Lone Star Saloon and Guesthouse for sale
Lone Star Saloon and Guesthouse for sale
Hello all,
I would like to be out of the bar business and spend more time at my house in Takmau with my young family. So, I have decided to place the Lone Star up for sale. In the event it does not sale...I may consider a sub lease to the right person.
The Lone Star is a well established, money making turn key operation. We have four Guest Rooms, two of which rent for 25.00 per night, and two that rent for 30.00 per night. All of the rooms are very nice, very large, and very well equipped. We have around a dozen or so steady expat customers who book long term for a few months each year, and many many return guests that make Lone Star their home while they are in Phnom Penh. The Lone Star is very well known throughout the region and we have many expat customers from Thailand, and Vietnam in particular.
The Lone Star averages about 3k a month profit when things are ticking along well, about 2k when things are slow, and we have had many 4k and 5k profit months.
There are many things that make the Lone Star an attractive business.........but at the top of the list is the fact that we have 4 rooms.....and our rent is only 900.00 per month. That, is a recipe for success. Let's say there is 70% occupancy of the rooms for 30 days. That is 2310.00 in your pocket before you have even sold a drink over the bar. Most shop house bars on the market have no rooms, or rooms that are not rentable....and rents can run 1000-2000 or more.
Also, there are opportunities to grow the Lone Star. I have never wanted to have staff that could be bar fined.....but it is a good business move to have them. I have never listed with an online booking site, because we usually do well without it....but, there are some unsold room nights that could be filled up. We don't stay open late at night, but it could probably make more money if someone built up that trade.
Asking price 65k, plus a 3 month deposit up front.
If you only make 2k a month per month profit, you would have your money back in 2.7 years. At 3k per month, you would have it back in under two years. We are in the second year of a 5 year lease. Our landlord is terrific, and I have no reason to believe we could not stay here indefinitely. When the first lease ran out, we agreed to tick the rent up from 750.00 to 900.00 per month...which I though was extremely fair for this market. I think 3 years from now, they would again agree to a reasonable increase. I would expect it to go to maybe 1100.00 per month.
I have no further plans to be in the bar business in Phnom Penh. However, the Lone Star is still my favorite bar and I will be happy to do whatever I can to assist or to help it be successful. This would include assisting with barbecues or parties, setting up American Football games to watch, or whatever else I could to to help it be successful. My staff would like to stay on and they, or my wife can assist in training up any new staff.
pm me if interested.
Greg
I would like to be out of the bar business and spend more time at my house in Takmau with my young family. So, I have decided to place the Lone Star up for sale. In the event it does not sale...I may consider a sub lease to the right person.
The Lone Star is a well established, money making turn key operation. We have four Guest Rooms, two of which rent for 25.00 per night, and two that rent for 30.00 per night. All of the rooms are very nice, very large, and very well equipped. We have around a dozen or so steady expat customers who book long term for a few months each year, and many many return guests that make Lone Star their home while they are in Phnom Penh. The Lone Star is very well known throughout the region and we have many expat customers from Thailand, and Vietnam in particular.
The Lone Star averages about 3k a month profit when things are ticking along well, about 2k when things are slow, and we have had many 4k and 5k profit months.
There are many things that make the Lone Star an attractive business.........but at the top of the list is the fact that we have 4 rooms.....and our rent is only 900.00 per month. That, is a recipe for success. Let's say there is 70% occupancy of the rooms for 30 days. That is 2310.00 in your pocket before you have even sold a drink over the bar. Most shop house bars on the market have no rooms, or rooms that are not rentable....and rents can run 1000-2000 or more.
Also, there are opportunities to grow the Lone Star. I have never wanted to have staff that could be bar fined.....but it is a good business move to have them. I have never listed with an online booking site, because we usually do well without it....but, there are some unsold room nights that could be filled up. We don't stay open late at night, but it could probably make more money if someone built up that trade.
