A feasibility study is the key initial tool for assisting hotel, restaurant, leisure and retail development planning.

Types of Feasibility Studies
There are two main types of feasibility study – and many people confuse the two. Architects will undertake a development feasibility study to determine what is possible on a site. The results should not be confused with a market feasibility study that determines the financial viability of a scheme based on the market(s) for which it will cater. More on What is a Hotel, Restaurant, Leisure or Retail Feasibility Study

Buying Your Hotel– The Biggest Decision You Will Make – Part 2

(Buying Your Hotel– The Biggest Decision You Will Make – Part 1 – Here)

If the market is so important, what do you need to know?

The following is a quick guide to help you channel your thoughts. Follow it and you will probably be joining the top 5% or so of savvy hotel buyers.

1. Find Out Which the Markets the hotel is Trading In.

A successful hotel needs more than one market and will preferably have at least three sources of revenue.

Markets can include: More on Key Questions When Buying Your Hotel

Deciding which hotel to buy, when to buy a hotel – or even whether to buy one at all – is the biggest decision you will ever make in your hotel business. Whether your business is successful overtime will depend on the first crucial decision.

Its Different for My Size of Hotel

The size of hotel you are buying does not make any difference to your approach when buying it. Whether you looking at a five bedroom property or a 600 room resort hotel, the questions are the same. Don’t believe that your business is any different because it is either small or large. The key issues remain exactly the same. More on Buying Your Hotel – Your Biggest Decision

Six Simple ‘Rules of Thumb’ to Check the Value of Your Hotel Investment

(Buying Your Hotel– The Biggest Decision You Will Make – Part 1 – Here)

(Buying Your Hotel– The Biggest Decision You Will Make – Part 2 – Here)

Once you have a better understanding of the market, you should now focus on the building and ‘the deal’.

1. Base the value of the business on trading profits and not the number of rooms. More on Buying Your Hotel – 3