Key Takeaways: Franchise Agreements Complicate Transfers: Franchise agreements represent the single most complicating force in hotel transactions. Brand operators maintain extensive approval authority over ownership transfers and frequently mandate property improvement plans and transfer fees at the seller's expense. Proactive Tax Planning is Non-Negotiable: Tax consequences are a silent assassin that can cost sellers 25-35% of proceeds when owners neglect early strategic planning. Sellers must prepare for traps such as depreciation recapture under Section 1250 while leveraging deferral mechanisms like Section 1031 exchanges to protect their yields. Hotel Brokerage Requires Specialized Expertise: The buyer universe for hospitality properties remains deliberately narrow, consisting of seasoned operators, regional hospitality groups, and private equity funds. Specialized hotel brokers possess the intimate knowledge of profit-margin dynamics and revenue-forecasting methodologies needed to access these buyers, ...