Hospitality and restaurant businesses in Valencia: buying, selling and valuation

Not always. In a typical traspaso (transfer of a business lease and its assets), the business operating from the premises is transferred, with its fittings and the tenant's position in the lease; selling the company means transferring it in full, with its debts and contracts. Each approach has different tax and legal consequences, so it is worth confirming this with an adviser.

It depends on the lease and on how the sale is structured. If the shares are sold, the lease continues with the same company, unless there are change-of-control clauses. If the business is sold and the lease says nothing to the contrary, Article 32 of the Ley de Arrendamientos Urbanos (Spanish Urban Leases Act) allows the lease of the premises to be assigned without the landlord's consent, provided the landlord is notified, and entitles the landlord to raise the rent; many leases limit or prohibit this. Reviewing it with a legal adviser before looking for a buyer is essential.

No. The INE's Hotel Occupancy Survey only covers hotel establishments. Tourist apartments, campsites, rural accommodation and homes let between private individuals are left out of those travellers and overnight stays.

The buyer will look at the full year, not the best months. Seeing turnover month by month over several financial years lets them understand whether the quiet months generate losses and how much working capital they will need to get through them.

The lease, the activity licence and terrace permits, accounts and taxes for the last few financial years, a staff list, an inventory of machinery and furniture and, if any, certificates for installations such as gas or smoke extraction.

Restaurateurs who want to open another venue without starting from scratch, restaurant groups looking for specific locations, professionals in the sector who make the leap to ownership and, in accommodation, chains or investors interested in the property and its operation.