Listing Number: 76931-138866
BUSINESS ASKING PRICE: $400,000
REAL ESTATE ASKING PRICE, 12.53 Acres: $5,350,000
**Business and real estate will be sold together!**
In the heart of Northwest Harris County and adjacent to several affluent suburbs, this incredibly popular, gorgeous and profitable wedding venue rated #1 on The Knot stands out as one of the most premium event and wedding spaces in the Houston area. The 10,800 sq ft main building was expertly constructed in 2017 and boasts the highest end fixtures, equipment and features like a fully paved parking lot in the front of the facility and the special ceremony nestled amongst the stunning oak trees. There is ample and convenient parking for the wedding and event guests as the main building can host weddings of up to 350 guests or more.
The current owners charge a flat amount per event, but those rates fluctuate based on day of the week, time of year and the current wedding market and trends. The rates for weddings and other events are entirely set by ownership, so any buyer could set up any pricing structure they chose. Rates currently vary from $5,500-8,900 depending on the day of week, and these rates are only for the facility rental. The sellers also note that staying open for 2 to 3 extra hours by request (and they get those requests often) could generate $1,200-3,600 additional revenue per event. Total revenue in 2022 was $436,708 with an impressive SDE (sellers’ discretionary earnings) of $190,460. If a buyer were to transition the venue into the highly popular “all inclusive” business model, gross sales and therefore SDE would grow tremendously and quickly.
The “all inclusive” style of wedding venues is becoming increasingly popular and implementing this style of business could double business revenues quickly. Providing all-inclusive services like alcohol, wedding coordination (up to $6,000 per event) and catering directly from the venue would offer incredible and scalable additional and new revenue. For example, current weddings booked at this venue will hire an outside bar/alcohol vendor that provides a bartender, the alcohol, supplies and handles all aspects of the service. However, in the all-inclusive model, the venue serves as the alcohol vendor and charges approximately $45 a head with costs that are only $20-21 a head. The same structure and pricing apply to the venue becoming the catering vendor. The owner would have contracts with local restaurants and catering companies who would charge their “wholesale” rate to the venue for preparation and drop off, and then the venue would charge X amount per head for food. There are endless options.
The venue building was constructed and opened in later 2017 on 12.53 acres, and the owners have continuously upgraded the building and property since opening. They added a large emergency generator ($46,000), a fully asphalt-paved parking lot (72,500 sq ft with a value over $200,000) and an additional AC compressor ($26,000) that along with excellent insulation keep the electricity bill exceptionally low. The building alone would cost over $3.4 million if constructed today, and the acreage is extremely valuable in and of itself. The venue has an open, spacious, “country” feel while being only minutes from all the conveniences of a large city, like ample accommodations for wedding and event guests.
- Price: $ 5,350,000
- Down Payment: $5,350,000
- Sellers Discretionary Earnings: $ 190,460
- Total Sales: $ 436,708
- Location: Harris County, Texas
- Inventory: $ 0
- FF&E: $ 100,000
- Employees: 2
- Year Established: 2017
- Reason for Selling: Other Opportunities
- Category: Miscellaneous/Other