help to carry out an overall evaluation of the property.
This team will include a broker, an appraiser, an accountant, an attorney, an architect, an engineer, a marketing and financial consultant.
The broker will assist in the negotiation of the purchase. The appraiser will be a person who has either done appraisal of similar properties or has appraised properties in the hotel construction and leasing market. The accountant will be responsible for reviewing the records kept on the property to determine whether the funds are being applied appropriately, and whether the reporting systems and financial controls are adequate. The attorney will be a legal consultant specializing in hotel works and will assist in the formulation of acquisition strategies. The attorney will assist in the identification and coordination of the members of the acquisition team, and also offer advice on structure and terms of transactions. The attorney will also assist in issues of legal due diligence,