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Hotel Business Plan
OK, so you have decided to realize your dream and open your own hotel . You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It’s like a road map to the opening. However, as a seasoned Hotel Management Company , we have seen that this is where most entrepreneurs get stuck.
Why? Many do not have the time and don’t know what to write or how to do the financials. But until you finish your business plan, you will not be able to get the financing either. So you end up with ideas sitting in your head not realizing your dream.
Really it is not that difficult to make a good hotel business plan. It is merely a structured summary of your idea. Most people try to include everything about their hotel concept in the plan. This leads to an indigestible super novel-like bookwork, aka a mess.
The key is, knowing what to include, and what not to include in your hotel business plan. Create a clear road map for success. Excite investors rather than bore them to death like most business plans full of redundant information do. And you need to lead readers down the exact path you want.
One of the main challenges for example is that after reading the first page most businesses often don’t fully understand what the hotel is all about. For investors and lenders, it is crucial they can quickly comprehend your plan, without reading the whole document.
Hotels 101: The Basics of Business Planning
We have put together a hotel business plan template to help you on your way. Check out our approach based on 10 critical points, being:
- Executive Summary
- Company Analysis
- Industry Analysis
- Customer Analysis
- Competitive Analysis
- Strategic Plan
- Operations Plan
- Management Team
- Financial Plan
- Key Milestones
Steps of your Hotel Business Plan
Let’s dive into the step-by-step checklist of what your hotel business plan should look like.
Infographic by Xotels
1. Executive Summary
This first part should consist of two main parts, being:
- Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a paragraph). It explains why you are in business or which huge need you are solving, that currently is not being met. For example in the case of Qbic Hotels “Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.”
- Objectives : What do you hope to accomplish (i.e. “Reach an annual occupancy of 90%”).
2. Company Analysis
More detailed information on the USPs (unique selling points) of your hotel concept.
3. Industry Analysis
Information on the current industry trends and the current state of the market and how this will impact your hotel. This is needed as investors want to be sure you really understand the hotel industry. This acts as the foundation on which decisions such as trends and developments to follow will be based.
4. Customer Analysis
In-depth information on your target market, including geographic, demographic, socioeconomic, psychographic, and behavioural segmentation details. Which are the types of guests who will mostly stay at your hotel? Explain which features will be meeting the needs and wants of these main segments when thinking of:
Basically, how will consumers answer this question ‘Why my hotel?’
Aim to break it up to the point value can be easily communicated (do not make it too overcomplicated). Think of the following examples:
- Psychographics: interests, lifestyles, personality, values, opinions, and attitudes
- Behavioural segmentation: purchasing behaviour, level of engagement, customer loyalty
- Demographics: gender, age, marital status and education
- Geographics: location (country, state, region, city)
Any of the above examples of hotel segmentation can, if described well, be of great value to your business plan. An example of this could be a hotel located in a beach town, where you should be able to describe how demographics and psychographics differ from summer to winter time. Especially, since this example is typically known for lower demand in winter which you could be compensating for with the right marketing strategy on hand.
5. Competitive Analysis
A study of your local competition or global concept competitors, with each of their strengths, weaknesses, occupancy rates and market share ( SWOT analysis ). And don’t forget the most important part; what differentiates you from them. What makes you stand out?
Ask yourself: “can I add value to a specific area”, especially when it comes to hotel-dense areas like city centres or major destinations.
6. Strategic Plan
This exists of 3 parts:
- Marketing : How exactly will you attract customers/guests? How will you position yourself? What will your message be to the different segments of your business mix? How will your direct marketing work? What will be the plan for your hotel website, SEO, SEM and SMM? Will you do offline promotion? In short, your hotel marketing strategy should cover everything there is to know about how to market your hotel.
- Distribution : Which 3rd party channels will you use and how will you manage availability? What technology will you need?
- Revenue management : What pricing and yield techniques will you use? What will your payment and cancellation policies be? Which room types will you be selling, and how will they be individually marketed? How many revenue scenarios will I create? Where can I compensate income/demand streams when necessary?
Make sure you have the capabilities to plan out a strong marketing, distribution and revenue management strategy.
Things get complicated rather fast, and choosing to outsource hotel and revenue management is likely to give you a strategic advantage, during the planning phase, and the execution of your business plans.
7. Operations Plan
How will you run your hotel? Think of the following elements:
- How many staff and supervisors will you need?
- What are their job descriptions/responsibilities?
- What background and experience should they have?
- When should they start?
- What are your service standards?
- Will you develop manuals?
- Which supplier will you use?
- How will you manage inventory?
8. Management Team
Include the bios of your team. Focus on what uniquely qualifies you to make your hotel such a success. Having a great team is the key to success , and stakeholders will be impressed with a thorough explanation of the added value everyone brings to the table.
9. Financial Plan
Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. These figures should be always based on your Hotel Feasibility Study . The KPIs to look at include expected occupancy, ADR (Average Daily Rate) and RevPAR (Revenue per Available Room).
If you are raising money , outline how much funding will be needed and when. Explain how you will generate a return on investment for investors, or when lenders will be paid back.
10. Key Milestones
These are the most important achievements which once they have been completed, will make your hotel more likely to succeed. Think off:
- Location selection
- Permits & Licenses
- Build-out / Construction of the Hotel
- Staffing and Training
- GOP Break-even
- NOI Break-even
Each time one of the key milestones is achieved, the risk of lenders or investors decreases . And once your last key milestone is reached, the chance of success is more or less guaranteed.
Provide any other relevant information here. Don’t clutter the main sections of your hotel business plan with too many details. Rather support them with attachments in this part.
Putting Your Plan into Action
Many people have great business ideas. But that really doesn’t matter. The difference between dreamers and entrepreneurs is the action mindset. Are you ready to ship your idea to the market?
The first step is to put your ideas on paper. I hope this free sample will help you write a persuasive hotel business plan. Because no investor or lender will be interested if you cannot present a clear plan.
Follow your dreams and go for it!
Need help to Develop and Manage your Hotel Concept?
Our hotel consultants at XOTELS have helped hundreds of hotels to develop and optimize their businesses.
With cost-effective implementations and best practices developed over years of experience, successful business as a boutique hotel , resort, B&B, aparthotel, hostel, or any other lodging concept for that matter, is guaranteed.
Hope this template has helped you get inspired to start your own hotel business .
Best of luck in your endeavours!
PS. Get in touch with us if you need help developing and managing your hotel concept.
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About the author: patrick landman.
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Hotel Business Plan Template
Hotel business plan.
You’ve come to the right place to create your hotel business plan.
We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their hotel companies.
Below is a template to help you create each section of your Hotel Business Plan Template:
Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, a spacious and fully-equipped fitness center, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The service and amenities will be first class and the concierge will treat guests with extreme care and ensure guest satisfaction is held at an exceptional standard..
The following are the services and amenities that Pegasus Hotel will provide:
- 354 luxury rooms, two presidential suites, and four parlor suites
- Olympic size pool with adjacent hot tubs and surrounding cabanas
- First-class full-service spa
- First-class restaurant and bar
- Spacious fitness center
- Over 20,000 square feet of attractive meeting space for events
- Concierge and butler service
- Complimentary wifi
- Valet service
- Laundry service
- Business center
Pegasus Hotel will target the population of Austin, Texas, its surrounding communities, and travelers visiting Austin for work or play. Guests will be mid to high level income, enjoy traveling, enjoy visiting spas and high-end restaurants, and work in the corporate or government sector.
Pegasus Hotel will be owned by Frank Girard and Miles Butler. They will act in an Owner capacity, and will not be involved in the day to day operations of the hotel. Frank and Miles will hire the appropriate staff to ensure Pegasus Hotel is a profitable and successful business.
Lorenzo Falucci, General Manager, has over twenty years of experience in the hotel industry. He has most recently managed another independent boutique hotel in New York and was excited to be recruited by Frank and Miles to operate the Pegasus Hotel.
Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.
Pegasus Hotel will be able to achieve success by offering the following competitive advantages:
- Friendly, attentive, and highly responsive staff that caters to each guest and will be able to provide the best guest experience possible.
- Luxurious amenities throughout the hotel that will make each guest feel pampered.
- Modern and contemporary designed hotel tucked against a beautiful Texas landscape perfectly suited to host any event.
- Competitive rates and frequent guest discounts.
Pegasus Hotel is seeking $10,000,000 in debt financing to begin constructing the hotel and commence operations of the business. The funding will be dedicated towards securing the land lease and the hotel build-out and design. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, furniture, fixtures, and equipment, initial inventory, and working capital. The breakout of the funding is below:
- Secure the land lot, architecture, build-out, and design: $6,000,000
- Hotel furniture, fixtures, and equipment: $2,000,000
- Initial inventory: $750,000
- Three months of overhead expenses (payroll, rent, utilities): $1,000,000
- Marketing & advertising: $150,000
- Working capital: $100,000
The following graph below outlines the pro forma financial projections for Pegasus Hotel.
Who is pegasus hotel.
Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The service and amenities will be first class and the concierge will treat guests with extreme care and ensure guest satisfaction is to their liking.
The guests rooms will include luxury beds and bedding with best-in-class furniture and bathroom fixtures. Pegasus Hotel will also have a full-service spa that will be able to provide massages, facials, makeup and/or hair service, steam rooms, and a sauna. The Olympic-sized pool will have adjacent hot tubs with a swim-up bar and surrounding cabanas. Pegasus Hotel will be equipped with state-of-the-art fitness equipment in its spacious gym. The restaurant will be a high-end steakhouse that will feature entrees from a world-renowned chef and a wine list cultivated by the area’s most respected sommelier. There will also be over 20,000 square feet of meeting space that will hold weddings, bat mitzvahs, reunions, galas, and any special event.
Pegasus Hotel will be independently owned and operated and will feature its own reservation system and operational software. Each employee will be expertly trained and vetted to pass luxury industry standards of guest service. Pegasus Hotel is committed to providing the best guest experience possible while maintaining a profitable hotel. Pegasus Hotel aims to be a step above the rest and be an unforgettable experience for all who step foot into the hotel.
Pegasus Hotel History
Pegasus Hotel is owned by two local businessmen, Frank Girard and Miles Butler. Frank and Miles have been friends and business associates for over thirty years. They became friends in college while attending The University of Texas at Austin. Frank is a real estate developer specializing in commercial real estate and multi-use land projects. Miles is a software engineer who has built multitudes of software programs for various companies. They have both been extremely successful in their careers and want to divest their investments in a large-scale full-service hotel in Austin, Texas.
Since incorporation, Pegasus Hotel has achieved the following milestones:
- Acquired a 40-acre lot on the outskirts of Austin, Texas.
- Registered Pegasus Hotel, LLC to do business in the State of Texas.
- Hired a consultant to conduct a feasibility study for a full-service hotel in Austin.
- Began developing reservation and operational management software for use at the hotel.
- Began the branding image, logo, website, and social media accounts for the staffing agency.
- Applied for a liquor and mixed beverage permit with the Texas Alcoholic Beverage Commission.
- Hired an architect to begin the design phase of the hotel.
Pegasus Hotel Services
The following will be the services and amenities Pegasus Hotel will provide:
The hotel industry is expected to increase to a $133 billion in the next five years. The industry will benefit from increases in travel spending, corporate profit and general consumer spending.
As consumers earn higher incomes and businesses replenish their budgets, travel spending is projected to increase over the next five years. Inbound trips by non-US residents are anticipated to rise 22% over next the five years, while domestic travel is expected to grow 9% during the same period.
The industry will see particularly strong growth in extended-stay hotels, boutique hotels, spa and health retreats and resorts segments. As demand for these auxiliary services picks up, industry employment is anticipated to recover and increase over the next five years. Industry players are also expected to continue expanding abroad into emerging economies, such as Asia, Eastern Europe and South America. These foreign markets are expected to somewhat detract from domestic investment, as they offer higher growth prospects for industry operators.
Demographic profile of target market.
The precise demographics for Austin, Texas are:
Pegasus Hotel will primarily target the following customer profiles:
- Individuals and families who have disposable income (mid to high level)
- Frequent travelers
- Individuals who dine out and visit spas frequently
- White collar workers (corporate or government office)
Direct and indirect competitors.
Pegasus Hotel will face competition from other companies with similar business profiles. A description of each competitor company is below.
Hotel Ella is a historic boutique hotel located in Austin, Texas. Located in downtown Austin and walking distance to the University of Texas campus, Hotel Ella is a stylish boutique hotel housed in the historic Goodall Wooten House, one of Austin’s original landmark estates. Constructed in 1900, the Greek revival-style mansion underwent an extensive renovation in 2013, and now offers the perfect balance between modernity and a rich history rooted in the fabric of the neighborhood and the university. Hotel Ella has 47 guest rooms, a cabana-lined pool, and a wrap-around veranda overlooking the front lawn. Hotel Ella features beautifully designed outdoor and indoor spaces perfectly suited for a vacation, wedding, or corporate event. The hotel also features a diverse collection of Texas Modernist works around the hotel grounds.
All guests of Hotel Ella are treated to warm southern hospitality and superior personalized service during their stay. The historic property is appointed with a variety of elegant 21st century amenities. Hotel Ella also offers the following amenities and guest services:
- Complimentary 24-hour guest services
- Complimentary high-speed wi-fi access
- Complimentary electric car charging station
- Complimentary morning newspapers available in the historic mansion
- Complimentary coffee stations from 5am – 11am
- Twice-daily housekeeping service
- Cabana-lined outdoor pool
- Fitness center
- Same-day valet laundry services
- In-room dining by Goodall’s
- Business services: photocopying, printing, postal services, and supplies
Hotel Ella also welcomes dogs of all sizes at no additional fee.
Kimber Modern is located in the hip SoCo district of Austin and is intended to draw in the independent urban traveler seeking a unique escape. It is architecturally designed with clean lines and abundant light filtered through canopies of oaks in an artfully landscaped Courtyard. The hotel also encompasses absolute comfort and attention to detail while providing technologically sophisticated rooms in their boutique guest rooms. Guests booking at Kimber Modern will receive complimentary beverages, parking, and WiFi.
Kimber Modern offers the following hotel amenities to its guests:
- Off street covered parking
- Electric car charging station
- Keyless entry
- Complimentary WiFi throughout the hotel
- Multi-level courtyard with a 25-foot glass water feature with multiple areas to lounge
- Jura self-serve coffee system featuring a variety of coffee drinks 24/7
- Beverage bar 24/7
- Gourmet teas
- Virtual concierge – computer, printer, and copier
- Meeting space available for groups
- 3pm check-in and noon check-out
Guests are also available to book the entire hotel for their group.
The Cat Noir Hotel
The Cat Noir Hotel is an award-winning 14-room boutique hotel located in the heart of Austin’s east side. The European-styled boutique hotel includes a restaurant and bar partner, Uncle Nicky’s Italian Specialties. Uncle Nicky’s offers a relaxed all-day dining experience that is themed after cafes in northern Italy. The Cat Noir Hotel opened in 2016 and has been ranked #2 by Travel + Leisure’s World’s Best Awards and Top 20 Best Hotels in Texas by Conde Nast Traveler.
The Cat Noir Hotel’s contemporary design maintains a sense of warmth and a unique aesthetic that is felt through the lobby, outdoor spaces, and each of the unique guest rooms. In addition to the design elements, The Cat Noir Hotel boasts the following features:
- Private roof deck for guests to enjoy the stunning views of downtown, the Texas Capitol, and the University of Texas
- Outdoor patio and courtyard areas on all levels
- Artwork from local artists
Each of the guest rooms include Juliet balconies with neighborhood views, fine linens, and Simmons luxury plush mattresses.
