Hotel or apartment block?

Hello,

I am planning to buy and run either an apartment block or a hotel in approximately three years.

The price range for the whole investment should range from 500.000 to 1.500.000.

I am undecided which would be more likely profitable and save.

The apartment block I would start in Germany. A hotel in France, Germany, Belgium or the UK. Since in Germany it is very difficult to run a restaurant profitable, I would most likely rent out the hotels restaurant to a cook, should I decide for a hotel in Germany. Or I could run a hotel garni.

I have no experience in running a hotel, but if I would do this full-time and hire experienced staff I don't expect this to be to difficult.

I do have experience in renting out one flat and one house. Those I would need to sell in order to start the business. This side business I also started as a non professional. I found out that on the one hand it is not very difficult, but on the other hand it is difficult to make it profitable if you count the time you have to invest and if you do it as a side job and with only two flats / houses.

I have no profession that is help full for running hotels or apartment blocks. So I would have to learn on the job what I need in my individual case. I would be willing to study three years...but those years I actual need to accumulate money to invest, which I find more important if I hire one experienced worker...

What do you think? Where is the biggest difference between those two businesses?

Since I would be invested with all my money plus a huge credit, and since I am already 40 when I start the business, I can not afford to experiment with high risks. What I need is a classical/conventional, quite save business plan.