# Legal Herald: Hospitality Business Sales

> How restaurants, hotels, short-term rentals and golf courses are valued and sold: liquor license transfers, franchise approval and real estate splits.

Website: https://hospitality-business-sales.legalherald.com/
Part of: [Legal Herald](https://legalherald.com/llms.txt)
Last Updated: 2026-11-06

## Guide
- [Selling a Restaurant, Hotel or Rental Business: What to Know](https://hospitality-business-sales.legalherald.com/)

## FAQ

### Can I transfer my liquor license when I sell my restaurant?
In many states a liquor license can be transferred to a buyer, but only with approval from the state alcohol agency and sometimes the city or county. The buyer has to qualify on its own, and approval can take from about a month to several months. Some states issue a temporary permit so the buyer can keep serving during the transfer.

### What multiple do restaurants sell for?
Small independent restaurants usually sell for around two times seller's discretionary earnings. BizBuySell reported an average cash flow multiple of 2.3 for restaurants sold in 2025 and a median sale price of about $215,000. Franchised units with strong brands and leases often sell for more, and struggling locations sell for little more than equipment value.

### Does a hotel franchise transfer to the buyer?
Usually not automatically. Most brands require the buyer to apply as a new franchisee and sign a new franchise agreement, and they issue a change-of-ownership property improvement plan (PIP) listing renovations the buyer must complete. The cost of the PIP is often one of the biggest price negotiations in a hotel sale.

### Should I sell my restaurant building with the business?
It depends on your goals and the buyer's financing. Selling both gives a larger exit and a clean break. Keeping the building and leasing it to the buyer creates rental income but ties you to the restaurant's success. Either way, value the business and the real estate separately so each is priced correctly.

### Can I sell a short-term rental as a business?
You can sell the property furnished and with its booking history, but many cities issue short-term rental permits to a specific owner or property and do not let them transfer. A buyer may have to apply for a new permit, and in some places new permits are capped or banned. Check local rules before you price the property on its rental income.

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