Pegasus Hotel will be able to offer the following advantages over their competition:
Brand & value proposition.
Pegasus Hotel will offer the unique value proposition to its clientele:
- Professional and attentive staff dedicated to ensure complete guest satisfaction.
- Various amenities throughout the hotel for any guest to enjoy.
- Modern and contemporary design with beautiful Texas views throughout the entire hotel.
- Competitive rates.
The promotions strategy for Pegasus Hotel is as follows:
Pegasus Hotel will invest in advertising the hotel on social media platforms Facebook, Instagram, LinkedIn, and Twitter. By using targeted social media marketing, Pegasus Hotel will be able to reach those who frequent nice restaurants and spas and travel frequently.
Pegasus Hotel will invest in a strong SEO presence so that when someone enters “Austin boutique hotel” or “first class hotel near me” in their Google or Bing search bar, Pegasus Hotel is at the top of the list. Their website will feature photos of the guest rooms, meeting areas, pool, spa, fitness center, and restaurant/bar. Future guests will be able to make a reservation to book their future stay on the website and access contact information for either a Director of Sales or General Manager of the property.
Pegasus Hotel will request all requests for news stories regarding the development of the hotel, owner/developer information, opening dates, etc. By accommodating the press’ requests for stories, it will also be free advertising for the public to learn about the new up and coming luxury hotel.
Frank and Miles will invest in a billboard in downtown Austin where the mid to upper class of residents frequent. The hotel will be minimalistic but eye-catching. It will feature an attractive rendering of the hotel along with the website. Curious passersby will be directed to visit the hotel’s website for information.
Third Party Booking Websites
Once the hotel is nearing 60 days towards opening, all of the third party booking websites will feature Pegasus Hotel so that travelers visiting Austin will be able to see it listed as an option for Austin hotels.
Bridal Shows and Wedding Industry Events
Pegasus Hotel will have a table at all of Austin’s bridal shows and wedding industry events. It will attract those couples searching for a venue to accommodate their special day.
The pricing of Pegasus Hotel will be moderate and on par with competitors so customers feel they receive value when purchasing its guest rooms and services.
The following will be the operations plan for Pegasus Hotel.
- Frank and Miles will be the owners of the hotel and hire the appropriate staff to manage the hotel. Frank will act as CFO of the hotel and Miles will be in charge of the reservation system and operations software. Miles developed the software and will focus on making sure it’s always functional and efficient.
- General Manager will be hired to oversee the entire staff and operations of the hotel to include guest satisfaction, oversee vendor contracts, events, and making sure that each department is running effectively and efficiently.
- Assistant General Manager to assist the General Manager with overseeing the staff, with particular attention to guest satisfaction and front desk operations.
- Director of Sales will be hired to sell events, corporate accounts, and group bookings for the hotel.
- Maintenance Engineer will be hired to attend to all mechanical and plumbing issues that may arise.
- Executive Housekeeper will be hired to lead the team of housekeepers to make sure all areas of the hotel are being cleaned to Pegasus Hotel standards and that each guest is receiving all accommodations to their requested schedule.
Pegasus Hotel will have the following milestones completed in the next six months.
8/1/202X – Purchase land lot and break ground on new hotel.
8/15/202X – Finalize architectural renderings and hire a General Contractor to build the hotel.
9/1/202X – Finalize contract with advertising company for them to design the branding image of the hotel, logo, website, billboard, and social media accounts.
9/15/202X – Begin social media and website advertising campaign. Billboard with a teaser of ‘Coming Soon’ will go up in downtown Austin.
10/5/202X – Hire General Manager and Director of Sales.
10/15/202X – Attend annual Wedding Industry Event with a table to begin advertising Pegasus Hotel.
11/1/202X – Pegasus Hotel will go live on third party booking websites.
11/15/202X – Remainder of staff will be hired to begin training program.
11/30/202X – Final walk-thru of newly constructed Pegasus Hotel.
12/15/202X – Begin furnishing and interior design of the hotel.
1/1/202X – Grand Opening of Pegasus Hotel.
Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. After an exhaustive search, Lorenzo believes has found the next two senior management positions to ensure the success of the hotel. Each comes with an impressive resume of prior hotel sales and operational experience.
Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.
Lorenzo, Lisa, and David will meet with Frank and Miles monthly to update them on progress and overall operations and sales efforts of the Pegasus Hotel.
Key revenue & costs.
The revenue drivers for Pegasus Hotel are the revenues it will collect when guests book a reservation at the hotel. The hotel will also collect revenues from its restaurant and bar, spa, and events it will host.
The cost drivers will be the payroll and overhead costs to staff the hotel. Other costs will involve the land lease, utilities, marketing costs, and technology fees. There will also be costs associated with the maintenance of the hotel, food and beverage inventory, spa inventory, and hotel guest room supplies.
Funding Requirements and Use of Funds
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Initial Number of Room Nights Sold per Month: 8,000
- Number of Events per Month: 30
- Land Lease per Year: $1,500,000
Income statement, balance sheet, cash flow statement, hotel business plan faqs, what is a hotel business plan.
A hotel business plan is a plan to start and/or grow your hotel business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your hotel business plan using our Hotel Business Plan Template here .
What Are the Main Types of Hotel Companies?
There are many types of hotel companies. Most hotels are affiliated with a hotel franchise company. Other hotel companies distinguish themselves by star level- 4 to 5-star hotels are on the higher end of rate and amenity offerings, whereas 2 to 3-star hotels cater more towards the everyday business travelers and families.
What Are the Main Sources of Revenue and Expenses for a Hotel Business?
The primary source of revenue for a hotel business are the room fees it charges each guest to stay at the hotel. Revenues are also collected for different amenity offerings, such as room service, restaurant and bar revenue, spa revenues, and guest shop revenue.
The key expenses for a hotel business are the costs for inventory, maintenance, supplies, furniture, fixtures, and equipment, technology, and payroll of the staff. Other expenses will be the rent, utilities, and overhead costs, if applicable.
How Do You Get Funding For Your Hotel Business Plan?
Hotel businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Angel investors and other types of capital-raising such as crowdfunding are other common funding sources.
What are the Steps To Start a Hotel Business?
Starting a hotel business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Hotel Business Plan - The first step in starting a business is to create a detailed hotel business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your hotel business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your hotel business is in compliance with local laws.
3. Register Your Hotel Business - Once you have chosen a legal structure, the next step is to register your hotel business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your hotel business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Hotel Equipment & Supplies - In order to start your hotel business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your hotel business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful hotel business:
- How to Start a Hotel Business
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Hotel Business Plan Template
If you want to start a hotel business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their hotel businesses.
Below are links to each section of your hotel business plan template:
Next Section: Executive Summary >
Hotel Business Plan FAQs
What is the easiest way to complete my hotel business plan.
Growthink's Ultimate Hotel Business Plan Template allows you to quickly and easily complete your Hotel Business Plan.
Where Can I Download a Hotel Business Plan PDF?
You can download our hotel business plan PDF template here . This is a business plan template you can use in PDF format.
What Is a Hotel Business Plan?
A business plan provides a snapshot of your hotel as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why Do You Need a Business Plan?
If you’re looking to start a hotel or grow your existing hotel you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your hotel in order to improve your chances of success. Your hotel business plan is a living document that should be updated annually as your company grows and changes.
What Are the Sources of Funding for a Hotel Business?
Hotels are usually funded through business loans.
Often you'll have to use personal savings and/or angel investors to help with the down payment on the business loan.
In the financial model section of your plan, be sure to detail, among other things, how much it will cost to build your hotel and the key uses of funds (e.g., building the hotel, cost to furnish the hotel, staffing costs, working capital, etc.).
Note that if you already operate several hotels, private equity investors might be interested in helping to finance your expansion.
How Do You Start a Hotel Business?
Starting a hotel business is easy with these 14 steps:
- Choose the Name for Your Hotel Business
- Create Your Hotel Business Plan
- Choose the Legal Structure for Your Hotel Business
- Secure Startup Funding for Your Hotel Business (If Needed)
- Secure a Location for Your Business
- Register Your Hotel Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Hotel Business
- Buy or Lease the Right Hotel Business Equipment
- Develop Your Hotel Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Hotel Business
- Open for Business
Learn more about how to start a hotel .
HOTEL BUSINESS PLAN OUTLINE
- Hotel Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
- 10. Appendix
- Hotel Business Plan Summary
Start Your Hotel Plan Here
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Creating a hotel business plan: Full beginners guide
Working things out as you go might be okay when you’re putting together flat-pack furniture or starting a new hobby, but a business is an entirely different matter.
Whether you’ve been running your small hotel business for a while or you’re yet to get your boutique hotel off the ground, creating a hotel business plan is always a good idea. A plan gives your business a solid foundation and can be used as a roadmap for profitability and success in the years ahead.
In this blog we’ll run through why it’s so important to have a plan in place, what you need to include in your plan and how to get started.
Why do you need a hotel business plan?
Having a business plan in place is a no-brainer. There are many reasons to set aside a little time and get started on a plan.
It can help you:
- Work out whether you even want to go ahead with your idea
- Decide what you need to push forward with your hotel business
- Persuade business partners to work with you
- Gain confidence and prove to yourself that your business is feasible
- Get more control over your business and prioritise the recipes for success
- Evaluate whether you’re where you want to be at different points down the track
Most of all, a business plan will help you make better decisions as you grow your business. Research shows that having a business plan could help your business grow 30% faster and protect against business failure.
Starting your hotel business plan
The main message here is to simply make a start. Don’t just read this blog, agree a plan is a great idea, and vaguely consider writing it at some stage.
Take the first step now. You can even start jotting down points as you read through the information here.
The executive summary and overview
The executive summary and overview are at the start of a business plan but are often easier to write towards the end of the process.
This section is short and sweet; generally only one or two pages. It’s often the only part people read, so give it the attention it deserves.
Get to the point quickly, setting out:
- Your vision
For Disney it was to “make people happy” while for Instagram it was to “capture and share the world’s moments.” What’s your aspirational, big-picture vision for your small business?
- Your mission
This describes, in a sentence or paragraph, the very reason your property exists today: what guests does it cater to and how does it satisfy guest expectations?
Describe here your main business objectives and when you are hoping to achieve them. Make them measurable, such as achieving a 90% occupancy rate and 25% increase in website leads within two years.
Here, you also have the opportunity to capture your brand identity, the colours, logo, font and design that communicate what your business is all about.
Remember, this is the most important part of your plan. Once you’ve written it, ask yourself these two questions:
- Does it capture your excitement and enthusiasm?
- Is it persuasive and engaging?
If not, put in a little extra work. You really want to capture your idea here and create something that will help you with the big (and little) decisions going forward.
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Analysing the hotel industry, the market and your competition.
Take a broad look at the industry, gain a clear understanding of the market and your competition and set out why customers will come to your hotel rather than another one down the road.
Start with an industry analysis
Your hotel business is part of the broader hospitality and tourism industries. Do a little research on the issues and trends affecting these sectors? How are things like technology, the economy, politics, environmental issues and global health issues impacting hotels – particularly those that are similar to yours? Are there any red flags?
Next, hone in on your competitors
Who are your competitors? Focus especially on your direct, local competitors. What are they doing right, and wrong?
You also need to build a clear picture of your ideal guests. Who are the people your hotel caters to? Will it be families from the city with younger children who need a break? Or cashed-up couples looking for a cosy retreat? Try to include as much information as possible, from education levels to personality, lifestyle and purchasing habits.
This competitor and guest deep dive leads you straight into one of the most important questions your business plan should answer. What is your unique selling point (USP)? That is, what makes you different from your competitors? Why would that point of difference sway guests to choose you over your competition? What really makes your accommodation stand out from the crowd?
Your hotel’s services and amenities
This section of your plan narrows the focus and puts your hotel in the spotlight. It’s a summary of the key services and amenities that will be offered, and builds a detailed picture of what it might be like to stay at your hotel.
When building this list, think about including:
- Your hotel’s location (In the tropics? A pool might be top of the list.)
- Your ideal guests’ dietary needs (Catering to a fit bunch? A healthy breakfast menu might be a must.)
- Your ideal guests’ views on sustainability (Can you incorporate sustainability into your policies?)
- Your ideal guests’ budget (Will they be more likely to book if you have a clear and generous cancellation and refund policy?)
- Your ideal guests’ social media activity (Will an “Insta” booth at check-in excite your guests and fit in with your social media marketing strategy?)
- Your hotel’s physical scope and characteristics (Is there a huge room you could offer out as a conference venue to create an additional income stream?)
Business operations, management and marketing
Outlining how your hotel will function and make money from day to day is another important consideration. It should cover these four key areas:
The area of operations is about having the right people and putting in place the right processes.
Create a list of key tasks and responsibilities and work out whether you’ll need to outsource anything. Will you need to employ or contract someone to help? Will you need to train yourself up in an area so you can cover some of the responsibilities?
What policies and manuals will you need to create? How will you set up processes around managing people, suppliers, service standards and inventory?
Your marketing strategy is a plan to help you reach the right people at the right time with the right message. Think carefully about these three things: who you’re trying to reach, when you should be reaching them and the message that you’re trying to put in front of those people.
To get the word out, some options to consider are:
- Advertising with traditional and digital channels
- Creating a loyalty program
- Content marketing
- Social media
- Email marketing
- Online reviews
- Search engine optimisation (SEO).
To create the most effective marketing strategy, also take a look at what your competitors are doing and lean into digital marketing , which can be a fast, effective and affordable way to grow your business.
Your distribution strategy outlines how you will sell and manage your rooms, whether that’s through your own website, third party websites, or through a traditional travel agent.
You need to decide how to best sell your rooms, from both a financial and operational view. Remember, hiccups like double bookings can cause ripples that impact your guests’ experience and your business. Consider a channel manager as part of your distribution plan to streamline things and avoid those pesky hiccups.
Revenue and pricing
At the end of the day your business needs to be profitable (or at least break even!) to exist, so you need to aim to keep your business in the green.
Put some thought into the types of rooms you have to sell and setting your price points. Also cover things like o ffers and discounts, cancellation and refund policies, payment options and rate parity .
Keys to your hotel’s financial business plan
Here, you’ll need to dig into the specifics of how much money you’ll need to set up the business (capital investment), how you’ll keep it running at a profit, and your projected return on investment (ROI).
Topics to cover include:
- Your chosen business structure (partnership or company, for example?)
- Your business model
- Start-up and ongoing costs and budgets
- Managing the books, accounting and tax
- Necessary insurance and permits
- Critical suppliers and partnerships.
These areas can be complex, so consider getting a professional on board when putting together this part of your plan.
Next steps to put your plan into action
Remember, the first step in turning your business dreams into reality is putting it in writing – in the form of a business plan.
If you’re feeling overwhelmed, take it section by section and start with the part you find easiest to tackle first.
Once your plan is complete, use it to:
- Create an action plan: a list of specific goals and tasks that need to be achieved and completed to get your idea off the ground
- Prioritise the things on your action plan and set clear timeframes
- Bring on board any people you need to take responsibility for things on your action plan.
Keep in mind that as your business idea develops, or your business continues to grow, you may need to tweak and update your business plan. It’s even useful to review the plan at set intervals of say six months or a year, so you can get an idea of who you’re tracking and look at your goals. Are they still goals that you are working towards? Or do you need to change them to better reflect where you’d like to be?
