WEIGHING AND ANALYZING THE VIABILITY OF A HOTEL ESTABLISHMENT ARE TWO OF THE KEYS TO DETERMINE THE SUCCESS OF SUCH INVESTMENT. THAT IS WHY IT IS SO IMPORTANT TO MAKE A CORRECT JUSTIFICATION OF A HOTEL PROJECT IF YOU WANT TO FIND QUALITY INVESTORS TO MAKE YOUR IDEA A REALITY.
Weighing and analyzing the viability of a hotel establishment are two of the keys to determining this investment’s success. That is why it is essential to correctly justify a hotel project if you want to find quality investors to make your idea come true.
STEPS FOR THE JUSTIFICATION OF A HOTEL PROJECT
To develop a hotel project, it is essential to previously prepare a report capable of justifying its creation and future viability. At IHCS, we have extensive experience advising and guiding entrepreneurs worldwide when starting their hotel projects.
INITIAL MARKET ANALYSIS
Betting on the development of a hotel establishment in Spain is always a long-term investment with ample success guarantees. All this is because it is a country where tourism constitutes an integral part of its GDP. According to data from the latest analysis of the Statista portal, in 2019, hotel investment exceeded 2,500 million euros.
In this way, we found that when it comes to justifying a hotel project, choosing Spain as the establishment’s location is a plus.
INTERNATIONAL TOURISM CHOOSES HOTEL ESTABLISHMENTS
Is it viable to bet on a hotel project in Spain? The numbers speak for themselves. In 2019, a year marked by the emergence and growth of tourist housing – the main competitor of hotel establishments – hotel occupancy exceeded 70% in all hotels throughout the country.
HOTEL PROFILE AS A PROJECT
It is also important to decide what type of hotel establishment you want to develop. The needs of a five-star resort will not be the same as that of a rural hotel. At IHCS, we are always committed to carrying out a detailed analysis of the profile sought with its defining characteristics.
According to statistical studies, foreign tourists tend to opt for four-star hotels, where the average number of overnight stays is 3.2 days. Considering the place where the hotel project will be established, it will be essential to determine what type of tourists are expected to adapt the facilities to a more splendid reception.
DEFINITION OF THE PRODUCT AND ITS SERVICES
After making the hotel profile that you want to develop, the next step will be to define it completely. Size, number of rooms, facilities, terrain, the architectural and decorative style would be framed at this point …
But it will also be necessary to make a list where the services you want to offer in the said establishment are reflected. Differentiating from the hotel offers can be an advantage for specific audiences. For example, offering pet-friendly services may come across as a convenience for some families. Also, determine if it will be an exclusive access hotel for families without children can attract a specific public. Each project will have to bet on a particular strength.
Finally, the rates will also be an important determining factor for guests. Carrying out a market study will be easy to see which margins are best suited to the project according to its benefits.
Investors will want to find in the justification of a hotel project absolutely everything that will define the establishment.
COMMERCIAL AND MARKETING STRATEGY
Today a project is nothing without a good plan of action to facilitate its commercialization. In this section, communication and marketing come into play, disciplines capable of marking a before and after in your project’s success. Thus, in the justification of a hotel project, it is recommended to include an action plan detailing the strategies to follow to achieve different objectives, mostly financial.
LET YOURSELF HELP FOR THE JUSTIFICATION PROCESS OF A HOTEL PROJECT
Justifying a hotel’s creation can become a tedious process if you do not have the necessary knowledge and experience in the sector. That is why at IHCS, we offer you our advisory services for the development of hotel projects.
We will make sure to offer you the best services so that you can optimize your resources as much as possible and get the financing you want with different hotel investors.
Our extensive experience will help us to adapt to any hotel project. Whatever the concept, we will try to adjust our strategies as much as possible so that you make it a reality and make it a benchmark in the international hotel sector.
We want you to grow by our side, so do not hesitate to consult our hotel project development services. Get in touch with us, and we will study your case in detail!.