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Hotel Business Plan

Hotel business plan by xotels. Step by step guide on how to write a hotel business plan.

OK, so you have decided to realize your dream and open your own hotel . You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It’s like a road map to the opening. However, as a seasoned Hotel Management Company , we have seen that this is where most entrepreneurs get stuck.

Why? Many do not have the time and don’t know what to write or how to do the financials. But until you finish your business plan, you will not be able to get the financing either. So you end up with ideas sitting in your head not realizing your dream.

Really it is not that difficult to make a good hotel business plan. It is merely a structured summary of your idea. Most people try to include everything about their hotel concept in the plan. This leads to an indigestible super novel-like bookwork, aka a mess.

The key is, knowing what to include, and what not to include in your hotel business plan. Create a clear road map for success. Excite investors rather than bore them to death like most business plans full of redundant information do. And you need to lead readers down the exact path you want.

One of the main challenges for example is that after reading the first page most businesses often don’t fully understand what the hotel is all about. For investors and lenders, it is crucial they can quickly comprehend your plan, without reading the whole document.

hotel business plan 2

Hotels 101: The Basics of Business Planning

We have put together a hotel business plan template to help you on your way. Check out our approach based on 10 critical points, being:

  • Executive Summary
  • Company Analysis
  • Industry Analysis
  • Customer Analysis
  • Competitive Analysis
  • Strategic Plan
  • Operations Plan
  • Management Team
  • Financial Plan
  • Key Milestones

Steps of your Hotel Business Plan

Let’s dive into the step-by-step checklist of what your hotel business plan should look like.

These are the steps to developing your own hotel business plan. See which steps to follow to write your own hotel business plan.

Infographic by Xotels

1. Executive Summary

This first part should consist of two main parts, being:

  • Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a paragraph). It explains why you are in business or which huge need you are solving, that currently is not being met. For example in the case of Qbic Hotels “Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.” 
  • Objectives : What do you hope to accomplish (i.e. “Reach an annual occupancy of 90%”).

 2. Company Analysis

More detailed information on the USPs (unique selling points) of your hotel concept.

hotel business plan 3

3. Industry Analysis

Information on the current industry trends and the current state of the market and how this will impact your hotel. This is needed as investors want to be sure you really understand the hotel industry. This acts as the foundation on which decisions such as trends and developments to follow will be based.  

Streamline Your Hotel Operations

We guide hotels and resorts toward unparalleled success, positioning them as market leaders.

hotel management business plan ideas

4. Customer Analysis

In-depth information on your target market, including geographic, demographic, socioeconomic, psychographic, and behavioural segmentation details. It can also help you to keep up to date with the latest hotel marketing trends to understand which are the types of guests who will be staying at your hotel. Explain which features will be meeting the needs and wants of these main segments when thinking of:

Basically, how will consumers answer this question ‘Why my hotel?’

Aim to break it up to the point value can be easily communicated (do not make it too overcomplicated). Think of the following examples:

  • Psychographics: interests, lifestyles, personality, values, opinions, and attitudes
  • Behavioural segmentation: purchasing behaviour, level of engagement, customer loyalty
  • Demographics: gender, age, marital status and education
  • Geographics: location (country, state, region, city)
  • Socio-economics

Any of the above examples of hotel segmentation can, if described well, be of great value to your business plan. An example of this could be a hotel located in a beach town, where you should be able to describe how demographics and psychographics differ from summer to winter time. Especially, since this example is typically known for lower demand in winter which you could be compensating for with the right hotel marketing strategies on hand.

hotel management business plan ideas

5. Competitive Analysis

A study of your local competition or global concept competitors, with each of their strengths, weaknesses, occupancy rates and market share ( SWOT analysis ). And don’t forget the most important part; what differentiates you from them. What makes you stand out?

Ask yourself: “can I add value to a specific area”, especially when it comes to hotel-dense areas like city centres or major destinations.

6. Strategic Plan

This exists of 3 parts:

  • Marketing : How exactly will you attract customers/guests? How will you position yourself? What will your message be to the different segments of your business mix? How will your direct marketing work? What will be the plan for your hotel website, SEO, SEM and SMM? Will you do offline promotion? In short, your hotel marketing strategy should cover everything there is to know about how to market your hotel.
  • Distribution : Which 3rd party channels will you use and how will you manage availability? What technology will you need?
  • Revenue management : What pricing and yield techniques will you use? What will your payment and cancellation policies be? Which room types will you be selling, and how will they be individually marketed? How many revenue scenarios will I create? Where can I compensate income/demand streams when necessary?

Make sure you have the capabilities to plan out a strong marketing, distribution and revenue management strategy. 

Things get complicated rather fast, and choosing to outsource hotel and revenue management is likely to give you a strategic advantage, during the planning phase, and the execution of your business plans.

7. Operations Plan

How will you run your hotel? Think of the following elements:

  • How many staff and supervisors will you need? 
  • What are their job descriptions/responsibilities? 
  • What background and experience should they have? 
  • When should they start? 
  • What are your service standards?
  • Will you develop manuals?
  • Which supplier will you use?
  • How will you manage inventory?

8. Management Team

Include the bios of your team. Focus on what uniquely qualifies you to make your hotel such a success. Having a great team is the key to success , and stakeholders will be impressed with a thorough explanation of the added value everyone brings to the table.

9. Financial Plan

Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. These figures should be always based on your Hotel Feasibility Study . The KPIs to look at include expected occupancy, ADR (Average Daily Rate) and RevPAR (Revenue per Available Room).

If you are raising money , outline how much funding will be needed and when. Explain how you will generate a return on investment for investors, or when lenders will be paid back.

10. Key Milestones

These are the most important achievements which once they have been completed, will make your hotel more likely to succeed. Think off:

  • Location selection
  • Permits & Licenses
  • Build-out / Construction of the Hotel
  • Staffing and Training
  • GOP Break-even
  • NOI Break-even

Each time one of the key milestones is achieved, the risk of lenders or investors decreases . And once your last key milestone is reached, the chance of success is more or less guaranteed.

11. Appendix

Provide any other relevant information here. Don’t clutter the main sections of your hotel business plan with too many details. Rather support them with attachments in this part.

hotel management business plan ideas

Putting Your Plan into Action

Many people have great business ideas. But that really doesn’t matter. The difference between dreamers and entrepreneurs is the action mindset. Are you ready to ship your idea to the market? 

The first step is to put your ideas on paper. I hope this free sample will help you write a persuasive hotel business plan. Because no investor or lender will be interested if you cannot present a clear plan.

Follow your dreams and go for it!

Need help to Develop and Manage your Hotel Concept?

Our hotel consultants at XOTELS have helped hundreds of hotels to develop and optimize their businesses. 

With cost-effective implementations and best practices developed over years of experience, successful business as a boutique hotel , resort, B&B, aparthotel, hostel, or any other lodging concept for that matter, is guaranteed.

Hope this template has helped you get inspired to start your own hotel business .

Best of luck in your endeavours!

Patrick Landman

PS. Get in touch with us if you need help developing and managing your hotel concept.

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Hotel Business Plan Template

Written by Dave Lavinsky

Hotel Business Plan

You’ve come to the right place to create your hotel business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their hotel companies.

Below is a template to help you create each section of your Hotel Business Plan:

Executive Summary

Business overview.

Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, a spacious and fully-equipped fitness center, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The service and amenities will be first class and the concierge will treat guests with extreme care and ensure guest satisfaction is held at an exceptional standard..

Service Offering

The following are the services and amenities that Pegasus Hotel will provide:

  • 354 luxury rooms, two presidential suites, and four parlor suites
  • Olympic size pool with adjacent hot tubs and surrounding cabanas
  • First-class full-service spa
  • First-class restaurant and bar
  • Spacious fitness center
  • Over 20,000 square feet of attractive meeting space for events
  • Concierge and butler service
  • Complimentary wifi
  • Valet service
  • Laundry service
  • Business center

Customer Focus

Pegasus Hotel will target the population of Austin, Texas, its surrounding communities, and travelers visiting Austin for work or play. Guests will be mid to high level income, enjoy traveling, enjoy visiting spas and high-end restaurants, and work in the corporate or government sector.

Management Team

Pegasus Hotel will be owned by Frank Girard and Miles Butler. They will act in an Owner capacity, and will not be involved in the day to day operations of the hotel. Frank and Miles will hire the appropriate staff to ensure Pegasus Hotel is a profitable and successful business.

Lorenzo Falucci, General Manager, has over twenty years of experience in the hotel industry. He has most recently managed another independent boutique hotel in New York and was excited to be recruited by Frank and Miles to operate the Pegasus Hotel.

Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.

Success Factors

Pegasus Hotel will be able to achieve success by offering the following competitive advantages:

  • Friendly, attentive, and highly responsive staff that caters to each guest and will be able to provide the best guest experience possible.
  • Luxurious amenities throughout the hotel that will make each guest feel pampered.
  • Modern and contemporary designed hotel tucked against a beautiful Texas landscape perfectly suited to host any event.
  • Competitive rates and frequent guest discounts.

Financial Highlights

Pegasus Hotel is seeking $10,000,000 in debt financing to begin constructing the hotel and commence operations of the business. The funding will be dedicated towards securing the land lease and the hotel build-out and design. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, furniture, fixtures, and equipment, initial inventory, and working capital. The breakout of the funding is below:

  • Secure the land lot, architecture, build-out, and design: $6,000,000
  • Hotel furniture, fixtures, and equipment: $2,000,000
  • Initial inventory: $750,000
  • Three months of overhead expenses (payroll, rent, utilities): $1,000,000
  • Marketing & advertising: $150,000
  • Working capital: $100,000

The following graph below outlines the pro forma financial projections for Pegasus Hotel.

hotel management business plan ideas

Company Overview

Who is pegasus hotel.

Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The mission statement of the hotel is to provide first class service and amenities.

The guests rooms will include luxury beds and bedding with best-in-class furniture and bathroom fixtures. Pegasus Hotel will also have a full-service spa that will be able to provide massages, facials, makeup and/or hair service, steam rooms, and a sauna. The Olympic-sized pool will have adjacent hot tubs with a swim-up bar and surrounding cabanas. Pegasus Hotel will be equipped with state-of-the-art fitness equipment in its spacious gym. The restaurant will be a high-end steakhouse that will feature entrees from a world-renowned chef and a wine list cultivated by the area’s most respected sommelier. There will also be over 20,000 square feet of meeting space that will hold weddings, bat mitzvahs, reunions, galas, and any special event.

Pegasus Hotel will be independently owned and operated and will feature its own reservation system and operational software. Each employee will be expertly trained and vetted to pass luxury industry standards of guest service. Pegasus Hotel is committed to providing the best guest experience possible while maintaining a profitable hotel. Pegasus Hotel aims to be a step above the rest and be an unforgettable experience for all who step foot into the hotel.

Pegasus Hotel History

Pegasus Hotel is owned by two local businessmen, Frank Girard and Miles Butler. Frank and Miles have been friends and business associates for over thirty years. They became friends in college while attending The University of Texas at Austin. Frank is a real estate developer specializing in commercial real estate and multi-use land projects. Miles is a software engineer who has built multitudes of software programs for various companies. They have both been extremely successful in their careers and want to divest their investments in a large-scale full-service hotel in Austin, Texas.

Since incorporation, Pegasus Hotel has achieved the following milestones:

  • Acquired a 40-acre lot on the outskirts of Austin, Texas.
  • Registered Pegasus Hotel, LLC to do business in the State of Texas.
  • Hired a consultant to conduct a feasibility study for a full-service hotel in Austin.
  • Began developing reservation and operational management software for use at the hotel.
  • Began the branding image, logo, website, and social media accounts for the staffing agency.
  • Applied for a liquor and mixed beverage permit with the Texas Alcoholic Beverage Commission.
  • Hired an architect to begin the design phase of the hotel.

Pegasus Hotel Services

The following will be the services and amenities Pegasus Hotel will provide:

Industry Analysis

The hotel industry is expected to increase to a $133 billion in the next five years. The hospitality industry will benefit from increases in travel spending, corporate profit and general consumer spending.

As consumers earn higher incomes and businesses replenish their budgets, travel spending is projected to increase over the next five years. Inbound trips by non-US residents are anticipated to rise 22% over next the five years, while domestic travel is expected to grow 9% during the same period.