Another thing to keep in mind as you prepare your plan and put it into action is the power of hotel technology , which can truly transform your business, make day-to-day operations easier and boost revenue
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How to Start a Hotel Business: Complete Guide
According to Statista, the tourism industry grows steadily each year.
Inbound tourism growth by area; as per Statista
What this means, is that although the hospitality industry is saturated, there is still a need for hotels, guesthouses and B&Bs, all over the world.
Armed with the knowledge that the industry is growing, if you follow the steps in this article, you’ll have all the arsenal you need to become a successful hotel business owner and generate a profit fast.
Table of Contents
- 1 What type of person should you be to thrive in the hotel business?
- 2 What makes a successful hotel?
- 3 How to start a hotel business on a budget:
- 4.1 Step 1: Make a plan
- 4.2 Step 2: Create your Unique Value Proposition (UVP)
- 4.3 Step 3: Develop your marketing plan
- 4.4 Step 4: Form a Legal Entity
- 4.5 Step 5: Enquire about permits and zoning
- 4.6 Step 6: Raise startup capital
- 4.7 Step 7: Find hotel premises, build and furnish
- 4.8 Step 8: Recruit staff
- 4.9 Step 9: Put systems in place
- 4.10 Step 10: Train your team
- 4.11 Step 11: Open your hotel
What type of person should you be to thrive in the hotel business?
It goes without saying that hotel ownersneed to have the mindset of an entrepreneur, but to be successful, hotel owners require something extra: a desire to serve.
This is because the hospitality industry is known as the industry that most understands customer service, and for your hotel to thrive, you need to be someone who relishes serving others naturally.
While you may not directly interact with your guests, your attitude filters down through your top management, right to the ground staff.
A successful hotel is always born from the culture of its top management, and the culture of top management is always born from the hotel owner.
What specific qualities do owners of successful small hotels usually possess?
- A desire to serve
- A need to delight guests
- Good leadership abilities
- Physically fit and healthy
- Ability to juggle jobs, especially in the early years when you may not be able to afford all the staff you need
What makes a successful hotel?
Image Credit: Marriott
Marriott International group of hotels are some of the most profitable hotel businesses in the world.
What makes a successful hotel depends on its target audience and what appeals to them, but overall, it’s all about the experience.
If your hotel caters to families, then you have to make sure that all family members can be kept satisfied and happy.
TripAdvisor says that the top 10 characteristics of top-ranking family hotels include:
- Activities for the whole family, and holiday programmes to keep kids entertained
- A feeling of “home away from home”
- Complimentary services to make things easier for families
- Including a kids menu so that uneaten food is not paid for
- Helpful staff
On the other hand, the world’s most luxurious hotels may boast ornate furnishings like the hotels listed in the Forbes Travel Guide , and their guests, often from pampered backgrounds and used to the very best, will demand high calibre services that the more average hotel wouldn’t usually consider.
From room service to complimentary breakfast, their staff are highly trained and authorised to do whatever it takes to satisfy a guest because the reputation of the hotel depends on it.
In addition, through exceptional service, staff have been known to create scenarios that have so delighted guests, the hotel has enjoyed positive publicity.
Some of the most luxurious amenities offered by some luxury hotels include:
- A tanning butler at the Ritz Carlton South Beach Miami . The tanning butler’s duty is to patrol the pool deck area to help guests apply sun lotions.
- The luxurious Hotel deLuxe in Portland caters to people who consider their pets family; not only is the hotel pet friendly, but they also offer everything guests need for their pets to stay with them, and boast a pet psychologist. The Lowell in New York City takes it a step further by offering room service for pets which includes doggy ice cream.
Image Credit: FidoFriendly
Hotel deLuxe’s Afternoon Tea for Pets
St. Regis in New York City offers a free Bentley car service to guests needing transport in a 10 block radius of the hotel.
Image Credit: TripAdvisor
The Bentley fleet of St. Regis
- Ballyfin provides a costume department and photo shoots pre-dinner.
Image Credit: DavidLansing
Guests at Ballyfin dress up for dinner
Now, these are examples from some of the world’s most luxurious hotels, but what if you don’t have the money to start at that kind of level?
In the hotel industry, it’s best to start small and grow. This brings us to our next section…
How to start a hotel business on a budget:
- As a prospective hotel owner,start by booking out a room in your own home. The key to making this work is to either make students your primary market so that affordability attracts them, or to offer a unique experience. For example, if you live in a rural area that has been in the news, like Soweto in South Africa, then you can offer a room in a house there, with a Unique Value Proposition(UVP) of something like, “experience Soweto first hand”. Once you begin making money by booking out a part of your home, you can begin to grow, offering more services as you expand, and eventually, setting up a full-fledged hotel.
- Try the AirBnB way of instant hotelliering. Hire out your home or other property you own; when it gets booked, move yourself to cheaper accommodation so that you still make a profit. Make sure the pictures of your home are appealing. Once you start making money from regular bookings, you can work out an alternative solution. The key is just to get started.
- Hire a business capital broker who has networks of contacts and investors.
- If you have some money, find cheap land in a good location, like 19 and 21-year-old brothers Lucas & Travis Boychuk did in 2008 in order to build an action sports resort in 2014. Today, Surf Ranch is a 19 condo action sports resort, with a restaurant, swimming pool plus island and swim-up bar, and is known as the largest skateboard park in Nicaragua.
The story of how two young brothers started a resort with limited funds
How to start a hotel business:
Step 1: make a plan.
Although it’s possibly the longest step in starting a hotel, a detailed business plan is your foundation. Not only does it determine the success of your hotel and its launch, but it also eliminates wasting time.
If you don’t have a hotel business plan, you won’t know where you are going, and you’ll find yourself constantly on the back foot, taking one step forwards and two back.
In addition, without a hotel business plan, no one will fund your idea, or invest in it.
So firstly: what is your hotel dream?
Take time to visualise what your dream looks like. Use all your senses to imagine how your hotel looks, feels and smells.
You’ll know in your gut when you’ve hit the sweet spot of what you want to achieve, and when that happens, planning can commence.
Here are the steps of how to play out your plan of starting a hotel and what it should include:
Conduct market research
The first phase of starting your own hotel is market research. It also forms the bulk of the work to be done before you can start thinking of the fun stuff, like the actual hotel and operations.
However, the research is what will determine your hotel launch and marketing success and must not be avoided.
It is essential to intimately understand your primary target market.
You can not start a new hotel without first knowing what your market wants, and you cannot go into creating a great guest experience if you plan to simply cater to all and sundry, because each target market’s needs vary.
Take EVEN Hotels as an example. Their accommodation and services are focused on health and wellness, and they use four focus points:
- Keep Active
- Accomplish More
As such, all their staff are trained in health and wellness and their facilities wholeheartedly centre around health.
This hotel will only attract people who are into health and fitness, while people who prefer eating McDonald’s to green smoothies are not likely guests.
It’s a great way to separate their brand from other hotels that are not focused on health.
With that said, will you target families, business travellers, or the wealthy? Each of those groups will have different needs and if you don’t know what they are, your hotel will not appeal to them.
People who want to enjoy romantic activities together will not appreciate being in an environment where kids are running amok. Guests who enjoy a healthy lifestyle may need vegetarian meal options.
Your marketing plans will also require a very good understanding of who your audience is because you can’t begin to market to the right people if you don’t know what’s going to get their attention.
Tips to get started
- There are three ways of finding your ideal target market. The first is to base your hotel on the type of people you already know best, the second is to find out the types of people that would most be attracted to the kinds of things your hotel plans to offer, and the third depends on location and what types of people are drawn to what’s on offer in the area.
- It would be helpful to have already established your UVP by this stage.
- Gather information about your ideal audience by having conversations with competitor guest-facing staff, or creating surveys aimed at the hotel staff of competitors, social media channels (analyze competitor information on their social media accounts), surveying people you would consider your target audience and checking out competitor reviews on sites like TripAdvisor. What you want to find out is what motivates your audience to choose specific accommodation.
- Create a detailed guest persona.
Image Credit: Otium Boutique
Example of a guest persona
“Location, location, location!”
Location plays a huge role in the success of your new hotel. Probably the two most important elements to generating revenue are location and marketing.
The JW Marriott Las Vegas Resort & Casino is close to some of the top golf courses in Las Vegas, so it would attract golf players. In addition, it is fancier than many surrounding hotels, which also adds to its appeal for its target market.
In Barcelona, hotels situated in the city centre attract people who want convenience. There are major sights to see, the airport is right there, and public transport is easy to find. In the area, Durlet Beach Apartments is a great option for families because it has everything. It’s close to the beach, includes a kitchen and because of its location, it’s easy to get transport for entertainment that is not within walking distance.
Image Credit: Durlet Beach Apartments
Firstly, get the town right. Forbes offers a unique take on the first step to finding out if your ideal town is going to be a good fit. By using the model of hotels like Hampton Inn, Holiday Inn Express, Courtyard by Marriott and Fairfield by Marriott, find out first if those hotels in the local market are charging at least $110 per night as their best available rate. If not, that town will probably not be profitable for your hotel business.
The next most basic thing to analyze is whether you can offer something in that town that’s missing from other hotels in the area, especially the franchised ones like Holiday Inn and so on.
Lastly, the street you choose as your premises must cater to the needs of your target market. Does your hotel need to be close to a train station? Is there entertainment within walking distance? What does the town offer your guests and how will guests get to where they want to go?
In this step of your research, you’ll need to determine the type of hotel business you would like to start, and you should have an idea of what you envisage from the visualization exercise you already did in an earlier section of this article.
Now you need to jot down your visualization on paper to make it real. For example:
- How many rooms would you like?
- Will it be considered a boutique hotel?
- Will it focus on affordability or location?
Image credit: Francesca Saraco/Unsplash.
- If you’re strapped for cash, refer to the section that discusses ideas to start a hotel on a limited budget. Also, try these brainstorming tips to find ways to start a hotel business using the resources you already have.
- Determine the ideal location for your hotel. Location is of extreme importance when starting a hotel, because people will book when the location is right. And of course, location depends on the audience you will want to attract. Business people need a location that is more central, or where it’s easy to get transport. Families will want things they can do together which are not too far from their accommodation. Couples may want to rekindle the romance with beach walks, horse rides and fun things like bungee jumping. Get the location right and you’ve won half the battle for getting booked out.
- Determine whether to build your hotel business from scratch, buy an existing hotel and renovate, or buy a franchise hotel. To get an idea of the average cost, speak with architects and others who will be involved in building/renovating your hotel.
Now that you know your target market and how to attract guests with your new hotel business, you can begin researching your competitors.
You’ll want to find out more about their financial model to give you an idea of what you should be charging (as long as you provide similar services.)
Pricing too low or too high can be lethal for hotel owners. Little Hotelier offers 5 smart pricing strategies for smaller hotels.
- Start with competitor research.
Competitors and industry
Get a feel for what other businesses in the hospitality industry are doing and what’s working for them.
Visit them and simply observe and make notes.
While you certainly want to make your own hotel business unique, your aim of visiting the competition is not to copy them.
There is no better way to understand the authenticity of the hospitality industry than from checking out your competition, not in a competitive way, but rather for the purposes of understanding.
- Find similar types of accommodation to what you would like to build. The easiest way to do this is by doing an internet search with the formula phrase “[accommodation type] + [location]”. I.e., “guest house Rotherham”. Refine your search as you go. Make a list that includes establishment name, rates, services and special notes. Bear in mind that just because they have a website does not mean they are doing well, so don’t copy, just get ideas and observe.
- Add your name to competitor subscriber lists so that you get the emails they send.
- Network with other hotel owners at exhibitions and groups they attend. Listen more than talk so you can take it all in.
- Pay for data that will give you answers.
Step 2: Create your Unique Value Proposition (UVP)
Your target market will determine your UVP.
But what exactly is a UVP?
ConversionXL clarifies it like this: “ A value proposition is a promise of value to be delivered. It’s the primary reason a prospect should buy from you. ”
Essentially, what a UVP does is tell prospective guests why they should pick your hotel, and does so with the least amount of words, providing an understanding of what your hotel business offers, in 10 – 20 seconds of reading it.
When creating your hotel’s UVP, here are some points to remember:
- Think of it as an executive summary that can be understood within 10 – 20 seconds.
- Be clear about what makes your hotel identity stand out.
- Do not include redundant words and promises, like, “Customer satisfaction guaranteed”.
- Clearly state the benefits of selecting your hotel business.
Now, most businesses boast fancy UVPs, but they are meaningless. An effective UVP will drive every decision and behaviour of the organization. Most of all, within seconds it will convey what you offer that is different to your competitors.
Let’s take a look at two mediocre examples of hotel UVPs:
- “Co s y stays at affordable rates.”
- “Stay close to the action in Hallandale Beach.”
Here are examples that get it right:
- “8 -m inute walk to Disneyland Park.”
- “For the bike and biker.”
- “Lounge in a luxury loft near Wrigley Field.”
Remembering that your guests will book into your hotel as a solution to either avoiding pain or to enhance feelings of pleasure, why will your guests want to book with your hotel? What will it offer that your competitors in the hotel industry won’t?
Blue Magnetic Interactive provides help with how to build a meaningful UVP.
Step 3: Develop your marketing plan
You’ve raised the capital you wanted and built your dream hotel. And yes, it’s a masterpiece. But if nobody knows about its existence, you won’t get guests.
Marketing is key to generating revenue.
What should a hotel marketing plan contain?
Well, firstly, Otium Boutique says, “To optimise your messaging and effectively engage potential guests, you need to understand the intent of their behaviours and the goals they are trying to meet. The head of an HR consultancy firm may be browsing your hotel’s website to find accommodation for an upcoming business trip, but what she really wants is a home-away-from-home, a seamless transition to all the creature comforts and modern technologies that allow her to carry on with business as though she never left the office. Promoting your popular cocktail bar may not be of interest, but letting her know that high-speed WiFi, printing facilities, or same-day professional laundry services are all complimentary offerings demonstrates that you can meet the needs of travelling professionals. ”
Keep your primary audience in mind when developing your hotel marketing plan.
With that said, flesh out your plan under these headings:
- Vision statement
- Mission statement
- Planned services and amenities and income from them
- Marketing budget
- Target persona
- Main competitors
- Sales forecast
- Key differentiating factors
- Brand identity and internal culture
- Joint ventures
- Guest retention strategies
- Support and guest care
- Offline advertising
- Online advertising
- Offline marketing
- Online marketing
Get inspired! Here’s one example of a great marketing campaign: Four Seasons provides an online luxury travel magazine with high-quality articles and good resources. It includes subtle but effective marketing to encourage readers to take action like making a booking.
The launch of your new hotel requires a separate marketing plan wired to get people excited. You can offer special discounts, or think up other exciting promotional ideas. Dana Communications discusses pre-opening marketing ideas for new hotels .
Step 4: Form a Legal Entity
The sole proprietorship, partnership, limited liability company (LLC), and corporation are the four main types of business structures.
Forming a legal business entity, such as an LLC or corporation, saves you from being held personally responsible if your hotel business is sued for some unwanted reasons. Additionally, your hotel can gain from tax advantages and increased credibility as well.
