There is a movie that I am looking for the title of. It is about a group of teenagers that fix-up a hotel or maybe a mansion that they turn into a hotel. It's a comedy, and is probably from 1987 or so.

Might not be what your looking for, but the only one that comes to mind is 'Revenge of the Nerds 2' (or 3) when they go on spring break.

Only other movie I can think of that has teenagers fixing anything up is 'Band of the Hand', but that was a house for rehab.

Sry if I wasn't any help :)

Pretty sure that you are looking for the 1986 movie "Playing for Keeps", starring a bunch of nobodies and Marisa Tomei. A plot summary at imdb.com says: "Danny, Spikes and Silk have just recently graduated from high school in New York. Danny finds a title deed for a huge house in a small town. He has a dream to turn it into a Rock n' Roll hotel." Man... I actually watched most of this on cable at 2:00 AM or something about 10 or 15 years back.