Asking price 65k, plus a 3 month deposit up front.
If you only make 2k a month per month profit, you would have your money back in 2.7 years. At 3k per month, you would have it back in under two years. We are in the second year of a 5 year lease. Our landlord is terrific, and I have no reason to believe we could not stay here indefinitely. When the first lease ran out, we agreed to tick the rent up from 750.00 to 900.00 per month...which I though was extremely fair for this market. I think 3 years from now, they would again agree to a reasonable increase. I would expect it to go to maybe 1100.00 per month.
I have no further plans to be in the bar business in Phnom Penh. However, the Lone Star is still my favorite bar and I will be happy to do whatever I can to assist or to help it be successful. This would include assisting with barbecues or parties, setting up American Football games to watch, or whatever else I could to to help it be successful. My staff would like to stay on and they, or my wife can assist in training up any new staff.
pm me if interested.
Greg
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wow, a great business to buy into.
If the cook and staff come with the sale......
If the cook and staff come with the sale......
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Yeah, it's one of the better spots around, and well done out.
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I've stayed there before and can vouch for the quality and comfort of the rooms, nice bar as well.
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I too have stayed, eaten and drunk myself silly at Lone Star.
This shouldn't be on the market for too long.
Good luck, Greg.
This shouldn't be on the market for too long.
Good luck, Greg.
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Few leave the world regretting too much time spent with family. Best of luck.
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Man, if I were about 10 years younger . . . Best of luck Greg. Just adding my "it's a great place" to the chorus.
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I believe Greg on his #s about monthly profit and what not. I have never stayed but have heard from more than a few that the rooms are nice and good value.
Greg- Wifey's sisters want to stay and work? They make the place a bit nicer. Whoever the cook was that you trained was on point. Hope she stays for my return visits.
I'd hate to see Lonestar go. #Murica
Greg- Wifey's sisters want to stay and work? They make the place a bit nicer. Whoever the cook was that you trained was on point. Hope she stays for my return visits.
I'd hate to see Lonestar go. #Murica
Anyone who doesn't like Capitalism is a pathetic loser. God bless the USA and no place else.
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Good business for sure but one of the challenges is that to remain successful it will need to keep its name and its Texan style. For that to happen, surely the buyer needs to be from that part of the world also or at least from the US otherwise it would lose its authenticity. To buy it and then turn it into an aussie or British place would be a recipe for disaster.
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This Charming Man wrote:Good business for sure but one of the challenges is that to remain successful it will need to keep its name and its Texan style. For that to happen, surely the buyer needs to be from that part of the world also or at least from the US otherwise it would lose its authenticity. To buy it and then turn it into an aussie or British place would be a recipe for disaster.
Was it the "texan" Merican feel that brought people back or was it .... just a good bar with good staff and great food?
Anyone who doesn't like Capitalism is a pathetic loser. God bless the USA and no place else.
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DetroitMuscle wrote:This Charming Man wrote:Good business for sure but one of the challenges is that to remain successful it will need to keep its name and its Texan style. For that to happen, surely the buyer needs to be from that part of the world also or at least from the US otherwise it would lose its authenticity. To buy it and then turn it into an aussie or British place would be a recipe for disaster.
Was it the "texan" Merican feel that brought people back or was it .... just a good bar with good staff and great food?
For me it was the former. It is so quintessentially Texan with the food and decor that it seems to me that it's success is dependent on that. I could be wrong though. Good luck with the sale.
I know I'm unloveable. You don't have to tell me. I don't have much in my life, but take it - it's yours.
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I'm not so sure. Rory's Irish Pub was bought by an American and it never lost . . . ok you're absolutely right.This Charming Man wrote:Good business for sure but one of the challenges is that to remain successful it will need to keep its name and its Texan style. For that to happen, surely the buyer needs to be from that part of the world also or at least from the US otherwise it would lose its authenticity. To buy it and then turn it into an aussie or British place would be a recipe for disaster.
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