You can choose the best state to form an LLC and create an LLC yourself while simply paying the minimal state LLC costs. The cost of setting up an LLC differs from state to state. For instance, if you wish to form an LLC in Florida , you will have to check and consider the Florida state taxes to set up your LLC business.
Step 5: Enquire about permits and zoning
As a new hotel owner, you will need to consult with the local government to understand zoning, permits and building codes for hospitality, and to get an idea of what it will cost for your financial plan.
Step 6: Raise startup capital
If your circumstances allow it,and you have a rock-solid business plan, it would be a good idea to raise startup capital for your new hotel business.
There are various ways of doing that; you need to find the best solution for your needs:
- Take out a small business loan . Get expert tips for improving your chances of getting a loan.
- For big ideas that are sure to make a lot of money, find angel investors who would be keen to get a share of your hotel business. Geekwire offers advice for pitching to angel investors.
- Look for venture capitalists who can also offer valuable advice. Find out how to find funding with this method.
- Another idea is to set up a crowdfunding campaign to get small amounts from a lot of different people. Get tips to do it well.
- Enquire about incubators to help introduce you to potential investors. Entrepreneurmag offers guidance on what incubators are.
- Yet another avenue is friends and family – you never know who will believe in your idea. Be sure to treat them as an investor; avoid the temptation to be sloppy in presenting to them just because they’re friends or family.
When asking anyonefor money, either as an investment or loan, make sure you are prepared and clear about the numbers. This is important because it’s the first clue as to whether you will make a good business founder they can trust.
Create a strong, well thought out plan and then present it to investors and lenders to raise the required funding. It is vital to show confidence and that you’ve given your new business idea enough thought.
Remember that people are only going to help you if they believe your hotel will make money and if they trust that you and the management team will be able to lead your hotel to profit.
Step 7: Find hotel premises, build and furnish
Depending on which option you’ve chosen, whether to buy land and build, or purchase an existing property and renovate, you need to find the right premises.
In this step, you’ll prepare the premises for guests, and then furnish it to attract the type of people you aim to target.
Start by finding out what room amenities most hotel guests really want .
Step 8: Recruit staff
Recruiting the right hotel employees to help you achieve your vision is one of the most crucial steps to making your entire hotel business run by design.
Using your UVP, it is now time to consider the kind of organizational culture you want in your hotel, because you must not recruit staff until you are clear about what type of people you want running it.
You can always train, but you can’t always find people with the right characteristics to build a profitable business with the right culture.
Image credit: Chuttersnap via Unsplash.
Just as you created a guest persona, so you should create a staff persona, so you know exactly what to look for.
To find the people who possess the characteristics most important to you, get help from a professional to create personality tests. If you’ve never hired hospitality staff before, do some homework about the essentials .
The first staff member to hire will depend on the vision of your hotel, as well as the most pressing, urgent tasks. Ideally, you’ll start with a marketing manager and sales team to help grow the hotel fast, and a project manager who can assist you in getting everything going.
Step 9: Put systems in place
Taking your hotel business plan into account, you’ll now consider which systems need to be put into place to boost operational efficiency.
At the top of the list will probably be your reservation system, and then other software such as:
- Accounting for operational expenses and revenue management
- Marketing automation to give you a competitive advantage
Our best suggestion is to think up wish-list processes, and then find the software to fit those best-case processes and sales efforts.
For example, you may have thought about how to make it easy for people to book with you, and one such way is to use a hotel app builder.
A good idea is to bring a professional process management consultant on board to help.
Alternatively, Greenice gives an overview of how to develop customised hotel management systems.
Step 10: Train your team
Be sure to train your hotel manager and staff to follow processes, and empower them to deal with guests, and handle complaints. Equip them to do whatever it takes to satisfy the people who stay in your hotel.
Hotelogix provides guidance on how to train guest-facing staff .
Step 11: Open your hotel
Voila! D-Day! Here’s to a grand opening and being flooded with guests.
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How to Start a Hotel Business: Everything You Need to Know
Wondering how to start a hotel business? You’re not alone. One of the first-ever hotels , as we’ve come to know them, was started in Exeter, England in 1768. Today, the industry has skyrocketed to be part of one of the largest in the world. But dreaming of starting a hotel business and actually doing it are two completely different things. That's where we come in.
In this guide, we’ll teach you how to start a hotel business with step-by-step instructions, expert advice, and actionable tips. Keep reading to discover the fundamentals all hotel businesses need to succeed.
The steps we cover in this guide:
- Step 1: Find a market need
- Step 2: Craft your strategic goals
- Step 3: Run the numbers
- Step 4: Review financing options
- Step 5: Do your paperwork
- Step 6: Hire and train your team
- Step 7: Draft a marketing plan
- Step 8: Launch your hotel business
Discover how to start a hotel business in 8 steps:
Step 1: find a market need..
The first and most important step when learning how to start a hotel business is to gain a thorough understanding of the hospitality industry worldwide, as well as in your location. To get started, find your favorite hotel news sources , then set aside time each day or week to stay informed. Once you have some familiarity with the industry, it’s time to dive into the market research for your hotel.
Let us help you start your hotel business
Cvent's resources library is a great place to start. It's where you can read the latest news, thought leadership, and best practices from a wide variety of industry experts. The goal of your industry research is to get a clear idea of whether you can be competitive in your market. Also, what characteristics your hotel will need in order to succeed.
Rather than starting with an idea and making the research fit, try to find an area of need in your market. What audiences are underserved? Where is demand outpacing supply? What does your location need in terms of hospitality and accommodation?
To give you a good understanding of where you’ll fit in, your market research should include:
- Property type. All hotels are not built the same. The industry is made up of resorts, spas, airport hotels, all-inclusives, hostels, boutiques, and many other property types. Determine what property type you plan to offer and what other options in that category exist in your location.
- Hotel size. Closely related to your property type is the hotel size. How many guest rooms will you offer, and how does that compare to your competitors?
- Star rating. What level of service and hotel amenities do you plan to offer?
- Location. What region will you operate in? Is demand increasing in the area? What location amenities, like airports, beaches, or event venues , will you be in close proximity to?
- Brand affiliation. Will you be a part of a larger brand’s umbrella? Being affiliated with a brand can help with marketing , business intelligence, pricing, and audience targeting.
- Extra amenities. What services or amenities are important for hotels of your type and star rating in your location? Things like free Wi-Fi, meeting space, a pool, or wedding services are all important, depending on your target audience.
- Guest demographics. How would you define the types of guests who may frequent your location? What is the purpose of travel, and what are some common characteristics of these travelers? Knowing whether you are targeting business travelers, families, couples, solo travelers, retirees, or other demographic groups will help you to craft your marketing plan and hotel concept.
All of this research should give you a good idea of your main competitors and target audience. Those two pieces of information will determine everything else about your property, from budget and financing to marketing and daily operations. Spend time on this step to make sure you’ve found a true need in the market. You’ll be better prepared for success.
You can utilize tools like Cvent's Hotel Business Intelligence™ Software Solutions to provide you with the transformative business insights needed to conduct your market research and benchmark against the competition.
Step 2: Craft your hotel's strategic goals.
Once you have an understanding of market needs, you’ll need to create a smart solution to fill that gap. Your unique combination of amenities, concept, decor, marketing, location, and services can help you stand out from the crowd and capture market share if you approach it strategically.
Consider how you’ll approach pricing, revenue management , sustainability, customer satisfaction, events, and other market needs when crafting your goals. As with all goals, they should be S.M.A.R.T - specific, measurable, attainable, relevant, and time-based. According to the Naples Hotel Group , an expert hotel development firm, some of the best goals a hotel owner can focus on include:
- Measuring and increasing customer satisfaction.
- Creating a solid revenue management system.
- Building a strong online reputation.
- Attending at least one hotel industry conference .
- Considering working with a consulting firm to bypass the common roadblocks new hotel owners face.
Make sure the needs of the market and your target audience, along with your business needs, help determine your goals. This will ensure that everything you do helps your customers, as well as your bottom line.
You can use a hotel business plan template to outline the results of your research and planning, including your competitive advantage, goals, and your plan to get those results.
Step 3: Run the numbers.
With your goals and plan in place, it’s time to run the numbers to make sure you'll be profitable. Using your market research, you can estimate key factors like room pricing, vacancy rates, RevPAR (revenue per available room), and operating costs. A basic overview of hotel finances will help you hire the right revenue manager and sales team later on. The two key areas to focus on are profitability and any external factors that may affect your hotel business. You’ll also need to estimate initial costs for your hotel business. This includes startup and hiring costs, licensing, permits, construction, renovations, and your first year of operations.
Set up a few scenarios in your forecasting to see how key decisions affect the potential profitability of your business. For instance, do you want to buy or build? Buying into a franchise or taking over an existing hotel building has lower startup costs, unless you have to renovate extensively. But it also requires you to establish your new hotel identity, which can be a challenge depending on the current state of the business. On the other hand, building a hotel, while usually considerably more expensive upfront, can provide a solution to a lack of available buildings and can be more lucrative in the long run.
Step 4: Review financing options for your hotel business.
Once you decide on the right financial plan for your business, you’re ready to fund it. There are a number of available options for financing your hotel business. Jim Pendergast, Senior Vice President and General Manager of altLINE , discussed this topic in a recent interview with Cvent.
“It's important to understand the full scope of financing options available for your hotel's funding," he said. "Generally, you have two commercial financing categories when opening your hotel: traditional credit or specialty credit.
With traditional credit lines, you receive financing based on long-term assets. These are things like real estate owned by your hotel as well as cash flow projections and calculations submitted during underwriting. Lenders review these assets before awarding your loan.
With specialty credit, you'll receive financing or credit lines based on near-term assets. This might be hotel equipment or invoices from accounts receivable. The idea is these backings are more liquid than what's needed in traditional lending.
Both traditional and specialty financing are appropriate vehicles for hotels depending on your capital needs. However, the larger and more established your hotel franchise, the more specialty lending could make ongoing sense. This is because large hotels manage significant account receivables operations.
Consider the amount of credit card transactions that must be administered. Also, hospitality-related vendor operations happening within the establishment. The larger your AR activities, the more something like AR-based asset lending and similar specialty lending might benefit you.”
Step 5: Do your paperwork.
There are many important legal, regulatory, and insurance requirements to fulfill in order to establish any new business. Your hotel business is no different.
Consult with your legal, insurance, accounting, and operations teams to determine the requirements for your location. At a minimum, you’ll need to set up a business structure and get business insurance. You will also likely need building or renovation permits, hotel licensing, and licensing for serving food and alcoholic beverages. There will also be a number of health and safety requirements as you complete your building or renovation process.
All of this paperwork is not the motivating factor for getting into the hospitality industry, but it is important. Work with your team to check requirements at the local, state, and federal level. Additionally, keep on top of the process throughout so you don’t have to repair costly mistakes later.
Modern hotel management begins here
Step 6: Hire and train your hotel team.
A business is only as good as the team members that contribute to its success. By hiring great employees at all levels, you’ll set yourself up to deliver value to your guests and become a market leader.
Many hotels opt to hire for executive and departmental positions first, setting the tone and direction. These leaders can then identify what they want to see within their teams and how many staff members they need. Each team should identify the roles and skills they’re looking for, as well as developing a plan to reach and source great new hires.
Make sure that your application and interview processes are easy for candidates so that you don’t introduce needless friction. Find ways to communicate your core mission, values, and approach to this new business throughout the hiring process. This will help you attract candidates who share your vision.
Once you’ve hired a great team, take the time to onboard and train them. This is an incredibly important step that will help everyone in the long run. Any employees who will interact with guests should receive extra training on customer service and guest relations so that they’re ready to lend a helping hand, regardless of whether it’s in their job descriptions.
Focus from the beginning on becoming the employer of choice in your market. You’ll attract a stellar team that’s ready to help you become a market leader.
Step 7: Draft a marketing plan.
You’re now ready to share your hotel concept with the world. Well in advance of opening, you’ll need to spread the word and set yourself up for a profitable launch.
Your hotel marketing plan is an important part of your overall business strategy. It guides your decision-making on decor, daily operations, communications, customer service, and more.
Think back to the target audience that you identified in your market research. Using that initial audience, you can now conduct more in-depth customer research to determine who your customers are. Also, where you’ll find them, how you’ll communicate with them, and how they define value.
Hotel marketing made simple
Hotel marketing expert and Co-Founder of Saffron Key, Ben Weagraff, advises that there is no one-size-fits-all plan for new hotel businesses.
“There’s a number of strategies that can work very well,” he told SiteMinder . “But they depend on the hotel itself; its digital properties (including website , email relationships , the strength of social media channels ) and what exactly the hotel is trying to do.”
He goes on to note: “However, generally these techniques present a good repeatable path towards driving high-value customers. The greatest thing about content marketing is that it is low-cost, measurable, repeatable, and it builds upon itself. Once the foundation is in place, customers roll in at increasing rates.”
If you’re looking for ideas for inspiration, check out Marriott’s marketing strategy . Also, be sure to check out all of Cvent's hotel marketing solutions to help guide you throughout the process.
Step 8: Launch your hotel business.
At this point, you’ve put in the work to open a profitable and high-quality hotel business for your market. You’ve got the plan and the team to make your vision a reality. Now it’s time to launch.
The goal of your launch is of course to introduce your hotel to guests. But it’s also a great opportunity to introduce yourself to the local community, key stakeholders, influencers, and potential partners. Put your best foot forward with these audiences by planning a grand opening event that reflects your mission and values.
Use event planning and diagramming tools to create your layouts, collaborate with vendors, and assign tasks to team members. As long as you focus on building relationships with your community, investors, and potential clients, your grand opening will be a success.
Now you know how to start a hotel business using proven strategies from across the industry.
Now that you know how to start a hotel business, it's time to start thinking about reputation. Read on for hotel reputation management tips every hotelier should know.
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Hotel Business Plan Sample
Hotel Business Plan for starting your own hotel
Hotels are among some of the best businesses that you can start if you have the investment for it. As a matter of fact, if you want to invest a large sum of money in a business that has virtually zero risk, rental real estate business plan might just be the safest option.
We will give you a business plan for hotel that you can use to start your own hotel and make a lot of money while you are at it. This sample business plan for a hotel will follow the example of Hotel Intergalactic, a venture by John Abruzzi. Let us now see what business consultants have to say about this business.
Hotel Business Plan Summary
2.1 the business.
Hotel Intergalactic will be a 3-star hotel situated in downtown Los Angeles. The hotel will be registered with the local government and will be insured. The details of this business will be described in this executive summary for hotel with focus being on the way you can make lucrative profits by owning a hotel.
2.2 Management of Hotel Business
The next thing this business plan template for hotel needs to address is the way this hotel will be managed. For this, we will hire a manager to look after the day-to-day matters of the hotel. Other than the manager, one accountant and three assistant managers will be hired.
As this is a business plan for small hotel, we will not be hiring a lot of managerial staff to run it. The assistant managers will be responsible for procurement, operations, and customer service. The assistant managers will report to the manager who will act as an agent of the owner, John Abruzzi and will make decisions on his behalf in his absence.
2.3 Customers of Hotel Business
The customers of this free sample hotel business plan will be the following:
- People coming to visit Los Angeles.
- People who are in Los Angeles for business meetings.
- Los Angeles-based companies that need accommodation for their employees coming from other cities.
2.4 Business Target
The targets of Hotel Intergalactic are:
- Becoming the best hotel in Los Angeles.
- Starting to make a profit of $29,800 a month by the end of year 3.
