But before you begin spending your financial resources and designing your hotel blueprint, you need to have a hotel business plan. It will guide you every step of the way and serve as your road map to the opening. Is a hotel a good investment? Who creates the hotel business plan?
Business Plan on Hotel and Tourism - Assignment Point
For many people, starting their own boutique hotel or luxury bed and breakfast is like a dream. Most are drawn by the charm of hospitality and see it as a chance to start a new beginning. But opening a hotel business , just like any new company, is more difficult than it might seem at first sight. Particularly if you have never worked in the international hotel industry, you will be faced with many things you might have not considered or imagined before. The hotel business is highly competitive and achieving good financial results is not as easy as it seems. In my experience at Xotels in dealing with entrepreneurs and investors, I have found that there is no shortage of creative ideas for innovative hotel concepts.
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.
According to the United States Bureau of Labor Statistics, the hotel industry is expected grow by 5 percent between and Like any business, starting a hotel requires careful research and planning before opening. The easiest way to do this is to create a detailed business plan for your hotel. The first part of the business plan for your hotel is to write the executive summary section.