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This acts as the foundation to which decisions such as trends and developments to follow will be based on. This is needed as investors want to be sure you really understand the hotel industry. Information on the current industry trends and the current state of the market and how this will impact your hotel. More detailed information on the USPs (unique selling points) of your hotel concept. Objectives : What do you hope to accomplish (i.e.”Reach an annual occupancy of 90%.”).For example in the case of Qbic Hotels “Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.” It explains why you are in business or or which huge need you are solving, that currently is not being met. Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a paragraph).This first part should consist of two main parts, being: Let’s dive into the step-by-step checklist of what your hotel business plan should look like. Check out our approach based on 10 critical points, being: We have put together a hotel business plan template to help you on your way. Hotels 101: The Basics of Business Planning For investors and lenders it is crucial they can quickly comprehend your plan, without reading the whole document. One of the main challenges for example is that after reading the first page most businesses I often don’t fully understand what the hotel is all about. And you need to lead readers down the exact path you want.
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Excite investors rather than bore them to death like most business plans full of redundant information do. The key is, knowing what to include, and what not to include in your hotel business plan. This leads to an indigestible super novel like book work, aka a mess. Most people try to include everything about their hotel concept in the plan. It is merely a structured summary of your idea. Really it is not that difficult to make a good hotel business plan. So you end up with ideas sitting in your head not realizing your dream. But until you finish your business plan, you will not be able to get the financing either.
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Why? Many do not have the time, don’t know what to write or how to do the financials. However, as a seasoned Hotel Management Company, we have seen that this is where most entrepreneurs get stuck. The next step would be to write a hotel business plan. You have thought out an amazing concept delivering unparalleled guest service. OK, so you have decided to realize your dream and open your own hotel.