- Expanding its services to at least other cities by the end of year 5.
3.1 company owner.
Hotel Intergalactic will be owned by John Abruzzi. John has a master’s degree in hospitality management and has been working in the hoteling industry for more than half his life. He knows the business and is passionate about it. He also has enough money to start the business. Combined, all these factors make him the perfect owner in this hotel business plan pdf.
3.2 Why the Hotel is being started?
John Abruzzi is one of the most prominent hotel managers in the area and that means if he starts a hotel people will know he means business. In this example of a hotel business plan, the main reason for starting this business is that this is a profitable business opportunity.
3.3 How the Hotel will be started?
Step1: Making a Feasibility Report
The next thing this new hotel business plan needs to discuss is the feasibility report. At this stage, a survey will be conducted to chalk out the demand and availability of hotels in downtown Los Angeles area. Any good hotel business plan sample doc needs to make sure of the thing that a proper feasibility report is made and the hotel is designed according to the demand in the area.
Step2: Developing a Brand
This hotel business plan, just like a resort business plans needs to cover another important thing. This is developing a brand. As the hotel is going to be in the heart of Los Angeles, it is cardinally important to have a brand.
Step3: Establishing the Hotel
As the hotel is to be constructed from scratch, the best-case scenario would’ve been an empty plot but that is not the case as the downtown Los Angeles area is fully covered by a concrete jungle. For this purpose, an apartment building will be bought and will be modified into a hotel.
Step4: Promotion and Marketing
Last, but not the least, the hotel needs to be promoted on all media channels to make sure people are aware of its existence and it attracts business.
Services of Hotel Business
A hotel business plan, unlike a home inventory business plan has a limited number of services. While a home inventory service business can offer a lot of services, a hotel business can only offer a few. Here’s an overview of the services Hotel Intergalactic will be offering:
It goes without saying that the most important service offered by the hotel will be accommodation. The hotel will have 20 single-bed, 20 double-bed, and 10 twin-bed rooms for accommodating the guests.
- Banquet Service
The second most important service provided by Hotel Intergalactic will be that of a banquet. Three large halls will be made a part of the hotel and will be provided for everything from business meetings to birthday parties.
The top floor of the hotel will have an open-air rotating restaurant which will be open for the guests in the hotel and any other person coming in just for a meal.
- Bar and Lounge
The hotel will also feature a bar and a coffee lounge. These services will also be available for both the guests of the hotel as well as other people.
Marketing Analysis of a Hotel Business
Marketing analysis is the study of the various variables of the market that can affect the successful operation of a business. Any business plan for a hotel operation needs to shed light on this in order for the hotel to be successful. Before we get into the details of this business plan sample hotel industry, we need to have a look at the industry as a whole. There are just above 90,000 hotels in the US and more than $194billion change hands in this industry annually.
5.1 Market Trends
If you want to learn how to write a business plan for a hotel, you will have to closely study the trends of the industry. Just like making sample property management business plans , it is important to have an insight into the market before establishing a hotel.
The US hoteling market might have its seasonal ups and downs, but it has been noted in the past decade that the industry has seen a steady growth. The worth of this industry has increased from $133billion in 2009 to just under $200billion in the last decade. Industry experts and analysts are of the view that this industry will show a minimum of 5% growth by 2025.
Let’s now see more details of this hotel business plan outline.
5.2 Marketing Segmentation
One of the most important things to consider when planning any business is the market segmentation. You need to have a clear idea of the market segments that you are going to target and only then you can properly plan everything.
Apparently, the hoteling business is only for one market segment, the people who need a place to spend the night. However, there is more to the story that just that. Even a house painting business plan has multiple market segments. Any hotel can have customers and clients divided into a number of market segments. We will focus on four segments of the market via Hotel Intergalactic.
5.2.1 Individual Customers
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Most of our customers will fall into this category. These will be the people who show up at the hotel and want a room. We will make every possible effort to make sure these customers go home happy and consider us the next time they need a hotel.
Companies need accommodation for their employees when they are on a meeting. This segment of the market will give us bulk business and we will offer them discounts to make them our loyal customers.
5.2.3 Bar and Restaurant Customers
As the hotel will have a bar and restaurant, the people coming to visit them will also be a segment of the market for us.
5.2.4 Banquet Customers
As the hotel is to have three banquet halls, this will also be an important market segment for us. We will rent out the halls for conferences, parties, weddings, birthdays and any other function people need them for.
5.3 Business Target
Our business targets are:
- To maintain the highest standards of client satisfaction.
- To become a well-known name in the industry.
- To expand the business to all the major cities of the US.
5.4 Product Pricing
Hotel Intergalactic will offer the services at a price comparable to that of the competitors. We might keep the price a bit lower than that of the competition at the start to attract customers but once we earn name, we will increase the prices.
Marketing Strategy of Hotel Business
The next important thing for opening a hotel business plan is the marketing strategy of the hotel. No hotel management company business plan can be complete if it has no marketing strategy. To make a workable marketing strategy, we need to do the following.
6.1 Competitive Analysis
The competitive analysis for Hotel Intergalactic has revealed the following:
- The competition in this field is immense in the area we are working in. We need to provide something extra to get customers.
- We will provide complementary dinner to our customers. No hotel in the area does this and this will give us a competitive edge.
- We will subsidize the companies who want accommodation for their employees so that they choose us over the other options.
6.2 Sales Strategy
- We will advertise the hotel through all the media channels in the area.
- We will partner up with travel agents and tour planners to get customers.
- We will offer discounts to companies who want to get accommodation for a large number of their employees.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
Another thing that needs to be made clear in this hotel resort business plan sample is the staff that we will need to operate the hotel. Unlike an RV park start up business plan , we will need a larger workforce to smoothly run the operations of the hotel.
7.1 Company Staff
- John Abruzzi will be the owner and CEO of the hotel.
- 1 General Manager.
- 2 Assistant managers.
- 1 Accountant.
- 1 Receptionist.
- 3 Waitresses.
- 2 Bartenders.
7.2 Average Salary of Employees
The last thing to be discussed in this business plan is the budget for hotel business plan. As the hotel is being started from scratch, the following expenses are to be arranged:
- The cost of establishing the hotel.
- The cost of hiring the staff.
- The salaries of the staff for the first 6 months.
- The cost of buying cars for guest pick and drop.
- The money needed to advertise the hotel.
- The money needed to establish a web presence of the hotel.
8.1 Important Assumptions
8.2 break-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
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Hotel Business Plan
Are you thinking of starting a hotel business We have prepared a solid hotel business plan sample that guides you on every stage of your business plan writing
Owning a hotel is a dream for many people, who like to organize and engage in multiple different activities. From having unique themes to beautiful decor, a hotel business gives you an ample amount of chances to showcase your creativity.
But the pandemic might have naturally left many of you doubting the viability of hotels.
With a vast variety of reasons a hotel serves, the hotel business is very less likely to become irrelevant.
Most leading hotel businesses today, rely on software to manage their operations. Kiosk Mode for automated check-ins, on-the-spot reservations, and feedback, hotel management software for customer management, and revenue control are just some of the many solutions that streamline hotel management.
And all you need to have a thriving hotel business is a hotel business plan that’ll help you get the maximum out of the profitable times and stay prepared for unexpected circumstances.
The hotel industry stood at a whopping market value of 0.95 trillion dollars in 2021 and is recovering at a rapid rate after the COVID-19 pandemic.
The hotel industry is ruled by several major players, hence it is a good practice to go through their case studies and business strategies. There’s a high chance that you might find something very useful for yourself.
Work vacations and leisure trips are the major factors that contribute to the growth of the hotel industry.
Things to Consider Before Writing a Hotel Business Plan
Select a good location.
An accessible and well-located hotel is much more likely to work than a one that is situated otherwise. Also, the neighborhood you set up your hotel in matters a lot too. Hence, it is important to choose the right size of land and locality to set your hotel in.
Find good suppliers
From laundry, housekeeping to the right ingredients for the restaurant, there are several supplies a hotel needs. And to satisfy your customers it is essential to get the best of everything. After all, the reputation and image of your hotel matter a lot when it comes to running a hotel business.
Know your financial requirements
A hotel has several financial requirements from location to installation of appliances, furniture, decor, and salaries of employees. This also makes for a complex financial structure. Hence, it is good to figure out and keep an account of all your financial needs before getting started.
Find your USP
In the mass of industry giants and small businesses that exist in the business, it is important to have something that helps you stand apart from everyone else. From theme-based decor to additional services and ventures your USP can be anything. But make sure that you find one before you get up and running.
Chalking Out your Business Plan
If you are planning to start a new hotel business, the first thing you will need is a business plan. Use our sample Eleven Palms – Hotel Business Plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing a business plan for your new hotel business, spend as much time as you can reading through some samples of the hotel and lodging-related business plans .
Reading some sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Eleven Palms – Hotel Business Plan for you to get a good idea about how a perfect hotel business plan should look like and what details you will need to include in your stunning business plan.
Hotel Business Plan Outline
This is the standard hotel business plan outline which will cover all important sections that you should include in your business plan.
- Business Overview
- Mission Statement
- Location and Facility
- Steve Cowan
- Key Advisors to the Company
- Economic Environment
- Geographical/Competitive Environment
- Legal/Political Environment
- Technology Environment
- High Line ($139-$750 per night, depending upon season)
- Motel ($59-$119 per night, depending upon season)
- Bed & Breakfast (B&B)
- Summary of Opportunities and Threats in the Environment
- Competitive Advantage
- Industry Keys to Success
- SWOT Analysis
- Marketing Strategies
- Target Markets – Consumer
- Positioning and Product Strategy
- Distribution Strategy
- Pricing Strategy
- Service and Support Philosophy
- New Business Segment
- Publicity and Public Relations
- Guest Reward Programs
- Marketing and Promotion Budget
- Evaluation & Control Strategies
- Project Funding Summary
- Phase 1 Funding Amounts Sought
- Financial Plan Assumptions
- Income Statement Projections
- Balance Sheet
- Cash Flow Projections
After getting started with Upmetrics , you can copy this sample hotel business plan template into your business plan and modify the required information and download your hotel business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
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DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.
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Do you love connecting with people from all over the world who share your passion for travel? Don’t want to work a typical 9-5 job and instead want to build a business where every day is different, and you own your schedule?
Opening a hotel business is a dream many entrepreneurs have, but it can be a daunting venture to start. A hotel business plan is a critical first step for business owners to turn their dreams into reality. A strategic plan allows one to study the hotel industry, identify their hotel’s unique point of view, and outline how exactly they will reach their goals.
Read on to learn more about the 10 sections to include in your hotel business plan, tips for creating an effective plan, and key things you need to start your new hotel business.
What is a hotel business plan?
A hotel business plan is a detailed document that identifies your business’s goals, objectives, and strategies for success. It includes market research and a roadmap for building and operating your business.
Why do you need a hotel business plan?
Studies show that entrepreneurs who finished their business plan were twice as likely to succeed in growing their business than those with no plan. A hotel business plan:
- Helps you identify whether you have a viable business idea
- Provides a detailed roadmap on what you need to accomplish and why
- Gives potential investors insight into your business idea and confidence that you can be successful
- Keeps you on track as you start to execute the different tactics outlined in your plan
- Identifies critical milestones for you and your team to reach
Your plan does not have to be static and should change over time as your business grows and evolves. Your first draft is a starting point to help guide your strategy and instill confidence in potential investors.
10 sections to include in your hotel business plan
Whether you’re starting a small boutique hotel, a cozy B&B, or a 5-star resort, you will need to address the following sections in your hotel business plan.
1. Executive summary
An executive summary is the most essential part of your business plan. It should concisely explain the purpose of your business and why it will be a success.
Include your mission statement explaining why your hotel exists and its overall goal. For example, Capella Hotels & Resorts ’ mission is to combine tradition, discovery, individuality, and twist of the unexpected to create the perfect stay for each guest.
You should also include your vision statement that clearly describes your hotel’s purpose for being in a single sentence. For Capella Hotels, its vision is to embody excellence in the craft of hospitality.
We recommend writing your executive summary as the final stage, as it should summarize the goals and objectives laid out in your plan.
2. Company analysis
Your company analysis is where you can dive into your hotel’s competitive advantage. Ask yourself what makes your hotel unique. Why would guests want to stay with you instead of your competitors?
In this section, identify your brand’s identity and the goals and objectives you want to accomplish. Outline how many rooms and room categories your property will have. For example, will you offer a hybrid hospitality model with dorms, single rooms, and suites? Explain what ancillary revenue sources you’ll offer, like in-room food and beverage options, welcome drinks, or airport shuttles.
Use storytelling to communicate your excitement and passion and make it clear what your hotel will bring to the hospitality industry that hasn’t been done before.
3. Industry analysis
As a business owner, you must be prepared for forces outside your control. You will need to conduct a market analysis that looks at the hospitality industry to identify micro and macro trends that may impact your business. Look at:
- Economic trends
- Environmental trends
- Political trends
- Global health trend
- Technology trends
For each trend, identify how it will impact your business and ways to mitigate risk or take advantage of opportunities.
For example, digital check-in technology has increased across the hotel industry with the rise of tech-savvy guests, new innovative software providers in the market, and labor challenges. Therefore, you should consider what guest engagement solutions you’ll include at your hotel.
In addition to trends, look at the history of the hospitality industry, its current size, and how it’s expected to grow in the short and long term. This research will impact the rest of your plan, especially your marketing and finances.
4. Customer analysis
What type of hotel guests do you want to attract? It’s impossible to please every kind of guest, which is why it’s important to identify your target market . Once you know who you want to stay at your property, you can develop amenities, services, and marketing materials to attract these guests and deliver exceptional experiences.
- What type of guests do I want? Business or leisure travelers?
- What demographics? Age, gender, marital status, etc.
- What are my target market’s interests? Water sports, hiking, relaxation, museums, animals, etc.
- What does my target market value? Sustainability, contactless technology, personalized service, localized experiences, etc.
This section will help you formulate the guest experience to ensure that expectations meet reality .
5. Competitive analysis
The competition you face will vary depending on where your hotel is located. This section is where you should conduct in-depth competitor research to understand how your hotel will compare. Identify who your five major competitors are — ideally, three direct competitors who you will be competing with upon opening and two aspirational competitors that you can emulate as you grow your business.
Conduct a SWOT analysis based on your competitors to look at:
- Strengths – where does your property excel in comparison to competitors? Why would travelers pick you? Price, amenities, location, technology, etc.
- Weaknesses – where does your property fall short in comparison to competitors? Price, amenities, location, technology, etc.
- Opportunities – what industry trends can you take advantage of? What local events or partnerships can you capitalize on?
- Threats – what are the biggest threats facing your property? War, travel restrictions, recession, etc.
A thorough analysis can help solidify your competitive advantage and develop a contingency plan for how you will deal with your weaknesses and threats.
6. Marketing plan
Without demand, there is no business. A hotel marketing plan outlines the channels you’ll use to reach your target audience to drive bookings. Your marketing strategy should include 3 key channels:
1) Paid media — paid advertising to promote your property and drive bookings. This includes online travel agencies (OTAs) , search engine marketing (SEM) , retargeting, and metasearch advertising .
2) Owned media — content you create, like your hotel website , social media channels , blog posts, and SEO .
3) Earned media — user-generated content created by third parties like media coverage or online reviews.