The industry will see particularly strong growth in extended-stay hotels, boutique hotels, spa and health retreats and resorts segments. As demand for these auxiliary services picks up, industry employment is anticipated to recover and increase over the next five years. Industry players are also expected to continue expanding abroad into emerging economies, such as Asia, Eastern Europe and South America. These foreign markets are expected to somewhat detract from domestic investment, as they offer higher growth prospects for industry operators.

Customer Analysis

Demographic profile of target market.

The precise demographics for Austin, Texas are:

Customer Segmentation

Pegasus Hotel will primarily target the following customer profiles:

  • Individuals and families who have disposable income (mid to high level)
  • Frequent travelers
  • Individuals who dine out and visit spas frequently
  • White collar workers (corporate or government office)

Competitive Analysis

Direct and indirect competitors.

Pegasus Hotel will face competition from other companies with similar business profiles. A description of each competitor company is below.

Hotel Ella is a historic boutique hotel located in Austin, Texas. Located in downtown Austin and walking distance to the University of Texas campus, Hotel Ella is a stylish boutique hotel housed in the historic Goodall Wooten House, one of Austin’s original landmark estates. Constructed in 1900, the Greek revival-style mansion underwent an extensive renovation in 2013, and now offers the perfect balance between modernity and a rich history rooted in the fabric of the neighborhood and the university. Hotel Ella has 47 guest rooms, a cabana-lined pool, and a wrap-around veranda overlooking the front lawn. Hotel Ella features beautifully designed outdoor and indoor spaces perfectly suited for a vacation, wedding, or corporate event. The hotel also features a diverse collection of Texas Modernist works around the hotel grounds.

All guests of Hotel Ella are treated to warm southern hospitality and superior personalized service during their stay. The historic property is appointed with a variety of elegant 21st century amenities. Hotel Ella also offers the following amenities and guest services:

  • Complimentary 24-hour guest services
  • Complimentary high-speed wi-fi access
  • Complimentary electric car charging station
  • Complimentary morning newspapers available in the historic mansion
  • Complimentary coffee stations from 5am – 11am
  • Twice-daily housekeeping service
  • Cabana-lined outdoor pool
  • Fitness center
  • Same-day valet laundry services
  • In-room dining by Goodall’s
  • Business services: photocopying, printing, postal services, and supplies

Hotel Ella also welcomes dogs of all sizes at no additional fee.

Kimber Modern

Kimber Modern is located in the hip SoCo district of Austin and is intended to draw in the independent urban traveler seeking a unique escape. It is architecturally designed with clean lines and abundant light filtered through canopies of oaks in an artfully landscaped Courtyard. The hotel also encompasses absolute comfort and attention to detail while providing technologically sophisticated rooms in their boutique guest rooms. Guests booking at Kimber Modern will receive complimentary beverages, parking, and WiFi.

Kimber Modern offers the following hotel amenities to its guests:

  • Off street covered parking
  • Electric car charging station
  • Keyless entry
  • Complimentary WiFi throughout the hotel
  • Multi-level courtyard with a 25-foot glass water feature with multiple areas to lounge
  • Jura self-serve coffee system featuring a variety of coffee drinks 24/7
  • Beverage bar 24/7
  • Gourmet teas
  • Virtual concierge – computer, printer, and copier
  • Meeting space available for groups
  • 3pm check-in and noon check-out

Guests are also available to book the entire hotel for their group.

The Cat Noir Hotel

The Cat Noir Hotel is an award-winning 14-room boutique hotel located in the heart of Austin’s east side. The European-styled boutique hotel includes a restaurant and bar partner, Uncle Nicky’s Italian Specialties. Uncle Nicky’s offers a relaxed all-day dining experience that is themed after cafes in northern Italy. The Cat Noir Hotel opened in 2016 and has been ranked #2 by Travel + Leisure’s World’s Best Awards and Top 20 Best Hotels in Texas by Conde Nast Traveler.

The Cat Noir Hotel’s contemporary design maintains a sense of warmth and a unique aesthetic that is felt through the lobby, outdoor spaces, and each of the unique guest rooms. In addition to the design elements, The Cat Noir Hotel boasts the following features:

  • Private roof deck for guests to enjoy the stunning views of downtown, the Texas Capitol, and the University of Texas
  • Outdoor patio and courtyard areas on all levels
  • Artwork from local artists

Each of the guest rooms include Juliet balconies with neighborhood views, fine linens, and Simmons luxury plush mattresses.

Competitive Advantage

Pegasus Hotel will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Pegasus Hotel will offer the unique value proposition to its target market:

  • Professional and attentive staff dedicated to ensure complete guest satisfaction.
  • Various amenities throughout the hotel for any guest to enjoy.
  • Modern and contemporary design with beautiful Texas views throughout the entire hotel.
  • Competitive rates.

Promotions Strategy

The promotions strategy for Pegasus Hotel is as follows:

Social Media

Pegasus Hotel will invest in advertising the hotel on social media platforms Facebook, Instagram, LinkedIn, and Twitter. By using targeted social media marketing, Pegasus Hotel will be able to reach those who frequent nice restaurants and spas and travel frequently.

Website/SEO Marketing

Pegasus Hotel will invest in a strong SEO presence so that when someone enters “Austin boutique hotel” or “first class hotel near me” in their Google or Bing search bar, Pegasus Hotel is at the top of the list. Their website will feature photos of the guest rooms, meeting areas, pool, spa, fitness center, and restaurant/bar. Future guests will be able to make a reservation to book their future stay on the website and access contact information for either a Director of Sales or General Manager of the property.

Pegasus Hotel will request all requests for news stories regarding the development of the hotel, owner/developer information, opening dates, etc. By accommodating the press’ requests for stories, it will also be free advertising for the public to learn about the new up and coming luxury hotel.

Frank and Miles will invest in a billboard in downtown Austin where the mid to upper class of residents frequent. The hotel will be minimalistic but eye-catching. It will feature an attractive rendering of the hotel along with the website. Curious passersby will be directed to visit the hotel’s website for information.

Third Party Booking Websites

Once the hotel is nearing 60 days towards opening, all of the third party booking websites will feature Pegasus Hotel so that travelers visiting Austin will be able to see it listed as an option for Austin hotels.

Bridal Shows and Wedding Industry Events

Pegasus Hotel will have a table at all of Austin’s bridal shows and wedding industry events. It will attract those couples searching for a venue to accommodate their special day.

The pricing of Pegasus Hotel will be moderate and on par with competitors so customers feel they receive value when purchasing its guest rooms and services.

Operations Plan

The following will be the operations plan for Pegasus Hotel.

Operation Functions:

  • Frank and Miles will be the owners of the hotel and hire the appropriate staff to manage the hotel. Frank will act as CFO of the hotel and Miles will be in charge of the reservation system and operations software. Miles developed the software and will focus on making sure it’s always functional and efficient.
  • General Manager will be hired to oversee the entire staff and operations of the hotel to include guest satisfaction, oversee vendor contracts, events, and making sure that each department is running effectively and efficiently.
  • Assistant General Manager to assist the General Manager with overseeing the staff, with particular attention to guest satisfaction and front desk operations.
  • Director of Sales will be hired to sell events, corporate accounts, and group bookings for the hotel.
  • Maintenance Engineer will be hired to attend to all mechanical and plumbing issues that may arise.
  • Executive Housekeeper will be hired to lead the team of housekeepers to make sure all areas of the hotel are being cleaned to Pegasus Hotel standards and that each guest is receiving all accommodations to their requested schedule.

Milestones:

Pegasus Hotel will have the following milestones completed in the next six months.

8/1/202X – Purchase land lot and break ground on new hotel.

8/15/202X – Finalize architectural renderings and hire a General Contractor to build the hotel.

9/1/202X – Finalize contract with advertising company for them to design the branding image of the hotel, logo, website, billboard, and social media accounts.

9/15/202X – Begin social media and website advertising campaign. Billboard with a teaser of ‘Coming Soon’ will go up in downtown Austin.

10/5/202X – Hire General Manager and Director of Sales.

10/15/202X – Attend annual Wedding Industry Event with a table to begin advertising Pegasus Hotel.

11/1/202X – Pegasus Hotel will go live on third party booking websites.

11/15/202X – Remainder of staff will be hired to begin training program.

11/30/202X – Final walk-thru of newly constructed Pegasus Hotel.

12/15/202X – Begin furnishing and interior design of the hotel.

1/1/202X – Grand Opening of Pegasus Hotel.

Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. After an exhaustive search, Lorenzo believes has found the next two senior management positions to ensure the success of the hotel. Each comes with an impressive resume of prior hotel sales and operational experience.

Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.

Lorenzo, Lisa, and David will meet with Frank and Miles monthly to update them on progress and overall operations and sales efforts of the Pegasus Hotel.

Financial Plan

Key revenue & costs.

The revenue drivers for Pegasus Hotel are the revenues it will collect when guests book a reservation at the hotel. The hotel will also collect revenues from its restaurant and bar, spa, and events it will host.

The cost drivers will be the payroll and overhead costs to staff the hotel. Other costs will involve the land lease, utilities, marketing costs, and technology fees. There will also be costs associated with the maintenance of the hotel, food and beverage inventory, spa inventory, and hotel guest room supplies.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Initial Number of Room Nights Sold per Month: 8,000
  • Number of Events per Month: 30
  • Land Lease per Year: $1,500,000

Financial Projections

Income statement, balance sheet, cash flow statement, hotel business plan faqs, what is a hotel business plan.

A hotel business plan is a plan to start and/or grow your hotel business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your hotel business plan using our Hotel Business Plan Template here .

What Are the Main Types of Hotel Companies?

There are many types of hotel companies. Most hotels are affiliated with a hotel franchise company. Other hotel companies distinguish themselves by star level-  4 to 5-star hotels are on the higher end of rate and amenity offerings, whereas 2 to 3-star hotels cater more towards the everyday business travelers and families.

What Are the Main Sources of Revenue and Expenses for a Hotel Business?

The primary source of revenue for a hotel business are the room fees it charges each guest to stay at the hotel. Revenues are also collected for different amenity offerings, such as room service,  restaurant and bar revenue, spa revenues, and guest shop revenue.

The key expenses for a hotel business are the costs for inventory, maintenance, supplies, furniture, fixtures, and equipment, technology, and payroll of the staff. Other expenses will be the rent, utilities, and overhead costs, if applicable.

How Do You Get Funding For Your Hotel Business Plan?

Hotel businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Angel investors and other types of capital-raising such as crowdfunding  are other common funding sources. This is true for a business plan for a hotel, a resort or a boutique hotel business plan.

What are the Steps To Start a Hotel Business?

Starting a hotel business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Hotel Business Plan - The first step in starting a business is to create a detailed hotel business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your hotel business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your hotel business is in compliance with local laws.

3. Register Your Hotel Business - Once you have chosen a legal structure, the next step is to register your hotel business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your hotel business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Hotel Equipment & Supplies - In order to start your hotel business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your hotel business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful hotel business:

  • How to Start a Hotel Business

Where Can I Get an Example Hotel Business Plan PDF?

You can download our example hotel business plan PDF template here . This is a business plan template you can use in PDF format.

Other Helpful Business Plan Templates

Franchise Business Plan Template Resort Business Plan Template Bed and Breakfast Business Plan Template

How to Make a Business Plan for your Hotel

Whether you own a bed and breakfast, a family-run inn, a cosmopolitan hotel or an all-inclusive resort, a business plan is absolutely essential to your success.

You might have the best hotel concept in the world, but none of that will matter if you don’t have a well-organized plan that lays out how it will come to fruition.

Unfortunately, many hoteliers don’t use business plans to their full potential. Instead, they throw together a collection of ad-hoc documents to show stakeholders, investors and other interested parties. Even worse, they don’t put together a business plan at all. This is a big mistake, but it often stems from people finding the concept of business plans intimidating.

Fortunately, hotel business plans aren’t as daunting as they seem. At their most basic, they’re summaries of the most important details of your hotel concept . They allow readers to learn everything they need to know about your hotel idea in a detailed yet succinct manner.

Need guidance in doing so? Follow the points outlined here and you’ll have no trouble developing an effective business plan for your hotel.

