Hostel Territory

So we've set off to Barcelona to live the dream and open our very own hostel. We're keeping this journal online to keep everyone updated of our progress, adventures and mishaps navigating Barcelona's booming tourism industry, Spanish bureaucracy, and daily life in Catalunya.

Monday, June 09, 2008

There's nothing to get your heart racing in the morning like a panicked call from Lauren. As I'm checking in some guests, she calls and shouts, "LEE! Did you see the email that Cristina Vandrell [the lady who owns the floor the hostel is on] sent?" I'm sorry, I'm busy right now, Lauren. Can I call you back? Then, with sheer panic in her voice, "LEE! You really need to see this email."

So, I hang up and have to pretend I'm not on the verge of cardiac arrest while I show this nice French couple their room. The urgency in Lauren's voice told me that our worst nightmare could be coming true- that all of this will blow up in our faces.

It ends up, Lauren's Spanish skimming abilities aren't so good and we might actually have a good opportunity laid out for us. The landlady wrote to tell us that she's decided to sell the property. Yikes. We're in year one of a ten year rental contract and in month three of what we predict to be a 28 month break even hurdle. Upon more careful reading, she said she'll outline the conditions of our lease to whoever buys the place, to honor our contract AND she said we can discuss the possibility of leasing to buy. So, that is good news for the Gonzalez girls.

I think we'll probably rope a dope for a bit while we learn more about the current real estate market. I don't even know what is in order but a trip to the bank to discuss mortgage terms, checking out some comparable properties in the neighborhood, and an appraisal are on the docket right now. Owning property was never in our business plan but we'll see what the offer is before making any decisions. Stay tuned...

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