7. Operations plan
How do you plan to run your day-to-day operations? This section of your plan will outline all of the key tasks and responsibilities of your team and what exactly your hotel will offer. Consider:
- The number of staff and supervisors required
- Job descriptions and responsibilities
- Your service standards (check out our downloadable SOPs for some inspiration)
- How you’ll manage your inventory
- What hotel technology solution(s) will you need? PMS, channel manager, booking engine, payment terminal, revenue management tools, guest engagement software, etc.
- What services and amenities do you want to offer?
Detail your short and long-term operational plans and the stakeholders involved for each area.
8. Management team
Whether or not you’ve hired your team yet, this section is one of the most important sections that potential investors will look at. Make sure to outline the key personnel you will require and their roles.
In general, these are the following roles you’ll want to outline:
- Hotel management (general manager, front office manager, housekeeping manager, maintenance manager, revenue manager)
- Hotel sales team
- Housekeeping staff
- Front office staff
Depending on the size of your hotel, your team will vary. Identify what team members you will need to open and your hiring plans over the next five years.
9. Strategic plan
Hoteliers must be strategic in optimizing occupancy rates across seasons to maintain revenue. As part of your strategic plan, identify how you will manage:
- Pricing – what room types will you offer, and how will the pricing vary?
- How will you maintain consistent occupancy throughout the high and low seasons? Will you adapt your pricing and marketing strategies?
- How will you conduct revenue management ? What type of rules/alerts will you use to adjust rates? Will you use technology to help with revenue management ?
- What will your online reputation management strategy be? How will you collect and respond to online reviews?
- What will your distribution mix look like? How will you drive reservations across a variety of channels?
10. Financial plan
Your financial projections are the most challenging but arguably the most important part of your hotel business plan. In this section, you should include the following:
- Start-up costs – how much money will you need from lenders to operate your hotel? Consider business licenses, furniture, down payments, etc.
- Operating costs – how much money will you need to keep your business running? Consider staffing costs, guest acquisition costs , mortgage payments, utilities, SaaS payments, etc.
- Income statement – what will your revenue, expenses, and profit be over the first 3-5 years of business?
- Cash flow projections – how will cash flow in and out of your business? Show what capital investment you’ll need to start.
- Balance sheet – identify your assets, liabilities, and equity.
If you’re looking for a potential investor, your financial plan will be the section they care about most. Here you must prove how your business will provide a return on investment. Don’t forget to include an Appendix that shows more detailed reporting and financial figures.
8 tips for creating an effective plan
1. Start with the section that excites you the most! Covering all the topics outlined above can feel overwhelming, so don’t feel pressured to go in order.
2. Reach out to a business owner you admire. No matter what type of business you’re starting, it’s always helpful to get advice from another business owner. Reach out to a successful local business owner to see if they’d be willing to share some insights they learned along the way.
3. Be concise. While there’s a lot to cover, you must be concise in each section of your plan. Include any additional research or documentation in the appendix to keep your business plan clean.
4. Try to avoid industry jargon. Depending on what type of investor is reading your plan, they may find jargon irrelevant and distracting.
5. Ensure you have a clear competitive advantage. You should be able to state in one sentence what makes your property unique. This selling point will be prominent in all of your marketing materials.
6. Set SMART goals. Setting specific, measurable, achievable, relevant, and time-bound goals is important to stay organized and on track to reach milestones.
7. Don’t forget about your plan. You will have spent hours developing your plan, so make sure you use it! Reference your plan as you build and grow your business , and remember that it’s ok if things change.
8. Illustrate your passion. Communicate why you want to be a part of the hospitality industry. Passion is contagious and gives investors more confidence that you will work hard to achieve your dreams.
What do you need to start a hotel business?
Ok, so you’ve read through this article and are now wondering — what’s next? Ensure you have the following items on your radar to start your business.
- A vision. Know exactly what kind of business you want to build.
- A business plan. Stay on track with a well-developed business plan.
- A location. Decide if you want to build a new property or renovate an existing hotel.
- Capital. Do you need to raise an upfront capital investment? Remember that new businesses usually aren’t profitable for the first few years and will need cash flow to pay for expenses.
- Business licenses & permits. Depending on the type of property and its services, you’ll need an occupancy permit, alcohol license, food service license, sales tax license, etc.
- Technology. Choose a hospitality management platform that can help you scale your business.
- Furniture & equipment. You must furnish your property with the proper furniture, electronics, appliance, etc.
- Staff. Take time hiring staff you can trust and who understand your hotel’s brand and vision.
Your business plan provides the foundation for your new business and outlines the next steps in the journey. Ensure you fully understand the market and competitive landscape to enter the industry prepared for whatever is to come. Start slow and invest in the right people and technology to support the growth of your business.
About Lana Cook
Lana Cook is a Content Writer at Cloudbeds where she is able to combine her love of writing and passion for travel. She has spent the last few years writing about all things technology and the ways in which it can be used to help businesses thrive. When she’s not busy writing, you can find her checking out the latest movie or searching for a new TV show to binge.
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Home » Business ideas » Hospitality, Travel & Tourism » Hotel Business
How to Write a Hotel Business Plan [Sample Template]
Are you about to start a hotel and hospitality business? If YES, here is a complete sample hotel business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a hotel business .
We also took it further by analyzing and drafting a sample hotel marketing plan template backed up by actionable guerrilla marketing ideas for hotel businesses. So let’s proceed to the business planning section. All over the world, the hospitality business is being seen as a very serious trade and the reason for this cannot be farfetched.
The reason the hospitality business – especially the hotel business is being taken seriously is because of its relationship with the tourism industry. Starting a hotel business could eventually be one of the best things to attain for yourself. This is because of the lucrative nature and prosperity involved in this industry.
Every day foreigners, as well as local migrants and business people, travel from one point or the other and the option they are faced with is staying in hotels. It is pertinent to note that there are different categories of hotels, like 5-star, 4-star or even 3-star hotels. One of the essential things that are unique to each category of the hotel is the facilities that make up each.
Whatever type of hotel category you may have in view, there is always the most important step to take in making your business stand out, as well as succeed in the long run. What can this be? Well, that is the hurdle of writing a business plan. You too have the wherewithal to do so, as a well put together business plan is available to you below.
A Sample Hotel Business Plan Template
1. industry overview.
The hospitality industry has been in existence from time immemorial and it is still waxing strong simply because people can’t do away with the services they offer. When you talk about a hotel, you are talking about an establishment that provides lodging for guests/travelers, tourists, visitors et al, on a short-term basis with a fee.
When people lodge in hotels, they have the option of subscribing to other services the hotel offers; services as feeding, drinks, laundry, fitness center, swimming pool, conference room, and business room, amongst others.
As a matter of fact, the facilities provided by some hotels may range from a basic bed and storage wardrobe to luxury features such as en-suite bathrooms, mini parlor et al. It is the norm for big hotels to provide additional guest facilities like a swimming pool, conference center, business center, childcare, self-service laundry, fitness center, and social function services.
In some countries, hotels are required by law to serve food and drinks to all their clients that are lodged in their facility while in some countries, you would have to choose the additional services you want from the hotel. The bottom line is the higher the amount you pay in hotels, the more the services you are entitled to.
Starting a hotel business is capital intensive and it is considered a long-term investment because it takes a while for the owners to break even and start making profits. No doubt it takes a big-time investor to consider starting his or her own hotel business, which is why loads of hotels are owned by groups of investors.
One good thing about the hotel business is that the business can grow so big that it will not only have an active presence in key cities in the country where it started from but in major cities on all the continents of the world. It is important to state that hotel operations vary in size, function, and cost which is why hotels are classified into different grades (two-star hotels, five-star hotels, seven-star hotels et al).
2. Executive Summary
Sean and Sharon Hotel will be located in the heart of Las Vegas less than 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center. We are conveniently located in the world’s headquarters for casinos and games; a commercial center.
Sean & Sharon Hotel believes in the passionate pursuit of excellence and financial success with uncompromising services and integrity, which is why we have decided to venture into the hospitability industry by establishing our own hotel. We are certain that our values will help us drive the business to enviable heights and also help us attract the number of clients that will make our hotel fully booked all through the year.
We are going to be a customer-centric hotel with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners, and all our employees as well.
Our hotel facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. Sean & Sharon Hotel will provide a conducive spot for our customers to take a break from their various busy schedules, to a place where they can find comfort and luxury.
Sean and Sharon’s hotel will be equipped with a business center and a VIP lounge, as well as a Fitness room and self-service laundry which will be made available for resident guests at no extra cost.
We will also install free Wi-Fi that will enable our guests to surf the internet with their laptops in the hotel room free of charge, and there will be wireless access in all the public areas in the hotel; we will also provide mobile phones for a loan to business travelers for their convenience so as to enable them to stay in – touch with their family members, friends, and business partners.
No doubt our business class guest rooms will provide our customers with a warm and comfortable home away-from home experience, a large banquet venue, as well as Chinese and Intercontinental cuisine. We are set to give our esteemed guests an unforgettable experience whenever they patronize our hotel.
Sean and Sharon Hotel is owned by Sean Glacier, Sharon Glacier, and other investors whose names can’t be mentioned in this business plan for obvious reasons. The owners and board members of Sean and Sharon hotel are big-time investors in the hospitality industry.
Sharon Glacier has well over 20 years of experience in hotel management and she has a Master’s Degree in Hotel Management. She will be bringing her wealth of experience to the table to make Sean and Sharon Hotel the number one choice in Las Vegas.
Over and above we are building a hotel business that will be the cynosure of all eyes. One that competes favorably with other hotels that are in existence in Las Vegas. We plan to do this bearing in mind that it would take hard work, loads of financial commitment, as well as well-trained employees who can be indoctrinated in the quest for building a top-notch hotel in Las Vegas city.
3. Our Products and Services
Sean and Sharon Hotel is set to operate a standard hotel service in Las Vegas, Nevada. The point that we want to become a force to reckon with in the hospitality industry means that we will provide our guests with a fitness room, social room, self-service laundry room, and business center; for the purpose of business or leisure and more.
In all that we do, we will ensure that our guests leave with an unforgettable experience that will make them want to come back as well as recommend our hotel to their friends, family members, and business partners. These are the services and amenities that will be made available to our guests;
- Meals (Local Delicacies, Chinese cuisines, and intercontinental cuisines et al)
- Drinks (wines, beers, distilled spirits, martinis, beverages, and non–alcoholic drinks)
- Swimming pool
- Self – service laundry room
- Business center
- Conference room
- Banquet venue
- Shuttle service
4. Our Mission and Vision Statement
- Our vision is to open a standard hotel that will become the number one choice in Las Vegas
- Our mission is to deliver reliable, genuine, caring, and excellent service superior to what our competition can offer in any location where our hotel will be situated and to ensure that our hotel enjoys over 90 percent occupancy in most parts of the calendar year.
Our Business Structure
The success of any business is to a larger extent dependent on the business structure of the organization and the people who occupy the available role. Sean and Sharon Hotel will work with a business structure that will give room to employees to explore their creativity, give a sense of belonging, as well as grow through the corporate ladder of the organization.
We will work hard to ensure that we only recruit the right set of people with the right mindset to help us achieve our business goals and objectives in record time. We intend to build Sean and Sharon Hotel on this structure;
- Chief Executive Officer (Owner)
- Hotel Manager
Human Resources and Administrative Manager
- Marketing Officer
- Front Desk Officer
- Cleaners/Washer men
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for managing the daily activities in the hotel
- Ensures that the facility is in tip-top shape and conducive enough to welcome customers
- Interfaces with vendors
- Reports to the Chief Executive Officer
- Attends to Customer complaints and inquiries
- Prepares budget and reports for the organization
- Responsible for Training and Development in the organization
- Handles procurement
- Handles any other duty as assigned by the CEO
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation, and assessment of employees
- Responsible for arranging travel, meetings, and appointments
- Oversees the smooth running of daily office activities.
Marketing Officer (2)
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information.
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Responsible for planning and overseeing building work/renovation
- Responsible for allocating and managing space within buildings
- Responsible for managing building maintenance activities
- Responsible for coordinating cleaning, catering, and parking services
- Responsible for organizing security and general administrative services
- Ensures that facilities meet government regulations and environmental, health and security standards
- Advises on energy efficiency and cost-effectiveness
- Supervises multi-disciplinary teams of staff including maintenance, grounds, and custodial workers
Bartender / Baristas (4):
- Interacts with customers, takes orders for drinks, food, and snacks.
- Plans and presents bar menu.
- Checks identification of the guest to make sure they meet age requirements for purchase of alcohol and tobacco products.
- Mixes ingredients to prepare cocktails and other drinks.
- Mixes drinks, cocktails, and other bar beverages as ordered and in compliance with hotel standard drink recipes.
- Prepares alcohol or non-alcohol beverages.
- Services Wine and Beer to guests.
- Arranges bottles and glasses to make attractive displays.
- Assesses customer’s needs and preferences and makes recommendations
- Makes lists of supplies in conjunction with the bar manager/management
- Prepares inventory or purchase requisitions as needed to replenish supplies.
- Ensures that the assigned bar area is fully equipped with tools and products needed for Mixing beverages and serving guests.
- Collect payment for drinks served and balance all receipts.
- Prepare a financial report at the end of every working week
- Handles all financial transactions on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies, and utility bills
- Handle any other duty as assigned by the CEO/microbrewery manager
Front Desk Officer (2)
- Ensures that customers feel relaxed and at home
- Handles customers inquiries
- Ability to Sell or influence others for up selling and suggestive selling.
- Provides recommendations and suggestions to guest for choosing Drinks, food, and Snacks.
- Serve customers in a friendly and helpful manner.
- Provides guidance to guests on resort activities, dining options, and general resort and Regional information.
- Demonstrates a thorough knowledge of food and beverage products, menus, and Promotions
- Handles any other duty as assigned by the bar manager
- Handles and moves objects, such as glasses, dish,es and bottles, using hands and arms.
- Cleans up after customers and cleans work area.
- Clears ashtrays as and when required.
- Washes glassware and utensils after each use.
- Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
- Ensures that toiletries and supplies don’t run out of stock
- Responsible for handling laundry
- Handles any other duty as assigned by the restaurant manager,
- Ensures that the facility is secured at all time
- Controls traffic and organizes parking
- Gives security tips to staff members from time to time
- Patrols around the building on a 24 hours basis
- Submits security reports weekly
- Any other duty as assigned by the restaurant manager
6. SWOT Analysis
Sean and Sharon Hotel is fully aware that they are coming into an industry that can be highly competitive which is why they have decided to pay attention to the SWOT analysis for the organization. We know that once we are able to identify our strengths, our weaknesses, our threats, and the opportunities that are available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives.
We know too well that one of the ways to build a successful business in the long run is the ability to glean some lessons from the weak points we have found ourselves in and convert them into an area of strength. In a case where there is little or nothing that can be done, we may also work so hard so that our areas of strength blossoms more, so that are weak area is very less visible.
Here is a of the result we got from the SWOT analysis that was conducted on behalf of Sean and Sharon Hotel Las Vegas, Nevada;
Our area of strength cannot be farfetched; the location of our hotel is perfect for such business, our management team has robust experience in the industry, our customer services are second to none in the whole of Las Vegas and our facility is top notch
Our perceived weakness could be that we are a new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.
We are in one of the cities in the world that never goes to bed, plus the fact that Las Vegas is regarded as the world headquarters as far as the casino business is concerned. It means that loads of tourists, business executives, and travelers would want to visit Las Vegas and we are well positioned to welcome them because our hotel facility is just about 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center.
