Meetings, events and incentive travelers: The key financial metrics in the hotel market are as follows: Profit Industry profit is measured as earnings before interest and taxes.
Do you need a sample hotel business plan template or feasibility study?
Do you want to do business in the tourism and hospitality business? Then I advice you read on! If you are planning on starting your own hotel business, then you should know that though hotel business is a profitable venture with a lot of opportunity for expansion, it involves a lot of technicalities and is not so easy to start.
The procedure for starting a hotel business is quite technical and involves a lot of planning and strategizing. So in this article, I will be highlighting everything you need to know about starting a hotel business.
Why You Should Start a Hotel Business Today If you have an opportunity to visit Owerri a city in Imo state during the weekend Fridays, Saturdays and Sundaysyou will be shocked to discover that despite the huge number of hotels dotting the city, there is no accommodation space in any of the hotels.
And surprisingly enough, Owerri is not even among the top ten cities in Nigeria Lagos, Kano, Port Harcourt, Ibadan, Ogun, Enugu, Abuja should be in the lead ; with respect to population and level of industrialization. What this goes to show is that hotel and hospitality business is a profitable business anytime any day, as long as you are sited in a good location.
Now regardless of your country of residence, you can start a hotel; whether on a large or small scale. So if you reside in Nigeria, United states, Canada, Ghana, etc; you will find this article useful. Decide on the type of hotel facility you want to open First, you have to decide on the type of hotel you want to open.
Hotels are categorized according to a number of factors. Some of these factors include: The size of the hotel Where the hotel is located Type of services offered and the number of rooms available.
Some popular types of hotel include: Bed and Breakfast hotels: Bed and breakfast hotels usually have about rooms. These hotels are cheaper and offer limited services. Bed and breakfast hotels are usually run by the owners of the facility who also serves breakfast to the guests.
Budget hotels offer cheap accommodation to guests with limited services.
Resort hotels usually have recreational facilities like a golf course, a beach or an island where guests can enjoy these facilities while they visit. Airport hotels provide accommodation for travelling passengers to pass the night.
They are usually located close to the airport. Suite hotels are increasingly becoming popular in the hotel industry. Suite hotels provide guestrooms that also have an attached living room and sometimes, a kitchenette where guests can cook their meals.
Business hotels are usually built with the business traveler in mind.The business plan can be written for any type of hotel, from ski hotel, spa hotel, beach hotel, inn to motel and presents an excellent start for the eventual master plan.
We can add project plans, phasing diagrams, floor plans, housing plans, specific construction plans and more as is needed. Silver Bear Lodge resort hotel ski lodge business plan company summary. Silver Bear Lodge is a winter ski and summer vacation resort lodge/5(38).
Resort Hotel Ski Lodge Business Plan Executive summary (excerpt only) The Silver Bear Lodge is located three blocks from Crest Lake Village, mid-mountain at .
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. Generate a larger chunk of the startup capital from the bank. We put together a guideline / template of how to write a hotel business plan.
Simply follow our example /5(). Where to begin starting your own hotel business? Here are some tips on how to open a new boutique hotel or small bed and breakfast. Read more!/5().