HOTEL DEVELOPMENT IS A COMPLEX PROCESS THAT REQUIRES CAREFUL PLANNING AND CONSIDERATION. FROM CLIENT SELECTION TO CHOOSING A SUITABLE LOCATION, EVERY ASPECT IS CRUCIAL. THEREFORE, IN THIS ARTICLE WE WILL EXPLAIN THE ASPECTS TO CONSIDER TO ENSURE A SUCCESSFUL AND PROFITABLE HOTEL DEVELOPMENT PROJECT. 1. SELECT THE TARGET CLIENT […]
Hotel development is a complex process that requires careful planning and consideration. From client selection to choosing a suitable location, every aspect is crucial. Therefore, in this article we will explain the aspects to consider to ensure a successful and profitable hotel project development.
1. SELECT THE TARGET CUSTOMER
A fundamental aspect when starting a hotel project is to know which clients you want to attract. This will allow you to determine the characteristics of the establishment and successfully execute the hotel development.
To select the right target customer, you can start by answering questions such as the following: Will the hotel be aimed at domestic or international customers; do you expect tourists or business people to visit; do you want to attract customers with a medium, high or premium profile; and do you want to attract customers with a medium, high or premium profile? The more questions you ask yourself about your target client, the better.
Additionally, to this aspect you have to add the issue of the location and style of the hotel. The reason is that everything must be focused on the target customer you want to reach. With all these aspects, you will be heading in the right direction for a good hotel development.
2. IDENTIFY WHAT SERVICES YOU ARE GOING TO OFFER
When talking about hotel development, you must also select what services or products you are going to offer in your establishment. This is the only way to meet the needs and expectations of the hotel’s target customers. These services must be in line with current industry trends and generate demand, both among target customers and other potential visitors.
The choice of services and products goes beyond satisfying basic customer demands. It is important to identify those services that are unique and differentiating, capable of providing a memorable experience. Likewise, the architectural design of the building should reflect the essence and lifestyle of the city. In this way it is possible to create an authentic experience for travelers.
3. DEFINE YOUR BUDGET
The budget for a hotel development is determined by several factors. Among these are the acquisition of the establishment or land, equipment and services. Therefore, it is necessary to define the budget and have control over the money invested and the profits.
In this sense, when defining your budget, it is important to establish ratios for each area of the hotel. This allows you to have a clear vision of short and medium-term profitability. In addition, it is essential to carry out feasibility and profitability studies to obtain a broader perspective. With such analyses you will be able to define aspects such as room rates. Not to mention that they will also determine the financial resources required for the successful development of the hotel project.
A defined budget provides a solid basis for making strategic decisions in hotel development. Knowledge of available financial resources allows for prioritization and efficient allocation of funds. In addition, a feasibility and profitability analysis helps to assess the potential profitability of the project.
Therefore, being clear about how much money is needed to develop the project is essential. Undoubtedly, by defining your budget you will be able to ensure proper financial management and maximize profits in the future.
4. TREAT THE PROJECT AS A WHOLE
One of the most common mistakes made in hotel development is to disconnect some important areas. That is, aspects such as interior design, hotel operation and construction cannot be developed individually. On the contrary, they must be dealt with at the same time to keep the project aligned with the objectives.
It is essential to treat the project as a whole. To this end, there must be fluid communication between design, interior design, construction, planning and services. For example, construction must prepare the ground for the interior design work, avoiding costly mistakes in time and money.
5. LOOK AND FEEL
This aspect of hotel development differentiates a hotel from others, even within the same hotel chain. The hotel must have a design that allows the client to connect and identify with the establishment. To achieve this, an interior design study that generates harmony and is within budget is necessary.
For example, in a room, the closet must meet the space and design requirements, but it must also be within the budget. This way the client will be able to connect with the space, while not generating unnecessary expenses.
6. CHOOSING A SUITABLE CHAIN
Choosing a hotel chain or a recognized brand can often make the difference for hotel development. This is related to a question of market positioning. A reputable chain can bring reputation, credibility and trust to your project.
When selecting a hotel chain, it is important to consider its brand image, its global presence, its focus on service quality and its compatibility with the hotel’s concept and style. A chain that aligns with the vision and objectives of the project can provide significant benefits in terms of marketing, distribution, sales and operational management.
Hotel development requires careful planning and consideration of several key aspects. The selection of the target client, the choice of a strategic location and the choice of services are essential. In addition, defining an accurate budget and conducting studies will allow control over financial resources and maximize profits.
Undoubtedly, there are many aspects to consider. In this sense, it is necessary to count on the help of professionals, such as IHCS. This way, no aspect will be overlooked and your hotel development will be a success.