One of the threats that are likely going to confront us is; unfavorable government policies, the downturn in the economy which is likely going to affect sales, and perhaps the emergence of new hotels (competitors) within the same location where our hotel is located.
7. MARKET ANALYSIS
- Market Trends
The trend in the hospitality industry is such that there are peak periods and off-peak periods. Thus, hoteliers know this and have been able to make provisions to properly handle the change in season. For example; during summer or during any major sporting event or business summit, most hotels in Las Vegas are almost fully booked. As a matter of fact, that is the period that some hotels make the money that will sustain the business for the rest of the year.
Be that as it may, some hotels are well positioned and they enjoy rich patronage all through the 12 calendar months of the year. Another trending feature in the hotel industry is that it is profitable to build your brand and then venture into the sale of franchises if you know you don’t have the capacity to manage various branches of your hotel.
Over and above, hoteliers are quite aware that they are in the industry not for quick returns on their investments, but to steadily build a brand that can become a global brand while growing their profits year in and year out.
8. Our Target Market
Sean and Sharon conducted her feasibility studies and market survey and we were able to identify those who we expect will eventually become our loyal customers. We do not intend to waste our time on activities that would yield us nothing, which is why we invested time to create a hotel marketing plan to help us do only the most needful things. These are the category of people that we intend to market our hotel to;
- Corporate Executives
- Business People
- Sports Men and Women
- Government Officials
- College Students
- Traveling Agencies
- Event Managers
- Religious Organizations
Our Competitive Advantage
The competitive edge of Sean and Sharon Hotel Las Vegas, Nevada is the excellent and customized service that we offer to all our guests irrespective of their status. We can boldly say that the location of our hotel is going to give us an edge over our competitors in Las Vegas. We are in the middle of the happening city in Nevada. From the location of our hotel, you can connect to any part of the city with little or no stress.
Another significant competitive advantage that we are bringing to the industry is the robust experience of our management team. We have a team that has a combination of 40 years of experience in the hospitality industry in the united states and Canada. They are considered core professionals in their own right.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Sean and Sharon Hotel will generate income from the following service offerings;
- Laundry service
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available in the field. Below is the sales projection for Sean and Sharon Hotel, it is based on the location of our hotel and the services and products that we will be offering;
- First Year-: $600,000
- Second Year-: $900,000
- Third Year-: $1, 500,000
N.B -: This projection is done based on what is obtainable in the industry and with the assumption that there wouldn’t be any unfavorable government policy.
- Marketing Strategy and Sales Strategy
We will adopt the following means to attract the kind of people that we want in our hotel per – the time: The model of the bar we intend to run is a neighborhood type of bar, hence, we are not going to rely only on the conventional ways of marketing. We don’t have the plans to run paid adverts on Local TV stations, local radio stations, or even local newspapers but we will sure maximize every other available means to promote our business.
Our unique selling proposition is that we have a collection of almost all brands of beers produced in America in our bar, we have assorted drinks and tobaccos et al. In view of that, we are going to adopt the following strategies to ensure that we do not only attract customers but generate repeated sales from them; Parts of the marketing and sales strategies that we will adopt are;
- Open our hotel in a grand style with a party for all.
- Advertise our hotel brand in travel and tours magazines, national newspapers, Satellite TV stations, and Radio station
- Promote our business online via our official website and all available social media platform
- Continuously Improve the performance of our brands
- Hire the services of experts to make our brands the first choice for guests
- Deliver consistent customer experiences to all our guests; making our first impression count positively
- Continuously Improve the efficiency of our hotels and operating processes
- Ensure that we Put our market scale and knowledge to good use
- Using our worldwide scale and experience to convert more hotels to our brands
- Make the most of our global presence – guests choose brands they know when they travel
- Build strong partnerships within our own company and with our stakeholders across the world
- Make use of attractive hand bills to create awareness and also to give direction to our bar
- Position our signage/Flexi banners at strategic places
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us to reward our regular customers
- Engage in road shows within our neighborhood to create awareness for our hotel.
11. Publicity and Advertising Strategy
Sean and Sharon Hotel is in the hospitality business to make a profit and we can only make a profit if we steadily increase our customer base. No doubt, in order to remain relevant in the hospitality industry as a hotelier in Las Vegas, you should be able to continue to create hype around your hotel brand and that is exactly the publicity and advertising strategy that we will adopt.
We will ensure that we leverage all conventional and non – conventional publicity and advertising techniques to promote our hotel brand. Although our hotel is located in Las Vegas, the scope of our market is global which is why we choose to make use of best practices as far as publicity and advertisement are concerned in the hotel business. Here are the platforms we intend leveraging on to promote and advertise Sean and Sharon Hotel, Las Vegas;
- Encourage our loyal customers to help us use Word of Mouth (referrals)
- Advertise our hotel brand in travel and tours magazines, national dailies, Satellite TV stations, and Radio station
- Promote our business online via our official website
- Sponsor relevant community programs
- Leverage the internet and social media platforms like; Instagram, Facebook, Twitter, et al to promote our brand
- Install our Bill Boards on strategic locations
- Engage in road shows from time to time
- Distribute our fliers and handbills in target areas
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in Las Vegas. Be that as it may, we have put plans in place to discount our products and services once in a while and also to reward our loyal customers.
- Payment Options
Our payment policy is all-inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our pubs;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.
13. Startup Expenditure (Budget)
These is the key areas where we will spend our start–up capital on;
- Legal expenses for obtaining licenses and permits: $1,500.
- The Total Fee for Registering the Business in Las Vegas, Nevada: $750.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Consultant – $5,000.
- Insurance (general liability, workers’ compensation, and property casualty) coverage at a total premium – $30,800.
- Cost of accounting software, CRM software, and Payroll Software – $15,000
- Cost for acquiring facility for the hotel: $500,000.
- Cost for facility remodeling – $100,000.
- Other start-up expenses including stationery – $1000)
- Phone and utility deposits ( $3,500 ).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory – $35,000
- Storage hardware (bins, utensil rack, shelves, glasses case) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- Cost for serving area equipment ( glasses, flatware) – $5,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Office equipment and furniture – $3,600
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound systems, tables and chairs et al): $4,000.
- The cost of Launching a Website: $600
- The cost for our grand opening party: $5,000
- Miscellaneous: $2,500
We would need an estimate of $3.5M to successfully launch Sean and Sharon Hotel in Las Vegas, Nevada.
Generating Funding/Startup Capital for Our Hotel
Sean and Sharon Hotel will be financed by Sean and Sharon Glaciers and their business partners. Part of the start–up capital will also be raised as a loan facility from the bank in the United States. These are the areas where we intend sourcing for funds for Sean and Sharon Hotel.
- Generate part of the start–up capital from personal savings and the sale of his stocks (Sean and Sharon Glaciers)
- Generate part of the start–up capital from our business partners
- Generate a larger chunk of the startup capital from the bank.
N.B: Please note that Sean and Sharon Glaciers want to retain the lion’s share of the business shares hence they both are investing a total of 1 million USD. They will also secure a mortgage to purchase the property for the hotel.
14. Sustainability and Expansion Strategy
Part of the grand plan of sustaining Sean and Sharon’s hotel is to ensure that we provide the best training for our employees, put a succession plan in place, and will not relent in marketing and promoting our hotel brand.
From our findings, another factor that kills new businesses is financial leakages. In order to plug financial leakages, the management of Sean and Sharon Hotel will adopt the use of payment machines and accounting software to run the business.
In the bid to build a successful business, we will ensure that all our employees are comfortable and we will provide them with the best facilities and welfare package that will help them achieve peak performance in all their duties and in turn help the organization achieve its goals and business objectives.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing/Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, electronic appliances, office appliances, and bar accessories: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – suppliers of all our needed food ingredients, drinks, tobacco, and snacks: In Progress
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Hotel Business Plan Template
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Hotel Business Plan
In order to fulfill our vision we will require [Amount] in capital, which will be allocated roughly according to the following table:
If we are fully capitalized, we hope to be profitable by MM / DD / YYYY
Our Specific Marketing Plan
We expect our monthly outlay of expenses to approximate to the following:
3+ SAMPLE Hotel Business Plan in PDF
Hotel business plan, 3+ sample hotel business plan, a business plan, elements of a business plan, how to start a hotel business, what is the function of a hotel business plan, is a degree required to own a hotel, what qualifications are required to work as a hotel manager.
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What is a business plan, step 1: identify a market need., step 2: create the strategic objectives for your hotel., step 3: calculate the numbers., step 4: examine your hotel’s financing options., step 5: carry out your documents., step 6: employ and train personnel, share this post on your network, you may also like these articles, 43+ sample business introduction letters in pdf | ms word | google docs | outlook | apple pages.
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Hotel Business Plan
If you are starting or acquiring a hotel and need financing, it is likely that you will need a business plan. A professional hotel business plan should reflect a number of unique factors including the location, market positioning, and capacity. Pro Business Plans has worked with many hotels to create custom plans to raise investment and bank loans. The following article outlines what is included in a custom hotel business plan.
If the hotel is existing, the business plan should present the proposed changes by the management team to form financial projections about its future performance. If it is a new hotel, the plan should demonstrate how and why it will be able to fulfill the market demand. Many companies have achieved substantial returns on investment from hotels, but it is still important to communicate the positioning and potential of your hotel. This includes a description of the business model, marketing plan, and projections about the financial performance.
The business model for a hotel is distinguished by its market positioning, location, and operations plan. Some hotels in premium locations with professional customer service target upper income business travelers. Others may target luxury vacationers to the same demographics, but for different travel purposes. A budget hotel can be just as profitable as a luxury one with lower prices and higher turnover, but the business model should be consistent. Charging low prices for a high-end luxury experience will quickly reduce the profit margins in a way that will reduce profitability.
- Marketing Plan
The marketing strategy for a hotel depends upon the nature of its structure. Some franchises have strict controls on the way its franchisees can promote and the brand is already well established. In other circumstances, the brand needs to be established and public relations needs to be acquired. New hotels may seek to establish affiliate relationships with tourism groups or other synergistic companies, but all understand the importance of social media and a robust online marketing strategy. Users place tremendous emphasis on hotel reviews and reputation management should be a key priority.
The financial projections for a hotel business plan should be based upon the potential capacity and the seasonal capacity utilization rate. Most hotels will have dynamic pricing based on the seasonal demand, which can be challenging to determine if the hotel is new. However, investors will be concerned with the potential profitability and break-even rate that the hotel needs to fulfill. This may be done by either analyzing comparable hotels in the area and analyzing regional traveler data. The profitability may be determined based on the expense structure of similar hotels, such as the percent of revenue spent on payroll. Pro Business Plans can help your hotel to create custom financial projections for your hotel business plan, contact us for a complementary consultation.
What is Included in Our Custom Hotel Business Plan?
- SWOT Analysis
- Competitive Analysis
- Profitability Analysis
- Personnel Plan
- Organizational Chart
- Company Valuation
- Executive Summary
- Company Description
- Keys to Success
- Three Year Objectives
- Product or Service Description
- Market Research
- Fundraising Support
- 12 Month & 3 Year Profit & Loss
- 3 Year Balance Sheet
- 12 Month & 3 Year Sales Forecast
- 12 Month & 3 Year Cash Flows
- Break-Even Analysis
- Financial Ratio Analysis
- Management Team
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The World's Leading Business Plan Template Directory
Hotel Business Plan Template [Updated 2023]
Hotel business plan template.
If you want to start a Hotel business or expand your current Hotel, you need a business plan.
The following Hotel business plan template gives you the key elements to include in a winning Hotel business plan.
You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of your Hotel business plan:
I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Hotel Business Plan Outline
Hotel Business Plans
Did you know each of these plans was created in LivePlan? Learn More
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Writing your business plan doesn't have to be a chore. Just check out these sample business plans for hotels and motels to get some ideas and inspiration.
If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.
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Small Hotel Business Plan Template
Download this small hotel business plan template design in word, google docs, apple pages format. easily editable, printable, downloadable..
Translate your passion for running a small hotel into a tangible and convincing plan through the use of our Small Hotel Business Plan Template. Enjoy a hassle free and fully customizable template that even beginner users will find easy to use and customize. Make efficient use of your time through this ready-made template that significantly cuts down time in making your business plan. Take full advantage of this business plan that is not only applicable to small hotels but also for small apartments and other spaces for rent. Download now to start your journey of success in this chosen industry.
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Hotel business plan template
Download this hotel business plan template in PDF or Word format, or tailor it to your project directly in our business plan software.
Discover our hotel business plan template
Not accustomed to writing business plans? Our hotel business template will turn a typically challenging process into a total breeze.
Modelled on a complete business plan of an hotel in Normandy, our template features both the financial forecast and the written part that presents the project, its team, the local market and the business strategy implemented by the management.
Cast your eyes on this template to achieve a better understanding of what your bank and investors would like to see, so that you can create a business plan that meets their expectations.
Template only available to paying subscribers of our online business planning software . Get a 7-day trial for free.
Edit the hotel business plan template online, or download it
Available in pdf.
Just after a little inspiration? Download the business plan template in PDF to print and have a read over it.
Download in Word format
Want to edit your plan on Word? Simply export the hotel business plan template to MS Word (.dox) format.
Tailor it to your own project
Adapt this template to your personal project by changing the written part or the financial forecast in our online business plan software .
Hotel business plan template content
This template includes a complete business plan, with a financial forecast and the following sections:
- Executive summary: The executive summary gives the reader a clear and concise overview of your business idea
- Company: This section lays out the structure of your business, including its location, management team and legal status
- Products and services: Here, you'll give an overview of the services or products offered by the company
- Market analysis: The market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.)
- Strategy: This section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way
- Operations: This step lays out the company's operational organisation, including the recruitment plan
- Financial plan: The financial plan includes a table of sources & uses (initial funding plan), and complete financial statements (P&L, balance sheet and cash flow statements).
- Appendices: This part provides the opportunity to include multiple financial appendices generated by our software (debt maturity profile, monthly financial statements, financial analysis, etc.).
Template only available to paying subscribers of our online software. Get a 7-day trial for free
Hotel business plan template extract
Executive summary, business overview.
The Hotel Le Cardinal will be an independent hotel aimed primarily at tourists visiting the seaside resort of Cabourg.
The hotel is located in a 1920's building, on a street in downtown Cabourg and close to the resort's main attractions.
The building will be completely renovated and equipped to receive a 3-star rating. The hotel will have a capacity of 20 rooms that can accommodate 38 people, as well as a private car park with 17 spaces.
The legal structure chosen is that of a limited liability company. The company will be managed by 2 veterans of the hotel industry: Mr Romain D. (50% of the shares) and Mr Damien S. (50% of the shares).
Romain has worked in the commercial division of one of Europe's leading hotel chains for 10 years, whilst Damien, who has spent the last 5 years managing a hotel in Caen, has over 15 years of experience working in the operational aspects of the hotel trade.
On average, the French hotel sector reaches annual revenues of €15.8 billion, €12 billion of which concerns independent leisure and corporate travel.
One fundamental trend affecting the hotel market is the rising importance of the Internet, with a study carried out by the firm Coach Omnium in 2012 estimating that up to 93% of hotel customers search for their hotels online.
