A mid-scale hotels business plan is not noticeably different, in its particulars, from the document that would be required of a large-scale venture (resort property or destination hotel), but nor does it require more than would be expected of a small motel or campsite plan. The core ideas, in other words, are the same: what will the building accommodate, what are the related costs and expected revenues, how will it be run (personnel plan and operating strategy), and what financing is required to get the hotel or hotels up and running? If you're choosing a turnkey site or one that needs only moderate buildout, that is a very different affair from trying to build from scratch, so explain your intentions in the opening section of the document. From there, answer these:
• What is the aesthetic you intend for the property?
• Where is the location?
• What is the target market?
• What sort of traveler volume does the region see?
• How can the property be booked (what online channels)?
• What occupancy do you model into your projections?
A mid-scale hotels business plan should have a working assumptions table in the financial forecast to enable easy adjustments to your projections. This not only makes it easy for you to change things as they develop or you get new research in, it equips investors and lending partners with the tools they need to tweak the financial files and digest the resulting outputs. You should also have a thorough competitive comparison developed to prove that you know what you're up against and to help guide your positioning and service suite decisions going forward. The business planning experts at MasterPlans can assist you. We have an expert team in-house that has worked on many properties with successful results. Call us today at (877) 453-2011.
