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Write a 8 pages paper on key elements in the hotel feasibility study. The feasibility study investigates the need for the proposed project with proper estimation, documentation and support in order to
Write a 8 pages paper on key elements in the hotel feasibility study. The feasibility study investigates the need for the proposed project with proper estimation, documentation and support in order to satisfy the client that the proposal has justifications to go on the floor. There are certain elements required to be taken into consideration in the feasibility study so that the report can be prepared with accuracy and appropriateness and the decision regarding the opening of the facility could be taken (OFallon and Rutherford 2010).
The essay presents the key elements of the feasibility study carried on for the project of developing a new hotel i.e. in the hospitality sector. It includes sources of information that are helpful in conducting the feasibility study.
A hotel feasibility study is required to be carried out for assessing the economic viability of the proposed hotel looking for the business opportunity and roadblocks simultaneously in order to identify the successful realization of the project. There are three major and crucial components in the study of the hotel feasibility report. They are preparation of market feasibility study, costs estimation for all elements of the proposed project and determination of sources of financing (Hotel Feasibility Study 2012).
In a typical hotel feasibility report, the key elements are the evaluation of the site, analysis of the market area, demand analysis, competitive supply analysis, recommendations for facilities, forecast of income and expenses, and total project cost estimation (Wood and Brotherton 2008).
In order to assess the suitability of the proposed project, there is a need for assessing the size and topography of the site. Noting down the uses of the surrounding land along-with proximity to major demand generators is required. The location of the site in relation to the key highways and inter-states is considered for identifying the ease of access for the motor traffic vehicle.
