Lone Star Saloon in Phnom Penh, Cambodia For Sale (unofficial)

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ExPenhMan
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Lone Star Saloon in Phnom Penh, Cambodia For Sale (unofficial)

Post by ExPenhMan »

FYI: Just read on TOF that the American owner is selling Lone Star Saloon.

Sounds like a good deal for a very good business. Definitely one of my fave haunts.

If I were a younger man, I might have a go. But those days are past.
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phuketrichard
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Re: Lone Star up for sale (unofficial)

Post by phuketrichard »

As Greg made the post would assume its official
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ExPenhMan
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Re: Lone Star up for sale (unofficial)

Post by ExPenhMan »

phuketrichard wrote:As Greg made the post would assume its official
Yeah, I tried to differentiate my headline from any headline Greg might use if he posted here too. Hence the "unofficial".
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General Mackevili
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Re: RE: Re: Lone Star up for sale (unofficial)

Post by General Mackevili »

ExPenhMan wrote:
phuketrichard wrote:As Greg made the post would assume its official
Yeah, I tried to differentiate my headline from any headline Greg might use if he posted here too. Hence the "unofficial".
Yeah, I see what you mean.

Best of luck to him. Only $63,000. Pocket change.
Lonestar wrote: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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willyhilly
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Re: Lone Star up for sale (unofficial)

Post by willyhilly »

Unusually honest and succinct post from an owner selling a business. Luckily Raz is not involved...
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