Table of contents for this article:

Hotel Business Plan Essentials

Other elements to include, focus on the essential, 1. executive summary.

Your business plan in a nutshell.

The placement of executive summaries is misleading. They normally come first in business plans, but really, they should be written last. This is because they cover all the key points that are mentioned in your business plan.

Along with summarizing the basics, remember to include your broader mission statement and specific project objectives.

We’ve said it once and we’ll say it again, it’s much easier to write a great executive summary once you’ve finished the rest of your business plan!

Relaxing hotel view

2. Company Analysis

Think of this as an elevator pitch.

Provide an accurate yet exciting impression of your hotel project as it stands. Talk about background information like business stage, legal structure, investors and/or stakeholders and other major milestones. Most importantly, make sure you also highlight your hotel’s unique features and qualifications, sometimes referred to as USPs (Unique Selling Propositions).

USPs are key in the highly competitive hotel market and can really make your concept stand out from the crowd. Does your hotel have pool, jacuzzi or spa amenities? Is it completely wheelchair accessible? Does it offer amazing views of the city or surrounding countryside? These are all key features to highlight in your company analysis.

Some company analyses also use the SWOT analysis framework to assess their hotel concept’s strengths, weaknesses, opportunities and threats.

  • Optimizing occupancy, revenue or ADR
  • Upgrading your software stack
  • Solving distribution or/and tech issues
  • Improving their hotel online presence

3. Industry Analysis

What context will you be operating in, exactly?

In a business plan, industry analysis refers to researching relevant market trends. Understanding short and long-term trends that affect the hotel industry is key in putting together an effective hotel business plan, and eventually running a successful hotel.

Think about trends and events in relation to broader themes like technology, health, environment, politics, culture and economy. Reflect on how they might affect your business, or better yet, how your business could use them to its advantage. In the context of COVID-19 , for example, it’s a great idea to be transparent about the sanitary measures and distancing policies your business has (or would be able to) put into effect.

Depending where your hotel is located, industry analysis may be daunting. A more manageable way to think about it is in relation to your relative market. That is, focus your research specifically on hotels that have a similar concept to yours .

Industry trends affect family-run bed and breakfasts very differently than they do all-inclusive resorts, so make sure to undertake analysis that’s relevant to your business.

Bottle of Champagne in hotel room

4. Competitive Analysis

Now, it’s time to size up the competition.

One of the best ways to put together a successful hotel business strategy is to have an excellent idea of what the competition is doing. Emulate what they’re doing correctly and improve upon what they’re doing wrong. If you see that many customers are complaining about the weak WiFi or lack of breakfast at hotels in the area, see if your business can provide those amenities.

You can focus your research solely on local competitors, but you can also include global competitors with similar concepts to your own . How you choose to do this will depend on your hotel’s concept and where it’s located.

Similar to industry analysis, competitive analysis is intimidating to many. In order to simplify it, only undertake in-depth analysis of your most direct competitors. Some market experts also use the SWOT analysis framework when analyzing the competition as well.

When it comes to more indirect competitors, try grouping them together and thinking about big picture comparisons.

hotel guest with luggage

5. Ideal Customer Profile

Next, you’ve got to figure out who exactly will be coming to your hotel.

It’s incredibly important to have a specific picture of your hotel’s ideal customer. Just like any other product or service, you’ll need to determine who you’ll be marketing to . Different kinds of hotel guests have different priorities and needs, so it’s important to determine who you’ll be catering to .

Put simply, a businessman staying in central London for a work conference will have very different hotel needs compared to a family of four on a week-long summer vacation.

Ideal hotel guest profiles take geographic, demographic, socio-economic, psychographic, cultural and behavioral considerations into account. You’ll also want to consider whether your hotel concept will be broadly appealing to several hotel guest profiles or if you’ll be catering to a specific niche.

Need help putting together ideal customer profiles? Get inspired by checking out your direct competitors’ guest reviews online.

6. Marketing Plan

Last but not least, how will you attract guests?

A strong concept is only half the battle. Without an effective marketing strategy , your hotel will remain empty. At its most basic, your marketing plan should describe how you’ll attract guests to your hotel and therefore make it a profitable business.

In doing so, marketing plans usually touch on the following categories:

  • Marketing How will you get the word out to guests? In the modern age, this most often refers to online marketing strategies related to your hotel’s website, search engine results and social media presence. You can also cover direct marketing, offline marketing, networking, third-party promotion and partnerships here.
  • Sales & Distribution How will you secure bookings? Think about what channels you’ll use to communicate availability and manage reservations, for example if your hotel is being listed in Airbnb, you'll need an Airbnb channel manager to handle your reservations and avoid double bookings. Most hotels use a combination of direct and indirect sales and distribution strategies.
  • Yield & Revenue Management How will you make sure that your hotel is profitable? Consider pricing and yield strategies early on to maximize your business’s revenue growth.

Sunglasses by the hotel pool

We’ve talked about hotel business plan essentials, but we’re not done yet. The points we covered above are the basics, but there are several additional elements that you might want to consider including.

Remember, your hotel business plan should most importantly present the specific context of your project . The elements you include should reflect that.

We’ve included some ideas of additional elements you might like to include below, but the possibilities are endless.

  • Operations Discuss how your hotel will run on a day-to-day basis. This connects to management but focuses on the big picture. Make sure to include details like staff numbers, hotel processes, service standards, external suppliers and inventory management.
  • Management Have you established who will be in charge of your hotel’s management? Or who will be working at your hotel? If you have, talk about their profiles and what qualifies them to do their jobs here.
  • Finances Put simply, discuss the money you have, the money you’ll require and how much you estimate that your project will cost in total. This is also a good opportunity to mention ROI projections.
  • Reference Materials Be sure to include any supporting materials that support the information presented in your business plan. e.g. charts, graphics, resources, imagery and other media.

There you have it! Follow the steps above and you’ll have an effective business plan for your hotel in no time.

If you’re feeling overwhelmed by the process, remember to focus on the essentials first . Basic information like your project background, industry trends, competitor research and ideal clientele is your bread and butter. Once you’ve got those elements covered, start thinking about what additional elements you want to include based on your needs.

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Firstly, we assess

We evaluate objective(s), defining opportunities and setting goals.

Then, we plan

We make a plan detailing what should be done to help reach set goals.

Finally, we make it happen

We implement change, as planned, within set timeline and budget.

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Hotel Business Plan Template

If you want to start a hotel business or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their hotel businesses.

Below are links to each section of your hotel business plan template:

Next Section: Executive Summary >

Hotel Business Plan FAQs

What is the easiest way to complete my hotel business plan.

Growthink's Ultimate Hotel Business Plan Template allows you to quickly and easily complete your Hotel Business Plan.

Where Can I Download a Hotel Business Plan PDF?

You can download our hotel business plan PDF template here . This is a business plan template you can use in PDF format.

What Is a Hotel Business Plan?

A business plan provides a snapshot of your hotel as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why Do You Need a Business Plan?

If you’re looking to start a hotel or grow your existing hotel you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your hotel in order to improve your chances of success. Your hotel business plan is a living document that should be updated annually as your company grows and changes.

What Are the Sources of Funding for a Hotel Business?

Hotels are usually funded through business loans.

Often you'll have to use personal savings and/or angel investors to help with the down payment on the business loan.

In the financial model section of your plan, be sure to detail, among other things, how much it will cost to build your hotel and the key uses of funds (e.g., building the hotel, cost to furnish the hotel, staffing costs, working capital, etc.).

Note that if you already operate several hotels, private equity investors might be interested in helping to finance your expansion.

How Do You Start a Hotel Business?

Starting a hotel business is easy with these 14 steps:

  • Choose the Name for Your Hotel Business
  • Create Your Hotel Business Plan
  • Choose the Legal Structure for Your Hotel Business
  • Secure Startup Funding for Your Hotel Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Hotel Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Hotel Business
  • Buy or Lease the Right Hotel Business Equipment
  • Develop Your Hotel Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Hotel Business
  • Open for Business

Learn more about how to start a hotel .

HOTEL BUSINESS PLAN OUTLINE

  • Hotel Business Plan Home
  • 1. Executive Summary
  • 2. Company Overview
  • 3. Industry Analysis
  • 4. Customer Analysis
  • 5. Competitive Analysis
  • 6. Marketing Plan
  • 7. Operations Plan
  • 8. Management Team
  • 9. Financial Plan
  • 10. Appendix
  • Hotel Business Plan Summary

Start Your Hotel Plan Here

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How to Write a Successful Hotel Business Plan + Template

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Creating a business plan is essential for any business, but it can be especially helpful for hotel businesses who want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every hotel business owner should include in their business plan.

Download the Ultimate Hotel Business Plan Template

What is a Hotel Business Plan?

A hotel business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Hotel Business Plan?

A hotel business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Hotel Business Plan

The following are the key components of a successful hotel business plan:

Executive Summary

The executive summary of a hotel business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

  • Start with a one-line description of your hotel company
  • Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your hotel business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your hotel firm, mention this.

You will also include information about your chosen hotel business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a hotel business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

  • What part of the hotel industry are you targeting?
  • How big is the market?
  • What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a hotel business’ customers may include:

  • Business travelers
  • Leisure travelers
  • Groups and conventions
  • Wedding parties
  • Local residents

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or hotel services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your hotel business may have:

  • Location : if your hotel is located in an ideal spot for leisure or business travelers, this could be a key competitive advantage
  • Amenities : if your hotel offers unique amenities that are appealing to your target market segments, this could give you a leg up on the competition
  • Customer service : if you focus on delivering exceptional customer service, this could be a key selling point

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

  • Product/Service : Detail your product/service offerings here. Document their features and benefits.
  • Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
  • Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
  • Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your hotel business via public relations (PR), speaking engagements, or other thought-leadership activities.

Operations Plan

This part of your hotel business plan should include the following information:

  • How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
  • What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a hotel business include reaching $X in sales. Other examples include adding new locations, launching a new product/service, or hiring new employees.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific hotel industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

  • Revenue: how much revenue you generate.
  • Cost of Goods Sold: These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
  • Net Income (or loss): Once expenses and revenue are totaled and deducted from each other, this is the net income or loss

Sample Income Statement for a Startup Hotel Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

  • Assets : All of the things you own (including cash).
  • Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
  • Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Hotel Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

  • Cash Flow From Operations
  • Cash Flow From Investments
  • Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup hotel business.

Sample Cash Flow Statement for a Startup Hotel Business

You will also want to include an appendix section which will include:

  • Your complete financial projections
  • A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
  • Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your hotel company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

As you can see, there is a lot that goes into creating a successful hotel business plan. But with careful planning and execution, you can set your hotel business up for success.  

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Hotel Business Plan

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Turn your dreams into reality with a comprehensive hotel business plan. 

Why do I need a hotel business plan?

Studies show that entrepreneurs who finished their business plan were twice as likely to succeed in growing their business than those with no plan. A hotel business plan provides a detailed roadmap of what needs to be accomplished and why and gives potential investors insight into your business idea.  

Included in this business plan are templates for: 

  • Company analysis
  • Industry analysis 
  • Competitive analysis 
  • Operations plan 
  • Financial plan

How to create a hotel marketing plan in 2023 [+free template]

From idea to execution: 10 sections to include in your hotel business plan, what is hotel revenue management the beginner’s guide.

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How to Start a Hotel Business: Everything You Need to Know

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Wondering how to start a hotel business? You’re not alone. One of the first-ever hotels , as we’ve come to know them, was started in Exeter, England in 1768. Today, the industry has skyrocketed to be part of one of the largest in the world.  But dreaming of starting a hotel business and actually doing it are two completely different things. That's where we come in. 

In this guide, we’ll teach you how to start a hotel business with step-by-step instructions, expert advice, and actionable tips. Keep reading to discover the fundamentals all hotel businesses need to succeed.

The steps we cover in this guide:

  • Step 1: Find a market need
  • Step 2: Craft your strategic goals
  • Step 3: Run the numbers
  • Step 4: Review financing options
  • Step 5: Do your paperwork
  • Step 6: Hire and train your team
  • Step 7: Draft a marketing plan
  • Step 8: Launch your hotel business

Discover how to start a hotel business in 8 steps:

Step 1: find a market need..