According to a Phocuswright study from 2013, we can estimate that the typical breakdown of hotel reservations in 2015 is as follows:
- 66% of direct reservations (at the front desk of a hotel or over the phone)
- 24% of online reservations via an online travel agency (these websites generally take a commission of between 10-30% of the room rate, including taxes)
- 10% of online reservations via the hotel's website
We have identified the following customer segments:
- Parisians: couples, groups of friends, and families wishing to escape from the capital and enjoy the charms of the seaside resort for short (weekends) or medium-length stays (school holiday periods), thanks to easy accessibility of the resort by train or car.
- Seniors: retirees who have more time than working people and a budget that allows them to travel more often, especially during the off-season.
- Foreigners: groups and families of Europeans wishing to visit the region, especially the sites of the 1944 landing.
We will be in direct competition with other hotels in downtown Cabourg and the surrounding towns.
We expect a high level of competition with the other hotels, particularly during the low season when occupancy rates of competing hotels are at their lowest.
The creation of our hotel should not result in overcapacity on the market as it corresponds with an increase in the number of hotel rooms by only 4%.
We will also be in indirect competition with other forms of accommodation available near downtown Cabourg:
- Holiday homes
We believe that competition with these alternative forms of accommodation will be limited as the services and rates they offer are very different from those offered by hotels.
We expect the company to be profitable in its first year of operation. We expect to achieve a turnover of €424,115 and EBITDA of €48,721 in the first year and a turnover of €476,531 and EBITDA of €93,385 in years 2 and 3.
Based on the current plan, the EBITDA margin is expected to be 11.49% of sales in year 1, and we believe that the improved hotel occupancy in subsequent years will enable us to achieve an EBITDA margin of 19.60% in years 2 and 3.
The business should be sufficiently capitalized to allow us to meet our loan repayments while maintaining sufficient liquidity to meet any contingencies and keep the hotel in good condition.
The objective of this business plan is to obtain bank financing of €200,000 to finance part of the renovation work and the purchase of equipment necessary for the opening of the hotel.
Template only available to paying subscribers of our online software. Get a 7-day trial for free.
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How to carry out market research for a hotel
Check out the hotel market with our guide.
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Read our article to find out know how to finance a hotel
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Want to take over a hotel? Check out our article to find out what to do.
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Want to open a hotel? heck out our article to find out what to do.
FOX 4 Kansas City WDAF-TV | News, Weather, Sports
The Country Club Plaza (Photo by Adam Vogler | Kansas City Business Journal)
Owner to sell historic Country Club Plaza hotel, another property for $50M
by: Andrew Vaupel - Kansas City Business Journal
Posted: Mar 3, 2023 / 01:49 PM CST
Updated: Mar 3, 2023 / 01:49 PM CST
An Austin, Texas-based lodging real estate investment trust plans to sell a historic Country Club Plaza hotel. The purchaser’s name was not disclosed.
Summit Hotel Properties Inc. bought the 123-room Courtyard Kansas City Country Club Plaza as part of a $163 million, five-property deal in 2017 from Orlando, Florida-based Xenia Hotels & Resorts Inc.
According to a Monday earnings release, Summit is under contract to sell the 123-room Courtyard by Marriott and a 160-room Residence Inn hotel in the Midtown area of Atlanta for $50.5 million.
The sales price represents a 3.9% capitalization rate based on the portfolio’s net operating income after a 4% reserve for furniture, fixtures and equipment (FF&E) for the year ended Dec. 31, the release said. The transaction is expected to close in the second quarter.
The Kansas City hotel, 4600 Mill Creek Parkway, originally opened as the Park Lane Apartments in 1925. It was designed in Mission and Spanish Colonial architectural styles, according to the hotel’s website.
Read more in the Kansas City Business Journal .
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Comment rédiger une PESTEL pour son hôtel-restaurant ?
L'analyse PESTEL est une méthode d'analyse stratégique qui examine les facteurs externes à l'hôtel-restaurant, tels que les politiques, l'environnement économique, le social, le technologique, l'environnement légal et l'éthique, afin de déterminer leurs impacts sur l'entreprise. Dans cet article, nous allons examiner tous les facteurs politiques, économiques, sociaux, technologiques, environnementaux et légaux qui influencent le fonctionnement et la performance d'un hôtel-restaurant à l'aide de l'analyse PESTEL. Sachez également que, afin de maximiser vos chances de réussite, vous pouvez télécharger notre business plan pour un hôtel-restaurant .
La partie "Politique" de l'analyse PESTEL pour un hôtel-restaurant
Le Politique de l'analyse PESTEL pour un hôtel-restaurant se concentre sur les règlements et les lois qui régissent l'industrie hôtelière et la restauration, ainsi que sur les politiques gouvernementales qui influencent le secteur. Il est important de comprendre comment ces facteurs peuvent affecter le fonctionnement et le succès de l'hôtel-restaurant. Des exemples possibles d'éléments à inclure dans le 'Politique' de l'analyse PESTEL pour un hôtel-restaurant pourraient être les lois et réglementations en matière de sécurité alimentaire, les restrictions de la ville sur les horaires d'ouverture et de fermeture et la fiscalité applicable aux entreprises de restauration.
Le facteur "Économique" de l'analyse PESTEL pour un hôtel-restaurant
La partie 'Économique' de la PESTEL est l'analyse des facteurs économiques qui pourraient avoir un impact sur l'hôtel-restaurant, tels que les taux d'intérêt, les fluctuations des prix des matières premières et les conditions de marché globales. Des exemples possibles de critères économiques pour une analyse PESTEL d'un hôtel-restaurant sont le niveau de revenu des consommateurs, le taux de chômage et le taux d'inflation. D'autres critères peuvent inclure la volatilité des prix des produits alimentaires, les taxes et les tarifs appliqués aux produits et services offerts par l'hôtel-restaurant et les coûts de main-d'œuvre.
Le critère "Sociologique" de l'analyse PESTEL pour un hôtel-restaurant
La partie 'Sociologique' de la PESTEL analyse les tendances sociales et démographiques qui peuvent influencer les activités d'un hôtel-restaurant, telles que les préférences des consommateurs, le niveau de revenu et le comportement des consommateurs. Parmi les exemples potentiels de facteurs sociologiques, on peut citer le niveau de vie et les habitudes de consommation des habitants de la région, le nombre et le type de touristes qui séjournent dans la région, ainsi que le niveau de satisfaction des clients de l'hôtel-restaurant.
La partie "Technologique" de la PESTEL pour un hôtel-restaurant
La partie 'Technologique' de la PESTEL consiste à évaluer les avancées technologiques et leurs impacts sur l'hôtel-restaurant, ainsi que les possibilités offertes par ces avancées pour améliorer le service et les processus. On peut citer des exemples de facteurs sociologiques comme le niveau de vie des habitants de la région, leurs habitudes alimentaires et leurs préférences en matière de restauration. La présence d'un public cible spécifique et le niveau de service attendu par les clients peuvent également être pris en compte. Enfin, le niveau de concurrence et les tendances du marché peuvent influencer la stratégie et la politique de l'hôtel-restaurant.
Le paramètre "Environnemental" de l'analyse PESTEL pour un hôtel-restaurant
La partie 'Environnemental' de la PESTEL analyse les facteurs environnementaux qui peuvent avoir un impact sur le succès de l'hôtel-restaurant, tels que les changements climatiques, les lois et les règlements environnementaux, la pollution et les catastrophes naturelles. Voici quelques exemples de facteurs environnementaux qui peuvent affecter un hôtel-restaurant: le changement climatique, l'accès à l'eau et à l'énergie, les lois et règlements environnementaux, la pollution de l'air et de l'eau, ainsi que les émissions de gaz à effet de serre. De plus, la demande des consommateurs pour des produits plus respectueux de l'environnement peut avoir un impact sur le succès de l'entreprise.
La catégorie "Légal" de l'analyse PESTEL pour un hôtel-restaurant
La catégorie 'Légal' de la PESTEL se réfère aux lois, règlements et réglementations qui peuvent affecter l'hôtel-restaurant. Cela peut inclure les lois sur le travail, les impôts, l'environnement, la santé et la sécurité, les droits des consommateurs, etc. Cette catégorie est importante car elle peut avoir un impact significatif sur la capacité de l'hôtel-restaurant à se développer et à fonctionner efficacement. Parmi les exemples possibles de facteurs légaux pour un hôtel-restaurant figurent notamment les législations en matière de santé et de sécurité, les lois sur la protection des consommateurs et les règles en matière de travail et de salaire. De plus, les hôteliers-restaurateurs doivent également respecter les règles et les normes en matière de protection de l'environnement et de bien-être animal.
Vous l'avez compris, il existe beaucoup de critères qui peuvent influencer le développement d'un nouveau projet d'entreprise. Ainsi, il est important de bien se préparer et de considérer l'ensemble de ces variables avant l'ouverture d'un hôtel-restaurant. Afin de maximiser vos chances de réussite, appuyez-vous sur notre business plan pour un hôtel-restaurant .
À lire également Construire un business plan pour un hôtel-restaurant Mener une étude de marché pour son hôtel-restaurant Quel statut choisir pour votre hôtel-restaurant ? Faire le prévisionnel financier de son hôtel-restaurant Les étapes pour l'ouverture d'un hôtel-restaurant
- le choix d'une sélection entraîne une actualisation complète de la page
Hotel Business Plan OK, so you have decided to realize your dream and open your own hotel. You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It's like a road map to the opening.
15 Steps to Start a Hotel: Choose the Name for Your Hotel. Develop Your Hotel Business Plan. Choose the Legal Structure for Your Hotel. Secure Startup Funding for Your Hotel (If Needed) Find a Location to Buy or Start Building Your Hotel. Register Your Hotel with the IRS. Open a Business Bank Account.
Business Overview Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere.
Below are links to each section of your hotel business plan template: 1. Executive Summary 2. Company Overview 3. Industry Analysis 4. Customer Analysis 5. Competitive Analysis 6. Marketing Plan 7. Operations Plan 8. Management Team 9. Financial Plan 10. Appendix Next Section: Executive Summary > Hotel Business Plan FAQs
Business operations, management and marketing Outlining how your hotel will function and make money from day to day is another important consideration. It should cover these four key areas: Operations The area of operations is about having the right people and putting in place the right processes.
So what should you include in your hotel business plan? In general, an effective business plan evaluates the strengths, weaknesses, opportunities and threats (also known as a SWOT analysis) for different areas of your business. It also makes the case as to how your hotel business fits into the local market and broader industry trends.
Hotel Business Plans Shelter Business Plans Emergency Shelters Business Plan Whether your business is a rustic retreat or a high-end bed and breakfast, these sample business plans for hotels, inns, resorts, and other lodging businesses will help you write a business plan that will guide you to business success.
4 How to start a hotel business: 4.1 Step 1: Make a plan 4.2 Step 2: Create your Unique Value Proposition (UVP) 4.3 Step 3: Develop your marketing plan 4.4 Step 4: Form a Legal Entity 4.5 Step 5: Enquire about permits and zoning 4.6 Step 6: Raise startup capital 4.7 Step 7: Find hotel premises, build and furnish 4.8 Step 8: Recruit staff
Keep reading to discover the fundamentals all hotel businesses need to succeed. The steps we cover in this guide: Step 1: Find a market need Step 2: Craft your strategic goals Step 3: Run the numbers Step 4: Review financing options Step 5: Do your paperwork Step 6: Hire and train your team Step 7: Draft a marketing plan
Any good hotel business plan sample doc needs to make sure of the thing that a proper feasibility report is made and the hotel is designed according to the demand in the area. Step2: Developing a Brand This hotel business plan, just like a resort business plans needs to cover another important thing. This is developing a brand.
What is a Hotel Business Plan? A hotel business plan contains the goals of the owners, the methods, and the timeframe for accomplishing them. It also describes the hotel as a business, its recorded history, as well as its financial projections and information. They serve as a road map for the owners on how to run the hotel.
This is the standard hotel business plan outline which will cover all important sections that you should include in your business plan. Executive Summary Business Overview Management John Doe Objectives Mission Statement Location and Facility Business Overview Ownership John Doe Steve Cowan Key Advisors to the Company Corporate Development Plan
10 sections to include in your hotel business plan Whether you're starting a small boutique hotel, a cozy B&B, or a 5-star resort, you will need to address the following sections in your hotel business plan. 1. Executive summary An executive summary is the most essential part of your business plan.
Starting a hotel business is capital intensive and it is considered a long-term investment because it takes a while for the owners to break even and start making profits. No doubt it takes a big-time investor to consider starting his or her own hotel business, which is why loads of hotels are owned by groups of investors.
We have various hotel business plan templates applicable for various related businesses and accommodations such as a startup mini hotel, guest house motel, 5 star resort lodge, 3 star spa, and boutique, etc. Keep scrolling! Sample Hotel Financial Business Plan Template Details File Format Google Docs MS Word Pages Size: A4, US Download
Your first step in creating a hotel business plan is to create the Executive Summary, which is a few paragraphs that give a broad strokes overview of your business. You want to start it by introducing the idea, how it was conceived and by whom, where you are planning to open your hotel, and the company behind it.
Whether your business is a rural refuge or a luxury bed and breakfast, these sample business plans for hotels, inns, resorts, and other lodging establishments can assist you in writing a program that will guide you to success. I hope the tips and template will aid you in developing an effective hotel business plan. Pursue your desires and make ...
In a business plan, industry analysis refers to researching relevant market trends. Understanding short and long-term trends that affect the hotel industry is key in putting together an effective hotel business plan, and eventually running a successful hotel.
On the menu: Business plan by hotel type. Start by envisioning the concept of your hotel. Define the type of guests you want to attract. Turn your dream into reality by writing a hotel business plan. Why the business plan for a hotel is essential. How to write the business plan for a hotel: the financial forecast.
A professional hotel business plan should reflect a number of unique factors including the location, market positioning, and capacity. Pro Business Plans has worked with many hotels to create custom plans to raise investment and bank loans. The following article outlines what is included in a custom hotel business plan.
You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here. Below are links to each of the key sections of your Hotel business plan: I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan
Resort Hotel Ski Lodge Business Plan. Silver Bear Lodge is a winter ski and summer vacation resort lodge. Writing your business plan doesn't have to be a chore. Just check out these sample business plans for hotels and motels to get some ideas and inspiration. If you're looking to develop a more modern business plan, we recommend you try ...
Small Hotel Business Plan Template. Download this Small Hotel Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable. Translate your passion for running a small hotel into a tangible and convincing plan through the use of our Small Hotel Business Plan Template. Enjoy a hassle free and ...
Modelled on a complete business plan of an hotel in Normandy, our template features both the financial forecast and the written part that presents the project, its team, the local market and the business strategy implemented by the management.
According to a Monday earnings release, Summit is under contract to sell the 123-room Courtyard by Marriott and a 160-room Residence Inn hotel in the Midtown area of Atlanta for $50.5 million. The ...
Des exemples possibles de facteurs sociologiques pour une analyse PESTEL d'un hôtel sont les tendances de voyage, les préférences des consommateurs et les comportements des clients. Par exemple, les tendances de voyage peuvent inclure les destinations populaires, les types de voyage préférés et la saisonnalité des voyages.
L'analyse PESTEL est une méthode d'analyse stratégique qui examine les facteurs externes à l'hôtel-restaurant, tels que les politiques, l'environnement économique, le social, le technologique, l'environnement légal et l'éthique, afin de déterminer leurs impacts sur l'entreprise. Dans cet article, nous allons examiner tous les facteurs ...