A business plan for five star resort requires something more than the document that you would build in support of a new hotel. The resort property will have dramatic costs involved in getting the doors open, particularly if it needs major overhaul or will need to be built from the ground up. You should have construction companies and architects identified in the business plan, even if they are just candidates and you are deciding between bids. Your business plan should also outline the services that will be offered at the resort, not just lodging and dining but any ancillary things like massage, corporate catering, casino features, and so forth. The plan needs to show:
• The intended location (plot of land/scope)
• The nearest competitors
• The staffing plan for the facility
• The promotions you will use to get people to the property
• The airports or seaports that can be used to access the site
Competitive research is important but so are more basic market stats, like the state of the travel industry, consumer spending on luxury accommodation, and the metrics that can support your argument in favor of a new (or refurbished) five star resort property. The business plan will need a pro forma financial model that uses reasonable assumptions for room rates and occupancy rates, as well as a prolonged start-up phase identifying all relevant costs. The model and the market research can be challenging, but the experts at MasterPlans can help you. We have worked on more than 11,000 business plans to date including documents for several large properties in the South Pacific, Asia, and Europe. Call a consultant today to learn more: (877) 453-2011.