The first and most important step when learning how to start a hotel business is to gain a thorough understanding of the hospitality industry worldwide, as well as in your location. To get started, find your favorite hotel news sources , then set aside time each day or week to stay informed. Once you have some familiarity with the industry, it’s time to dive into the market research for your hotel.

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Cvent's resources library is a great place to start. It's where you can read the latest news, thought leadership, and best practices from a wide variety of industry experts. The goal of your industry research is to get a clear idea of whether you can be competitive in your market. Also, what characteristics your hotel will need in order to succeed. 

Rather than starting with an idea and making the research fit, try to find an area of need in your market. What audiences are underserved? Where is demand outpacing supply? What does your location need in terms of hospitality and accommodation?

To give you a good understanding of where you’ll fit in, your market research should include:

  • Property type. All hotels are not built the same. The industry is made up of resorts, spas, airport hotels, all-inclusives, hostels, boutiques, and many other property types. Determine what property type you plan to offer and what other options in that category exist in your location.
  • Hotel size. Closely related to your property type is the hotel size. How many guest rooms will you offer, and how does that compare to your competitors?
  • Star rating. What level of service and hotel amenities do you plan to offer?
  • Location. What region will you operate in? Is demand increasing in the area? What location amenities, like airports, beaches, or event venues , will you be in close proximity to?
  • Brand affiliation. Will you be a part of a larger brand’s umbrella? Being affiliated with a brand can help with marketing , business intelligence, pricing, and audience targeting.
  • Extra amenities. What services or amenities are important for hotels of your type and star rating in your location? Things like free Wi-Fi, meeting space, a pool, or wedding services  are all important, depending on your target audience.
  • Guest demographics. How would you define the types of guests who may frequent your location? What is the purpose of travel, and what are some common characteristics of these travelers? Knowing whether you are targeting business travelers, families, couples, solo travelers, retirees, or other demographic groups will help you to craft your marketing plan and hotel concept.

All of this research should give you a good idea of your main competitors and target audience. Those two pieces of information will determine everything else about your property, from budget and financing to marketing and daily operations. Spend time on this step to make sure you’ve found a true need in the market. You’ll be better prepared for success.

You can utilize tools like Cvent's Hotel Business Intelligence™ Software Solutions to provide you with the transformative business insights needed to conduct your market research and benchmark against the competition.

Step 2: Craft your hotel's strategic goals.

Once you have an understanding of market needs, you’ll need to create a smart solution to fill that gap. Your unique combination of amenities, concept, decor, marketing, location, and services can help you stand out from the crowd and capture market share if you approach it strategically.

Consider how you’ll approach pricing, revenue management , sustainability, customer satisfaction, events, and other market needs when crafting your goals. As with all goals, they should be S.M.A.R.T - specific, measurable, attainable, relevant, and time-based. According to the Naples Hotel Group , an expert hotel development firm, some of the best goals a hotel owner can focus on include: 

  • Measuring and increasing customer satisfaction.
  • Creating a solid revenue management system.
  • Building a strong online reputation.
  • Attending at least one hotel industry conference .
  • Considering working with a consulting firm to bypass the common roadblocks new hotel owners face.

Make sure the needs of the market and your target audience, along with your business needs, help determine your goals. This will ensure that everything you do helps your customers, as well as your bottom line.

You can use a hotel business plan template to outline the results of your research and planning, including your competitive advantage, goals, and your plan to get those results.

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Step 3: Run the numbers.

With your goals and plan in place, it’s time to run the numbers to make sure you'll be profitable. Using your market research, you can estimate key factors like room pricing, vacancy rates, RevPAR (revenue per available room), and operating costs. A basic overview of hotel finances will help you hire the right revenue manager and sales team later on. The two key areas to focus on are profitability and any external factors that may affect your hotel business. You’ll also need to estimate initial costs for your hotel business. This includes startup and hiring costs, licensing, permits, construction, renovations, and your first year of operations.

Set up a few scenarios in your forecasting to see how key decisions affect the potential profitability of your business. For instance, do you want to buy or build? Buying into a franchise or taking over an existing hotel building has lower startup costs, unless you have to renovate extensively. But it also requires you to establish your new hotel identity, which can be a challenge depending on the current state of the business. On the other hand, building a hotel, while usually considerably more expensive upfront, can provide a solution to a lack of available buildings and can be more lucrative in the long run. 

Step 4: Review financing options for your hotel business.

Once you decide on the right financial plan for your business, you’re ready to fund it. There are a number of available options for financing your hotel business. Jim Pendergast, Senior Vice President and General Manager of altLINE , discussed this topic in a recent interview with Cvent.

“It's important to understand the full scope of financing options available for your hotel's funding," he said. "Generally, you have two commercial financing categories when opening your hotel: traditional credit or specialty credit.

With traditional credit lines, you receive financing based on long-term assets. These are things like real estate owned by your hotel as well as cash flow projections and calculations submitted during underwriting. Lenders review these assets before awarding your loan.

With specialty credit, you'll receive financing or credit lines based on near-term assets. This might be hotel equipment or invoices from accounts receivable. The idea is these backings are more liquid than what's needed in traditional lending.

Both traditional and specialty financing are appropriate vehicles for hotels depending on your capital needs. However, the larger and more established your hotel franchise, the more specialty lending could make ongoing sense. This is because large hotels manage significant account receivables operations. 

Consider the amount of credit card transactions that must be administered. Also, hospitality-related vendor operations happening within the establishment. The larger your AR activities, the more something like AR-based asset lending and similar specialty lending might benefit you.”

Step 5: Do your paperwork.

There are many important legal, regulatory, and insurance requirements to fulfill in order to establish any new business. Your hotel business is no different. 

Consult with your legal, insurance, accounting, and operations teams to determine the requirements for your location. At a minimum, you’ll need to set up a business structure and get business insurance. You will also likely need building or renovation permits, hotel licensing, and licensing for serving food and alcoholic beverages. There will also be a number of health and safety requirements as you complete your building or renovation process. 

All of this paperwork is not the motivating factor for getting into the hospitality industry, but it is important. Work with your team to check requirements at the local, state, and federal level. Additionally, keep on top of the process throughout so you don’t have to repair costly mistakes later.

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Step 6: Hire and train your hotel team.

A business is only as good as the team members that contribute to its success. By hiring great employees at all levels, you’ll set yourself up to deliver value to your guests and become a market leader.

Many hotels opt to hire for executive and departmental positions first, setting the tone and direction. These leaders can then identify what they want to see within their teams and how many staff members they need. Each team should identify the roles and skills they’re looking for, as well as developing a plan to reach and source great new hires.

Make sure that your application and interview processes are easy for candidates so that you don’t introduce needless friction. Find ways to communicate your core mission, values, and approach to this new business throughout the hiring process. This will help you attract candidates who share your vision.

Once you’ve hired a great team, take the time to onboard and train them. This is an incredibly important step that will help everyone in the long run. Any employees who will interact with guests should receive extra training on customer service and guest relations so that they’re ready to lend a helping hand, regardless of whether it’s in their job descriptions.

Focus from the beginning on becoming the employer of choice in your market. You’ll attract a stellar team that’s ready to help you become a market leader.

Step 7: Draft a marketing plan.

You’re now ready to share your hotel concept with the world. Well in advance of opening, you’ll need to spread the word and set yourself up for a profitable launch. 

Your hotel marketing plan is an important part of your overall business strategy. It guides your decision-making on decor, daily operations, communications, customer service, and more. 

Think back to the target audience that you identified in your market research. Using that initial audience, you can now conduct more in-depth customer research to determine who your customers are. Also, where you’ll find them, how you’ll communicate with them, and how they define value.

Hotel marketing made simple

Hotel marketing expert and Co-Founder of Saffron Key, Ben Weagraff, advises that there is no one-size-fits-all plan for new hotel businesses.

“There’s a number of strategies that can work very well,” he told SiteMinder . “But they depend on the hotel itself; its digital properties (including website , email relationships , the strength of social media channels ) and what exactly the hotel is trying to do.”

He goes on to note: “However, generally these techniques present a good repeatable path towards driving high-value customers. The greatest thing about content marketing is that it is low-cost, measurable, repeatable, and it builds upon itself. Once the foundation is in place, customers roll in at increasing rates.”

If you’re looking for ideas for inspiration, check out  Marriott’s marketing strategy . Also, be sure to check out all of Cvent's hotel marketing solutions  to help guide you throughout the process.

Step 8: Launch your hotel business.

At this point, you’ve put in the work to open a profitable and high-quality hotel business for your market. You’ve got the plan and the team to make your vision a reality. Now it’s time to launch.

The goal of your launch is of course to introduce your hotel to guests. But it’s also a great opportunity to introduce yourself to the local community, key stakeholders, influencers, and potential partners. Put your best foot forward with these audiences by planning a grand opening event that reflects your mission and values.

Use event planning and diagramming tools to create your layouts, collaborate with vendors, and assign tasks to team members. As long as you focus on building relationships with your community, investors, and potential clients, your grand opening will be a success. 

Now you know how to start a hotel business using proven strategies from across the industry.

Now that you know how to start a hotel business, it's time to start thinking about reputation. Read on for  hotel reputation management tips every hotelier should know.

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Hotels are one of the most lucrative businesses one can get into. They are especially profitable if the hotel business plan in question is located in a busy city or near a popular tourist destination. Being part of the hospitality industry, you will never run out of customers as long as your hotel is managed properly. To run your hotel plan profitability, you must have a proper business plan that will help you dance your worries away. We have various hotel business plan templates applicable for various related businesses and accommodations such as a startup mini hotel, guest house motel, 5 star resort lodge, 3 star spa, and boutique, etc. Keep scrolling!

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1. what is a hotel business plan, 2. what is the purpose of using a hotel business plan, 3. what should a hotel business plan include.

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  • Your competitors and other sources
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4. What Is a Successful Business Plan?

5. how do you write a hotel business plan.

  • Operations : explain how your organization will operate daily
  • Management : mention your management team
  • Financial details : this is where you mention all key finances
  • Project planning : define all the targets you want to hit
  • Appendix and other details.

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How to start a successful hotel business: a complete guide

From strategy, to software, to start-up costs: everything a new hotel owner needs to know.

In this guide, we deep dive into how to start a hotel business with step-by-step instructions and actionable tips. Whether you’re new to the hotel game or looking to grow your existing premises – here’s how to run a successful hotel.

In a world where renting out a property is easier than ever – all it takes is an internet connection and a host profile on Airbnb – arguably,  anyone can become a hotelier. But as anyone who’s done it will tell you, owning a hotel business goes far beyond giving people a place to sleep. The most successful hotel businesses take that practical need and turn into an unforgettable experience for their guests. It doesn’t matter whether you’re starting a five-star hotel, a family-friendly resort or budget motel – how you make your guests feel will determine your hotel’s reputation. And with online reviews the lifeblood of the hospitality industry, it’s critical that every guest leaves satisfied.

That’s why we created this guide – to help you dive deep into the crucial elements of starting – and growing – a successful hotel business.

Guide Contents:

  • What type of person can run a hotel?

Find your place in the market

  • Choosing your hotel identity

Pull it all together: creating a hotel business plan

  • Crunch the numbers: the cost of getting started
  • Spread the word: develop a marketing plan
  • The A-team: hiring and training staff

Smooth operation: implementing systems

  • Support for setting up your hotel with Preno

When the first-ever hotel opened in 1768, everything was managed on paper – a huge ledger with guest details painstaking recorded. Computers and spreadsheets made things easier, and more recently, hotel management software streamlined everything from start to finish. 

Even so, it takes an entrepreneurial mindset and a passion for the business to tap into what is now one of the largest industries in the world. Your drive to serve and delight your guests while managing multiple tasks with grace and dignity will determine the culture and success of your team. 

For your hotel to thrive, you must be willing to step up, work hard and understand that customer experience is everything.      

First, you need to thoroughly understand what it means to own a hotel. Soak up the latest news, thought leadership and best practices from local and international experts – Preno, for example, sends fortnightly industry news. While researching hotels in your area, you might find there’s no demand for your initial idea or that a slight tweak to your plans could prove more profitable.

A strong market analysis will help you decide whether you build or buy, or if adding efficiencies like new technology could streamline operations and improve your bottom line. 

Choose your hotel identity

Your style of hotel will inform several business decisions. It isn’t easy to transition from one type to another, so choose carefully based on your market research.

  • Boutique. Often smaller, with unique characteristics, e.g. historic building
  • Family-friendly. Larger rooms, extra beds, entertainment facilities and attractions close by, caters to the entire household
  • Budget. Lower rates, scaled-back amenities to pass savings on to the customer  
  • Luxury. High price tag, top-notch service, access to four or five-star amenities, e.g. spa, concierge, room service

hotel management business plan ideas

A business plan is critical to laying out the foundations of launching, promoting and operating your business. To secure investment, it’ll be a requirement.

Here’s a summary of what your business plan should include. You’ll find more detail on some of these aspects further in the guide.      

  • Executive summary. Give a high-level overview of your hotel business plan – short and concise. Include your mission statement and your objectives.
  • Brand positioning. Dive deep into the story of your brand – who you are, your unique selling points and your target audience.
  • Market/industry analysis. Demonstrate that you understand the market you’ll be operating in – both from a local standpoint, and a broader look at the industry. This will show investors your potential for growth based on local travel patterns and industry trends.
  • Competitor analysis. Highlight your understanding of your competitors, and how your hotel fills a gap in the market. A SWOT (strengths, weaknesses, opportunities, threats) analysis is a good way to do this.
  • Customer segmentation. Break down your target market: demographics, location, socioeconomics and behaviours. This is also known as crafting a guest persona. It’s important to understand your primary target market intimately, so you can cater for an experience that meets their needs and expectations.  
  • Strategic plan. Cover marketing, distribution and revenue management in this section. This is where you’ll convince investors that you have a sound plan to connect with customers, manage your inventory and maximise your revenue.
  • Operations plan. Create a detailed plan that covers staff, operating processes, suppliers and inventory management – everything involved in operating your hotel business. 
  • Financial plan. Start talking money. Start-up costs followed by ongoing expenses (payroll, purchases, rent and utilities), forecasts and profit potential. 
  • Management team. Introduce the people who will be running your business, their backgrounds and their capabilities.
  • Important milestones. Include a timeline of relevant milestones (build, opening, profitability). This gives you progress markers to aim for and will increase your likelihood of success. 
  • Appendix. Add additional information or supporting documentation to the appendix. Your business plan should focus on important strategic highlights – everything else you can add at the end.

Crunch the numbers: the costs of getting started

hotel management business plan ideas

There are several variables that will determine the cost of opening a hotel:

  • Location. Tourist hotspots and inner-city hotels will be more expensive than somewhere more regional or rural.
  • Quality. Starting a five-star resort will be a lot more expensive than a budget motel.
  • Size. Number of rooms and hotel facilities (restaurant, meeting room, spa, gym).

While it’s challenging to pinpoint the cost of setting up a hotel business, there are five areas you’ll need to include in your start-up budget:

  • Land. Any real estate fees associated with purchasing land or securing a lease for your hotel site.
  • Building and construction. Whether you’re starting from scratch, renovating an existing property or buying into a franchise, this will take up the largest portion of your start-up budget. Hotel owners typically need a lot of capital to get started, but you could secure a construction loan to fund this part of the project. Either way, your building costs will vary depending on your footprint, quality of materials and current building condition.
  • Soft costs. Non-construction-related expenses like insurance, architects, consents, permits and taxes, designers and lawyers. 
  • Furniture, fixtures and equipment. These are the costs associated with furnishing your hotel – anything that’s moveable, i.e. beds, electronic equipment, tables, chairs and desks.
  • Working capital. For hiring staff, paying salaries and any expenses incurred before you open your doors and the cash starts coming in.

Now that you’ve got some numbers down on paper, it’s time to figure out whether your hotel venture is feasible. The numbers will tell you if your capital costs are worth the risk. Estimate key revenue and expenses like room pricing, vacancy rates and revenue per room. Don’t forget ongoing operating expenses like maintenance, wages, advertising, stock (service products and equipment) and utilities.

Run through a handful of scenarios in your forecasting to see how key decisions or events will impact the potential profitability of your business. You can find out more about calculating hotel metrics and conducting a hotel market analysis in this guide:

< How to calculate ADR and other hotel metrics>

Spread the word: developing a marketing plan

hotel management business plan ideas

You’ve secured financing, the build or renovations are well underway – now you need to share your hotel with the world. Your hotel marketing plan is an important part of your overall business strategy. This is how you’ll communicate with your target audience – using your market research to guide you.

There are lots of ways to market your hotel – be creative and brainstorm ways to make your business stand out. There’s traditional marketing like TV, print and radio, or partnering with a PR agency or travel agent. 

In addition to setting up a well-optimised website and booking engine , here are some digital marketing ideas you’ll want to explore:

  • Online travel agents (OTAs)– Think Booking.com, Expedia, TripAdvisor, and others. Most accommodation providers manage this through a channel manager like Preno.
  • Social media marketing – Facebook, Instagram and LinkedIn are the big three. Even if you don’t use all platforms straight away, you’ll want to secure as many handles as you can. Here’s a simple guide to creating a social media strategy that works .
  • Paid versus organic advertising – Google Ads, boosted Facebook posts and sponsored Instagram posts are all examples of paid marketing. Sharing content like blogs or videos on YouTube through your social media platforms is designed to drive customers organically to your website. 

Want more ideas on how to promote your hotel business online? Read this guide:

<The ins and outs of hotel online marketing>

The A-team: hiring and training hotel staff

hotel management business plan ideas

Hiring the right team members can make or break your plan to grow a successful hotel business. Most skills and knowledge can be taught but finding people with the right innate characteristics is critical.      

Attracting a stellar team

Before you place any job ads, get clear about the type of people you want to hire – what values, insights and skills will they bring to the team? Clarity here will ensure you attract like-minded people who share your vision. Your employees reflect your brand, so they need to exemplify the character traits you feel are most important to your hotel. 

You’ll then need to figure out a plan: role, requirements, hiring timeline and training. Depending on whether you buy or build, and the size of your hotel business, there will be key team members you’ll need to hire first. These are usually sales and marketing, finance, project management and facilities. 

Onboarding – get to know the team

Once you’ve got the team, the work doesn’t stop. Proper onboarding and training are chances to show people the ropes and give your team time to gel before the big opening day. Extra training for particular roles may be needed.

hotel management business plan ideas

Before you open your doors, you’ll need to set up hotel systems and software to streamline and automate operations, so you can run your business leaner and more efficiently. Your requirements for user-friendliness and functionality alongside your budget will come into play when choosing the best hotel management system for your property.      

Here are some options you’ll want to consider:

  • Hotel management system. This will likely be at the top of your list. Without a system to manage your bookings, you’ll be in the red before you’ve even started. A good system will facilitate management and administrative tasks including front-desk operations, rate and occupancy management and payment processing. It also connects to all the other important tools your hotel uses – like Xero or Lightspeed. 
  • Channel manager. Channel managers allow you to automate changing your rates and managing your availability across all your channels – so you don’t have to spend all day doing it. 
  • Booking Engine. These help you avoid the 15% fees charged by OTAs like Booking.com and Airbnb by collecting bookings directly via your website. Be sure to pick a booking engine like Preno that is optimised for mobile, and tailored to create easy conversions.
  •   Accounting software. Preno’s world-class integration with Xero ensures the two applications work seamlessly together to automate invoicing, bookkeeping and payment processing – making it easy for hoteliers to manage their bookings and accounting in one place. Well-connected systems will give you clearer insights into how your business is performing. 
  • Restaurant management software. If your hotel offers food and beverages in a restaurant or similar, you’ll want a Point of Sale (POS) system that connects your restaurant to your hotel management system. This will allow guests to charge back to their room. Preno and Lightspeed Kounta POS enable this type of customer experience.

Time to open the doors: launching your hotel business  

hotel management business plan ideas

This is when things can get a little scary – but also exciting! You’ve put in the hard work, you’re ready to open the doors – and invite your first guests in. 

Opening events are often well-received and they’re a great chance to connect with your local community and key stakeholders. Put your best foot forward by planning an event that reflects your purpose and values and focus on building relationships. 

Go forth and conquer – you’re ready

The hotel industry is a hyper-competitive environment, and the disruption of Covid-19 in the last year has triggered a fundamental shift in the way accommodation facilities operate. Despite all the change, customer experience is one of the most important elements in determining the success of a new or existing hotel business. If you know what your target hotel guests need, and you can deliver on this, plus more (i.e exceeding customer expectations), your hotel’s reputation – and success – will be off to the best start. It’s a big bet and the risk is high, but careful planning, strategy and empowering your operation with the right technology will set you on course to starting a successful hotel business.

Need help setting up your hotel?

Try Preno, we offer a fully integrated, cloud-based property management system that simplifies your hotel processes.

Talk to the Preno team about getting set up.  

Want to see Preno in Action? Join our free webinar: Sign up here

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Preno's Head of Growth, Menilik, is highly knowledgeable around all things marketing & sales. He is passionate about entrepreneurship and sales, and seeks to guide hoteliers with their goals.

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Hotel Business Plan

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Owning a hotel is a dream for many people, who like to organize and engage in multiple different activities. From having unique themes to beautiful decor, a hotel business gives you an ample amount of chances to showcase your creativity.

But the pandemic might have naturally left many of you doubting the viability of hotels.

With a vast variety of reasons a hotel serves, the hotel business is very less likely to become irrelevant.

Most leading hotel businesses, today, rely on software to manage their operations. Kiosk Mode for automated check-ins, on-the-spot reservations, and feedback, hotel management software for customer management, and revenue control are just some of the many solutions that streamline hotel management.

And all you need to have a thriving hotel business is a hotel business plan that’ll help you get the maximum out of the profitable times and stay prepared for unexpected circumstances.

Industry Overview

The hotel industry stood at a whopping market value of 0.95 trillion dollars in 2021 and is recovering at a rapid rate after the COVID-19 pandemic.

The hotel industry is ruled by several major players, hence it is a good practice to go through their case studies and business strategies. There’s a high chance that you might find something very useful for yourself.

Work vacations and leisure trips are the major factors that contribute to the growth of the hotel industry.

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Things to Consider Before Writing a Hotel Business Plan

Select a good location.

An accessible and well-located hotel is much more likely to work than one that is situated otherwise. Also, the neighborhood you set up your hotel in matters a lot too. Hence, it is important to choose the right size of land and locality to set up your hotel.

Find good suppliers

From laundry, and housekeeping to the right ingredients for the restaurant,  there are several supplies a hotel needs. And to satisfy your customers, it is essential to get the best of everything. After all, the reputation and image of your hotel matter a lot when it comes to running a hotel business.

Know your financial requirements

A hotel has several financial requirements from location to installation of appliances, furniture, decor, and salaries of employees. This also makes for a complex financial structure. Hence, it is good to figure out and keep an account of all your financial needs before getting started.

Find your USP

In the mass of industry giants and small businesses that exist in the business, it is important to have something that helps you stand apart from everyone else. From theme-based decor to additional services and ventures, your USP can be anything. But make sure that you find one before you get up and running.

Chalking Out your Business Plan

If you are planning to start a new hotel business, the first thing you will need is a business plan. Use our sample hotel business plan created using upmetrics business plan software to start writing your business plan in no time.

Before you start writing a business plan for your new hotel business, spend as much time as you can reading through some samples of hotel and lodging-related business plans .

Reading some sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample Hotel Business Plan for you to get a good idea about what a perfect hotel business plan should look like and what details you will need to include in your stunning business plan.

Hotel Business Plan Outline

This is the standard hotel business plan outline which will cover all important sections that you should include in your business plan.

  • Business Overview
  • Mission Statement
  • Location and Facility
  • Steve Cowan
  • Key Advisors to the Company
  • Economic Environment
  • Geographical/Competitive Environment
  • Legal/Political Environment
  • Technology Environment
  • High Line ($139-$750 per night, depending upon season)
  • Motel ($59-$119 per night, depending upon season)
  • Bed & Breakfast (B&B)
  • Summary of Opportunities and Threats in the Environment
  • Competitive Advantage
  • Industry Keys to Success
  • SWOT Analysis
  • Marketing Strategies
  • Target Markets – Consumer
  • Positioning and Product Strategy
  • Distribution Strategy
  • Pricing Strategy
  • Service and Support Philosophy
  • New Business Segment
  • Publicity and Public Relations
  • Guest Reward Programs
  • Advertising
  • Marketing and Promotion Budget
  • Evaluation & Control Strategies
  • Project Funding Summary
  • Phase 1 Funding Amounts Sought
  • Financial Plan Assumptions
  • Income Statement Projections
  • Balance Sheet
  • Cash Flow Projections

After getting started with Upmetrics , you can copy this sample hotel business plan template into your business plan and modify the required information and download your hotel business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

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Download a sample hotel business plan

Need help writing your business plan from scratch? Here you go;  download our free hotel business plan pdf  to start.

It’s a modern business plan template specifically designed for your hotel business. Use the example business plan as a guide for writing your own.

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You’ve probably decided to follow your dreams and open your very own hotel. But before you begin spending your financial resources and designing your hotel blueprint, you need to have a hotel business plan . It will guide you every step of the way and serve as your road map to the opening.

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What is a Hotel Business Plan?

A hotel business plan contains the goals of the owners, the methods, and the timeframe for accomplishing them. It also describes the hotel as a business, its recorded history, as well as its financial projections and information. They serve as a road map for the owners on how to run the hotel.

How to Create a Hotel Business Plan

Statista reports that as of March 2020, the average daily rate of hotels in the United States to be $110.66 million. The current state of the world shows how a hotel business can go down without specific content in the plan. It has to be adaptable with unexpected events occurring all over the world by finding new ways of providing service and gaining profit. If you have never made a hotel business plan before, check out these tips for some ideas on your design.

1. Add Executive Summary

Place the executive summary in your business plan’s introduction. Your mission statement serves as an introduction to your design. It’s typically a one-line statement that describes the essence of your company. This explains why you are in business or the market’s need for your services. Your plan’s objectives or business goals will then specify what you hope to accomplish with this corporate venture.

2. Write Down Company Analysis

The concept you have for your hotel should contain a unique selling point to succeed in a competitive market. This general analysis comprises the distinctive qualities that differentiate your hotel business from others. Provide detailed information for this section to make it easier for investors and other stakeholders to grasp your ideas.

3. Present Market Analysis

Market research and customer analysis is a vital aspect of your document. After all, you can’t serve a market you know nothing about. In-depth information about your target customers will help you determine the primary needs of this market segment in terms of location, amenities, and service.

4. Discuss Operations Plan

This constitutes the management responsible for running key aspects of the business. You need to identify the type of staff members and administrative body your hotel business requires, such as the number of employees and their responsibilities.

FAQ’s

Do i pay for my hotel stay before or after i check-in.

Generally, most hotels charge you for your stay when you are checking out, right after your stay in the hotel. However, you can also pay beforehand for your stay if you wish to book a room in advance.

Is a hotel a good investment?

Hotels are generally a good investment and make for an excellent source of income as long as you have a large market and an effective way to draw in customers. The economy can significantly impact the success or failure of your hotel.

Who creates the hotel business plan?

It is usually the owner of the hotel who comes up with the business plan. However, one must be business savvy and have an education in hotel management when it comes to this. If the owner is not very knowledgeable, they can have a team prepare it for them instead.

Hotels vary depending on the characteristics they possess, including the services that they provide, the location, the prices, and whether the establishment is an independent firm or part of a chain operation. Whether you own a startup bed and breakfast or a 5-star luxury hotel, the only way it will thrive is to have a solid hotel business plan to guide your endeavors in the hospitality industry.

hotel management business plan ideas

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Hotel Business Plan Sample

JUL.04, 2013

Hotel Business Plan Sample

Hotel Business Plan for starting your own hotel

Hotels are among some of the best businesses that you can start if you have the investment for it. As a matter of fact, if you want to invest a large sum of money in a business that has virtually zero risk, rental real estate business plan might just be the safest option.

We will give you a business plan for hotel that you can use to start your own hotel and make a lot of money while you are at it. This sample business plan for a hotel will follow the example of Hotel Intergalactic, a venture by John Abruzzi. Let us now see what business consultants have to say about this business.

Hotel Business Plan Summary

2.1 the business.

Hotel Intergalactic will be a 3-star hotel situated in downtown Los Angeles. The hotel will be registered with the local government and will be insured. The details of this business will be described in this executive summary for hotel with focus being on the way you can make lucrative profits by owning a hotel.

2.2 Management of Hotel Business

The next thing this business plan template for hotel needs to address is the way this hotel will be managed. For this, we will hire a manager to look after the day-to-day matters of the hotel. Other than the manager, one accountant and three assistant managers will be hired.

As this is a business plan for small hotel, we will not be hiring a lot of managerial staff to run it. The assistant managers will be responsible for procurement, operations, and customer service. The assistant managers will report to the manager who will act as an agent of the owner, John Abruzzi and will make decisions on his behalf in his absence.

2.3 Customers of Hotel Business

The customers of this free sample hotel business plan will be the following:

  • People coming to visit Los Angeles.
  • People who are in Los Angeles for business meetings.
  • Los Angeles-based companies that need accommodation for their employees coming from other cities.

2.4 Business Target

The targets of Hotel Intergalactic are:

  • Becoming the best hotel in Los Angeles.
  • Starting to make a profit of $29,800 a month by the end of year 3.
  • Expanding its services to at least other cities by the end of year 5.

Hotel Business Plan - 3 Years Profit Forecast

Company Summary

3.1 company owner.

Hotel Intergalactic will be owned by John Abruzzi. John has a master’s degree in hospitality management and has been working in the hoteling industry for more than half his life. He knows the business and is passionate about it. He also has enough money to start the business. Combined, all these factors make him the perfect owner in this hotel business plan pdf.

3.2 Why the Hotel is being started?

John Abruzzi is one of the most prominent hotel managers in the area and that means if he starts a hotel people will know he means business. In this example of a hotel business plan, the main reason for starting this business is that this is a profitable business opportunity.

3.3 How the Hotel will be started?

Step1: Making a Feasibility Report

The next thing this new hotel business plan needs to discuss is the feasibility report. At this stage, a survey will be conducted to chalk out the demand and availability of hotels in downtown Los Angeles area. Any good hotel business plan sample doc needs to make sure of the thing that a proper feasibility report is made and the hotel is designed according to the demand in the area.

Step2: Developing a Brand

This hotel business plan, just like a resort business plans needs to cover another important thing. This is developing a brand. As the hotel is going to be in the heart of Los Angeles, it is cardinally important to have a brand.

Step3: Establishing the Hotel

As the hotel is to be constructed from scratch, the best-case scenario would’ve been an empty plot but that is not the case as the downtown Los Angeles area is fully covered by a concrete jungle. For this purpose, an apartment building will be bought and will be modified into a hotel.

Step4: Promotion and Marketing

Last, but not the least, the hotel needs to be promoted on all media channels to make sure people are aware of its existence and it attracts business.

Hotel Business Plan - Startup Cost

Services of Hotel Business

A hotel business plan, unlike a home inventory business plan has a limited number of services. While a home inventory service business can offer a lot of services, a hotel business can only offer a few. Here’s an overview of the services Hotel Intergalactic will be offering:

  • Accommodation

It goes without saying that the most important service offered by the hotel will be accommodation. The hotel will have 20 single-bed, 20 double-bed, and 10 twin-bed rooms for accommodating the guests.

  • Banquet Service

The second most important service provided by Hotel Intergalactic will be that of a banquet. Three large halls will be made a part of the hotel and will be provided for everything from business meetings to birthday parties.

The top floor of the hotel will have an open-air rotating restaurant which will be open for the guests in the hotel and any other person coming in just for a meal.

  • Bar and Lounge

The hotel will also feature a bar and a coffee lounge. These services will also be available for both the guests of the hotel as well as other people.

Marketing Analysis of a Hotel Business

Marketing analysis is the study of the various variables of the market that can affect the successful operation of a business. Any business plan for a hotel operation needs to shed light on this in order for the hotel to be successful. Before we get into the details of this business plan sample hotel industry, we need to have a look at the industry as a whole. There are just above 90,000 hotels in the US and more than $194billion change hands in this industry annually.

5.1 Market Trends

If you want to learn how to write a business plan for a hotel, you will have to closely study the trends of the industry. Just like making sample property management business plans , it is important to have an insight into the market before establishing a hotel.

The US hoteling market might have its seasonal ups and downs, but it has been noted in the past decade that the industry has seen a steady growth. The worth of this industry has increased from $133billion in 2009 to just under $200billion in the last decade. Industry experts and analysts are of the view that this industry will show a minimum of 5% growth by 2025.

Let’s now see more details of this hotel business plan outline.

5.2 Marketing Segmentation

One of the most important things to consider when planning any business is the market segmentation. You need to have a clear idea of the market segments that you are going to target and only then you can properly plan everything.

Apparently, the hoteling business is only for one market segment, the people who need a place to spend the night. However, there is more to the story that just that. Even a house painting business plan has multiple market segments. Any hotel can have customers and clients divided into a number of market segments. We will focus on four segments of the market via Hotel Intergalactic.

Hotel Business Plan - Marketing Segmentation

5.2.1 Individual Customers

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Most of our customers will fall into this category. These will be the people who show up at the hotel and want a room. We will make every possible effort to make sure these customers go home happy and consider us the next time they need a hotel.

5.2.2 Companies

Companies need accommodation for their employees when they are on a meeting. This segment of the market will give us bulk business and we will offer them discounts to make them our loyal customers.

5.2.3 Bar and Restaurant Customers

As the hotel will have a bar and restaurant, the people coming to visit them will also be a segment of the market for us.

5.2.4 Banquet Customers

As the hotel is to have three banquet halls, this will also be an important market segment for us. We will rent out the halls for conferences, parties, weddings, birthdays and any other function people need them for.

5.3 Business Target

Our business targets are:

  • To maintain the highest standards of client satisfaction.
  • To become a well-known name in the industry.
  • To expand the business to all the major cities of the US.

5.4 Product Pricing

Hotel Intergalactic will offer the services at a price comparable to that of the competitors. We might keep the price a bit lower than that of the competition at the start to attract customers but once we earn name, we will increase the prices.

Marketing Strategy of Hotel Business

The next important thing for opening a hotel business plan is the marketing strategy of the hotel. No hotel management company business plan can be complete if it has no marketing strategy. To make a workable marketing strategy, we need to do the following.

6.1 Competitive Analysis

The competitive analysis for Hotel Intergalactic has revealed the following:

  • The competition in this field is immense in the area we are working in. We need to provide something extra to get customers.
  • We will provide complementary dinner to our customers. No hotel in the area does this and this will give us a competitive edge.
  • We will subsidize the companies who want accommodation for their employees so that they choose us over the other options.

6.2 Sales Strategy

  • We will advertise the hotel through all the media channels in the area.
  • We will partner up with travel agents and tour planners to get customers.
  • We will offer discounts to companies who want to get accommodation for a large number of their employees.

6.3 Sales Monthly

Hotel Business Plan - Sales Monthly

6.4 Sales Yearly

Hotel Business Plan - Sales Yearly

6.5 Sales Forecast

Hotel Business Plan - Unit Sales

Personnel plan

Another thing that needs to be made clear in this hotel resort business plan sample is the staff that we will need to operate the hotel. Unlike an RV park start up business plan , we will need a larger workforce to smoothly run the operations of the hotel.

7.1 Company Staff

  • John Abruzzi will be the owner and CEO of the hotel.
  • 1 General Manager.
  • 2 Assistant managers.
  • 1 Accountant.
  • 1 Receptionist.
  • 3 Waitresses.
  • 2 Bartenders.

7.2 Average Salary of Employees

Financial plan.

The last thing to be discussed in this business plan is the budget for hotel business plan. As the hotel is being started from scratch, the following expenses are to be arranged:

  • The cost of establishing the hotel.
  • The cost of hiring the staff.
  • The salaries of the staff for the first 6 months.
  • The cost of buying cars for guest pick and drop.
  • The money needed to advertise the hotel.
  • The money needed to establish a web presence of the hotel.

8.1 Important Assumptions

8.2 break-even analysis.

Hotel Business Plan - Break-even Analysis

8.3 Projected Profit and Loss

8.3.1 profit monthly.

Hotel Business Plan - Profit Monthly

8.3.2 Profit Yearly

Hotel Business Plan - Profit Yearly

8.3.3 Gross Margin Monthly

Hotel Business Plan - Gross Margin Monthly

8.3.4 Gross Margin Yearly

Hotel Business Plan - Gross Margin Yearly

8.4 Projected Cash Flow

Hotel Business Plan - Project Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

Download Hotel Business Plan Sample in pdf

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hotel management business plan ideas

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hotel management business plan ideas

i found this very helpful. thank you for sharing

hotel management business plan ideas

Thank you for your comment. If you need assistance in writing your business plan please contact us by email: [email protected] or call us at USA +1-619-727-5304, UK +44-203-318-1069, Canada +1-613-699-7822, Australia +61-385-956-735.

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ProfitableVenture

Hotel Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Hospitality, Travel & Tourism » Hotel

Hotel Business

Are you about to start a hotel and hospitality business? If YES, here is a complete sample hotel business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a hotel business . We also took it further by analyzing and drafting a sample hotel marketing plan template backed up by actionable guerrilla marketing ideas for hotel businesses.

So let’s proceed to the business planning section. All over the world, the hospitality business is being seen as a very serious trade and the reason for this cannot be farfetched.

The reason the hospitality business – especially the hotel business is being taken seriously is because of its relationship with the tourism industry. Starting a hotel business could eventually be one of the best things to attain for yourself. This is because of the lucrative nature and prosperity involved in this industry.

Every day foreigners, as well as local migrants and business people, travel from one point or the other and the option they are faced with is staying in hotels. It is pertinent to note that there are different categories of hotels, like 5-star, 4-star or even 3-star hotels.

One of the essential things that are unique to each category of the hotel is the facilities that make up each. Whatever type of hotel category you may have in view, there is always the most important step to take in making your business stand out, as well as succeed in the long run.

What can this be? Well, that is the hurdle of writing a business plan. You too have the wherewithal to do so, as a well put together business plan is available to you below.

A Sample Hotel Business Plan Template

1. industry overview.

The hospitality industry has been in existence from time immemorial and it is still waxing strong simply because people can’t do away with the services they offer. When you talk about a hotel, you are talking about an establishment that provides lodging for guests/travelers, tourists, visitors et al, on a short-term basis with a fee.

When people lodge in hotels, they have the option of subscribing to other services the hotel offers; services as feeding, drinks, laundry, fitness center, swimming pool, conference room, and business room, amongst others.

As a matter of fact, the facilities provided by some hotels may range from a basic bed and storage wardrobe to luxury features such as en-suite bathrooms, mini parlor et al. It is the norm for big hotels to provide additional guest facilities like a swimming pool, conference center, business center, childcare, self-service laundry, fitness center, and social function services.

In some countries, hotels are required by law to serve food and drinks to all their clients that are lodged in their facility while in some countries, you would have to choose the additional services you want from the hotel. The bottom line is the higher the amount you pay in hotels, the more the services you are entitled to.

Starting a hotel business is capital intensive and it is considered a long-term investment because it takes a while for the owners to break even and start making profits. No doubt it takes a big-time investor to consider starting his or her own hotel business, which is why loads of hotels are owned by groups of investors.

One good thing about the hotel business is that the business can grow so big that it will not only have an active presence in key cities in the country where it started from but in major cities on all the continents of the world. It is important to state that hotel operations vary in size, function, and cost which is why hotels are classified into different grades (two-star hotels, five-star hotels, seven-star hotels et al).

2. Executive Summary

Sean and Sharon Hotel will be located in the heart of Las Vegas less than 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center. We are conveniently located in the world’s headquarters for casinos and games; a commercial center.

Sean & Sharon Hotel believes in the passionate pursuit of excellence and financial success with uncompromising services and integrity, which is why we have decided to venture into the hospitality industry by establishing our own hotel.

We are certain that our values will help us drive the business to enviable heights and also help us attract the number of clients that will make our hotel fully booked all through the year.

We are going to be a customer-centric hotel with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners, and all our employees as well.

Our hotel facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. Sean & Sharon Hotel will provide a conducive spot for our customers to take a break from their various busy schedules, to a place where they can find comfort and luxury.

Sean and Sharon’s hotel will be equipped with a business center and a VIP lounge, as well as a Fitness room and self-service laundry which will be made available for resident guests at no extra cost.

We will also install free Wi-Fi that will enable our guests to surf the internet with their laptops in the hotel room free of charge, and there will be wireless access in all the public areas in the hotel; we will also provide mobile phones for a loan to business travelers for their convenience so as to enable them to stay in – touch with their family members, friends, and business partners.

No doubt our business class guest rooms will provide our customers with a warm and comfortable home away-from home experience, a large banquet venue, as well as Chinese and Intercontinental cuisine. We are set to give our esteemed guests an unforgettable experience whenever they patronize our hotel.

Sean and Sharon Hotel is owned by Sean Glacier, Sharon Glacier, and other investors whose names can’t be mentioned in this business plan for obvious reasons. The owners and board members of Sean and Sharon hotel are big-time investors in the hospitality industry.

Sharon Glacier has well over 20 years of experience in hotel management and she has a Master’s Degree in Hotel Management. She will be bringing her wealth of experience to the table to make Sean and Sharon Hotel the number one choice in Las Vegas.

Over and above we are building a hotel business that will be the cynosure of all eyes. One that competes favorably with other hotels that are in existence in Las Vegas. We plan to do this bearing in mind that it would take hard work, loads of financial commitment, as well as well-trained employees who can be indoctrinated in the quest for building a top-notch hotel in Las Vegas city.

3. Our Products and Services

Sean and Sharon Hotel is set to operate a standard hotel service in Las Vegas, Nevada. The point that we want to become a force to reckon with in the hospitality industry means that we will provide our guests with a fitness room, social room, self-service laundry room, and business center; for the purpose of business or leisure and more.

In all that we do, we will ensure that our guests leave with an unforgettable experience that will make them want to come back as well as recommend our hotel to their friends, family members, and business partners. These are the services and amenities that will be made available to our guests;

  • Meals (Local Delicacies, Chinese cuisines, and intercontinental cuisines et al)
  • Drinks (wines, beers, distilled spirits, martinis, beverages, and non–alcoholic drinks)
  • Swimming pool
  • Self – service laundry room
  • Business center
  • Conference room
  • Banquet venue
  • Shuttle service

4. Our Mission and Vision Statement

  • Our vision is to open a standard hotel that will become the number one choice in Las Vegas
  • Our mission is to deliver reliable, genuine, caring, and excellent service superior to what our competition can offer in any location where our hotel will be situated and to ensure that our hotel enjoys over 90 percent occupancy in most parts of the calendar year.

Our Business Structure

The success of any business is to a larger extent dependent on the business structure of the organization and the people who occupy the available role. Sean and Sharon Hotel will work with a business structure that will give room to employees to explore their creativity, give a sense of belonging, as well as grow through the corporate ladder of the organization.

We will work hard to ensure that we only recruit the right set of people with the right mindset to help us achieve our business goals and objectives in record time. We intend to build Sean and Sharon Hotel on this structure;

  • Chief Executive Officer (Owner)
  • Hotel Manager

Human Resources and Administrative Manager

  • Bartender/Baristas
  • Accountants/Cashiers

Facility/Maintenance Manager

  • Marketing Officer
  • Front Desk Officer
  • Cleaners/Washer men

Security Officers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for recruitment
  • Responsible for payment of salaries
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Hotel Manager:

  • Responsible for managing the daily activities in the hotel
  • Ensures that the facility is in tip-top shape and conducive enough to welcome customers
  • Interfaces with vendors
  • Reports to the Chief Executive Officer
  • Attends to Customer complaints and inquiries
  • Prepares budget and reports for the organization
  • Responsible for Training and Development in the organization
  • Handles procurement
  • Handles any other duty as assigned by the CEO
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation, and assessment of employees
  • Responsible for arranging travel, meetings, and appointments
  • Oversees the smooth running of daily office activities.

Marketing Officer (2)

  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information.
  • Represents the company in strategic meetings
  • Helps increase sales and growth for the company
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Responsible for planning and overseeing building work/renovation
  • Responsible for allocating and managing space within buildings
  • Responsible for managing building maintenance activities
  • Responsible for coordinating cleaning, catering, and parking services
  • Responsible for organizing security and general administrative services
  • Ensures that facilities meet government regulations and environmental, health and security standards
  • Advise on energy efficiency and cost-effectiveness
  • Supervises multi-disciplinary teams of staff including maintenance, grounds, and custodial workers

Bartender / Baristas (4):

  • Interacts with customers, takes orders for drinks, food, and snacks.
  • Plans and presents bar menu.
  • Checks identification of the guest to make sure they meet age requirements for purchase of alcohol and tobacco products.
  • Mixes ingredients to prepare cocktails and other drinks.
  • Mixes drinks, cocktails, and other bar beverages as ordered and in compliance with hotel standard drink recipes.
  • Prepares alcohol or non-alcohol beverages.
  • Services Wine and Beer to guests.
  • Arranges bottles and glasses to make attractive displays.
  • Assesses customer’s needs and preferences and makes recommendations
  • Makes lists of supplies in conjunction with the bar manager/management
  • Prepares inventory or purchase requisitions as needed to replenish supplies.
  • Ensures that the assigned bar area is fully equipped with tools and products needed for Mixing beverages and serving guests.

Accountant/Cashier:

  • Collect payment for drinks served and balance all receipts.
  • Prepare a financial report at the end of every working week
  • Handles all financial transactions on behalf of the company
  • Interfaces with our bankers
  • Responsible for payment of tax, levies, and utility bills
  • Handle any other duty as assigned by the CEO/microbrewery manager

Front Desk Officer (2)

  • Ensures that customers feel relaxed and at home
  • Handles customers inquiries
  • Ability to Sell or influence others for up selling and suggestive selling.
  • Provides recommendations and suggestions to guest for choosing Drinks, food, and Snacks.
  • Serve customers in a friendly and helpful manner.
  • Provides guidance to guests on resort activities, dining options, and general resort and Regional information.
  • Demonstrates a thorough knowledge of food and beverage products, menus, and Promotions
  • Handles any other duty as assigned by the bar manager

  Cleaners/Washerman (6):

  • Handles and moves objects, such as glasses, dish,es and bottles, using hands and arms.
  • Cleans up after customers and cleans work area.
  • Clears ashtrays as and when required.
  • Washes glassware and utensils after each use.
  • Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
  • Ensures that toiletries and supplies don’t run out of stock
  • Responsible for handling laundry
  • Handles any other duty as assigned by the restaurant manager,
  • Ensures that the facility is secured at all time
  • Controls traffic and organizes parking
  • Gives security tips to staff members from time to time
  • Patrols around the building on a 24 hours basis
  • Submits security reports weekly
  • Any other duty as assigned by the restaurant manager

6. SWOT Analysis

Sean and Sharon Hotel is fully aware that they are coming into an industry that can be highly competitive which is why they have decided to pay attention to the SWOT analysis for the organization.

We know that once we are able to identify our strengths, our weaknesses, our threats, and the opportunities that are available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives.

We know too well that one of the ways to build a successful business in the long run is the ability to glean some lessons from the weak points we have found ourselves in and convert them into an area of strength. In a case where there is little or nothing that can be done, we may also work so hard so that our areas of strength blossoms more, so that are weak area is very less visible.

Here is a of the result we got from the SWOT analysis that was conducted on behalf of Sean and Sharon Hotel Las Vegas, Nevada;

Our area of strength cannot be farfetched; the location of our hotel is perfect for such business, our management team has robust experience in the industry, our customer services are second to none in the whole of Las Vegas and our facility is top notch

Our perceived weakness could be that we are a new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.

  • Opportunities:

We are in one of the cities in the world that never goes to bed, plus the fact that Las Vegas is regarded as the world headquarters as far as the casino business is concerned.

It means that loads of tourists, business executives, and travelers would want to visit Las Vegas and we are well positioned to welcome them because our hotel facility is just about 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center.

One of the threats that are likely going to confront us is; unfavorable government policies, the downturn in the economy which is likely going to affect sales, and perhaps the emergence of new hotels (competitors) within the same location where our hotel is located.

7. MARKET ANALYSIS

  • Market Trends

The trend in the hospitality industry is such that there are peak periods and off-peak periods. Thus, hoteliers know this and have been able to make provisions to properly handle the change in season.

For example; during summer or during any major sporting event or business summit, most hotels in Las Vegas are almost fully booked. As a matter of fact, that is the period that some hotels make the money that will sustain the business for the rest of the year.

Be that as it may, some hotels are well positioned and they enjoy rich patronage all through the 12 calendar months of the year. Another trending feature in the hotel industry is that it is profitable to build your brand and then venture into the sale of franchises if you know you don’t have the capacity to manage various branches of your hotel.

Over and above, hoteliers are quite aware that they are in the industry not for quick returns on their investments, but to steadily build a brand that can become a global brand while growing their profits year in and year out.

8. Our Target Market

Sean and Sharon conducted her feasibility studies and market survey and we were able to identify those who we expect will eventually become our loyal customers.

We do not intend to waste our time on activities that would yield us nothing, which is why we invested time to create a hotel marketing plan to help us do only the most needful things. These are the category of people that we intend to market our hotel to;

  • Corporate Executives
  • Business People
  • Sports Men and Women
  • Government Officials
  • College Students
  • Traveling Agencies
  • Event Managers
  • Religious Organizations

Our Competitive Advantage

The competitive edge of Sean and Sharon Hotel Las Vegas, Nevada is the excellent and customized service that we offer to all our guests irrespective of their status. We can boldly say that the location of our hotel is going to give us an edge over our competitors in Las Vegas.

We are in the middle of the happening city in Nevada. From the location of our hotel, you can connect to any part of the city with little or no stress.

Another significant competitive advantage that we are bringing to the industry is the robust experience of our management team. We have a team that has a combination of 40 years of experience in the hospitality industry in the united states and Canada. They are considered core professionals in their own right.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Sean and Sharon Hotel will generate income from the following service offerings;

  • Laundry service

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available in the field. Below is the sales projection for Sean and Sharon Hotel, it is based on the location of our hotel and the services and products that we will be offering;

  • First Year-:  $600,000
  • Second Year-: $900,000
  • Third Year-: $1, 500,000

N.B -: This projection is done based on what is obtainable in the industry and with the assumption that there wouldn’t be any unfavorable government policy.

  • Marketing Strategy and Sales Strategy

We will adopt the following means to attract the kind of people that we want in our hotel per – the time: The model of the bar we intend to run is a neighborhood type of bar, hence, we are not going to rely only on the conventional ways of marketing.

We don’t have the plans to run paid adverts on Local TV stations, local radio stations, or even local newspapers but we will sure maximize every other available means to promote our business.

Our unique selling proposition is that we have a collection of almost all brands of beers produced in America in our bar, we have assorted drinks and tobaccos et al. In view of that, we are going to adopt the following strategies to ensure that we do not only attract customers but generate repeated sales from them; Parts of the marketing and sales strategies that we will adopt are;

  • Open our hotel in a grand style with a party for all.
  • Advertise our hotel brand in travel and tours magazines, national newspapers, Satellite TV stations, and Radio station
  • Promote our business online via our official website and all available social media platform
  • Continuously Improve the performance of our brands
  • Hire the services of experts to make our brands the first choice for guests
  • Deliver consistent customer experiences to all our guests; making our first impression count positively
  • Continuously Improve the efficiency of our hotels and operating processes
  • Ensure that we Put our market scale and knowledge to good use
  • Using our worldwide scale and experience to convert more hotels to our brands
  • Make the most of our global presence – guests choose brands they know when they travel
  • Build strong partnerships within our own company and with our stakeholders across the world
  • Make use of attractive handbills to create awareness and also to give direction to our bar
  • Position our signage/Flexi banners at strategic places
  • Position our greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable us to reward our regular customers
  • Engage in road shows within our neighborhood to create awareness for our hotel.

11. Publicity and Advertising Strategy

Sean and Sharon Hotel is in the hospitality business to make a profit and we can only make a profit if we steadily increase our customer base. No doubt, in order to remain relevant in the hospitality industry as a hotelier in Las Vegas, you should be able to continue to create hype around your hotel brand and that is exactly the publicity and advertising strategy that we will adopt.

We will ensure that we leverage all conventional and non – conventional publicity and advertising techniques to promote our hotel brand.

Although our hotel is located in Las Vegas, the scope of our market is global which is why we choose to make use of best practices as far as publicity and advertisement are concerned in the hotel business. Here are the platforms we intend leveraging on to promote and advertise Sean and Sharon Hotel, Las Vegas;

  • Encourage our loyal customers to help us use Word of Mouth (referrals)
  • Advertise our hotel brand in travel and tours magazines, national dailies, Satellite TV stations, and Radio station
  • Promote our business online via our official website
  • Sponsor relevant community programs
  • Leverage the internet and social media platforms like; Instagram, Facebook, Twitter, et al to promote our brand
  • Install our Bill Boards on strategic locations
  • Engage in road shows from time to time
  • Distribute our fliers and handbills in target areas

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in Las Vegas.

Be that as it may, we have put plans in place to discount our products and services once in a while and also to reward our loyal customers.

  • Payment Options

Our payment policy is all-inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our pubs;

  • Payment by cash
  • Payment via Point of Sale (POS) Machine
  • Payment via online bank transfer (online payment portal)
  • Payment via Mobile money

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.

13. Startup Expenditure (Budget)

These is the key areas where we will spend our start–up capital on;

  • Legal expenses for obtaining licenses and permits: $1,500.
  • The Total Fee for Registering the Business in Las Vegas, Nevada: $750.
  • Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • Cost for hiring Consultant – $5,000.
  • Insurance (general liability, workers’ compensation, and property casualty) coverage at a total premium – $30,800.
  • Cost of accounting software, CRM software, and Payroll Software – $15,000
  • Cost for acquiring facility for the hotel: $500,000.
  • Cost for facility remodeling – $100,000.
  • Other start-up expenses including stationery – $1000)
  • Phone and utility deposits ( $3,500 ).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
  • The cost for Start-up inventory – $35,000
  • Storage hardware (bins, utensil rack, shelves, glasses case) – $3,720
  • The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
  • Cost for serving area equipment ( glasses, flatware) – $5,000
  • Cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • Office equipment and furniture – $3,600
  • The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound systems, tables and chairs et al): $4,000.
  • The cost of Launching a Website: $600
  • The cost for our grand opening party: $5,000
  • Miscellaneous: $2,500

We would need an estimate of $3.5M to successfully launch Sean and Sharon Hotel in Las Vegas, Nevada.

Generating Funding/Startup Capital for Our Hotel

Sean and Sharon Hotel will be financed by Sean and Sharon Glaciers and their business partners. Part of the start–up capital will also be raised as a loan facility from the bank in the United States. These are the areas where we intend sourcing for funds for Sean and Sharon Hotel.

  • Generate part of the start–up capital from personal savings and the sale of his stocks (Sean and Sharon Glaciers)
  • Generate part of the start–up capital from our business partners
  • Generate a larger chunk of the startup capital from the bank.

N.B: Please note that Sean and Sharon Glaciers want to retain the lion’s share of the business shares hence they both are investing a total of 1 million USD. They will also secure a mortgage to purchase the property for the hotel.

14. Sustainability and Expansion Strategy

Part of the grand plan of sustaining Sean and Sharon’s hotel is to ensure that we provide the best training for our employees, put a succession plan in place, and will not relent in marketing and promoting our hotel brand.

From our findings, another factor that kills new businesses is financial leakages. In order to plug financial leakages, the management of Sean and Sharon Hotel will adopt the use of payment machines and accounting software to run the business.

In the bid to build a successful business, we will ensure that all our employees are comfortable and we will provide them with the best facilities and welfare package that will help them achieve peak performance in all their duties and in turn help the organization achieve its goals and business objectives.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Acquiring facility and remodeling the facility: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing/Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, electronic appliances, office appliances, and bar accessories: In progress
  • Creating Official Website for the Company: Completed
  • Creating Awareness for the business both online and in the neighborhood: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Establishing business relationship with vendors – suppliers of all our needed food ingredients, drinks, tobacco, and snacks: In Progress

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Hotel Restaurant Business Plan PDF Example

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  • February 21, 2024
  • Business Plan

The business plan template for a hotel restaurant

Creating a comprehensive business plan is crucial for launching and running a successful hotel restaurant. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your hotel restaurant’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a hotel restaurant business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the real estate industry, this guide, complete with a business plan example, lays the groundwork for turning your hotel restaurant concept into reality. Let’s dive in!

Our Hotel Restaurant Business Plan is designed to cover all critical aspects for a comprehensive strategy. It outlines the hotel’s unique offerings, market position, competitive edge, management expertise, and financial goals.

  • Executive Summary: Offers an overview of the hotel restaurant’s business concept, market analysis, management, and financial strategy.
  • Building & Location: Describes the hotel’s prime location, architecture, and why it’s appealing to potential guests.
  • Hotel Pricing & Services: Lists the room options, amenities, and additional services such as spa and concierge.
  • Restaurant Facility & Operations: Details the restaurant’s layout, capacity, and operational approach.
  • Key Stats: Shares industry size, growth trends, and relevant statistics for the hotel and restaurant market.
  • Key Trends: Highlights recent trends affecting the hospitality sector, like sustainability and technology integration.
  • Key Competitors: Analyzes main competitors in the area and how the hotel restaurant offers a unique experience.
  • SWOT: Strengths, weaknesses, opportunities, and threats analysis.
  • Marketing Plan: Strategies for promoting the hotel and restaurant to attract and retain guests.
  • Timeline: Key milestones and objectives from planning through the first year of operation.
  • Management: Information on who manages the hotel restaurant and their roles.
  • Financial Plan: Projects the hotel restaurant’s financial performance, including revenue, profits, and expected expenses.

The business plan template for a hotel restaurant

Hotel Restaurant Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your hotel restaurant’s business plan, providing a concise overview of the restaurant and its offerings. It should detail your market positioning, the range of culinary experiences and dining services you offer, its location within the hotel, ambiance, size, and an outline of day-to-day operations. 

This section should also explore how your hotel restaurant will integrate into the local dining scene, including the number of direct competitors within the area, identifying who they are, along with your restaurant’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the restaurant’s success. This could include the head chef’s culinary background, the restaurant manager’s hospitality experience, and other key personnel. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your restaurant’s financial plan. This will help potential investors understand the growth potential and financial viability of your hotel restaurant.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Hotel Restaurant Business Plan executive summary1

Dive deeper into Executive Summary

Business Overview

For a Hotel Restaurant, the Business Overview section can be effectively divided into 3 main sections:

Building & Location

Describe the restaurant’s ambiance and design, focusing on how it complements the hotel’s theme and enhances the dining experience. Mention the restaurant’s location within the hotel, highlighting its accessibility to both hotel guests and outside patrons. Emphasize features such as scenic views, outdoor seating, or unique architectural elements that set the dining atmosphere apart. Explain why this location is beneficial for attracting your target demographic, including hotel guests, local diners, and tourists.

Hotel Pricing & Services

Outline the range of dining options and services offered, from breakfast buffets and à la carte menus to special themed dining evenings or room service options. Discuss your pricing strategy, ensuring it aligns with the hotel’s positioning and the value of the culinary experience provided. Highlight any special packages, such as dining credits included in hotel stays, happy hour deals, or seasonal promotions that add value for hotel guests and encourage local patronage.

Restaurant Facility & Operations

Provide details on the operational aspects of the restaurant, including kitchen facilities, seating capacity, and any private dining or event spaces available. Discuss the restaurant’s service model, whether it’s casual dining, fine dining, or a specific theme or cuisine focus. Mention any sustainable practices or local sourcing initiatives in place to appeal to eco-conscious diners. Describe how the restaurant’s operations are designed to ensure high-quality service and memorable dining experiences for every guest.

Make sure to cover here _ Building & Location _ Hotel Pricing & Services _ Restaurant Facility & Operations

hotel management business plan ideas

Market Overview

Industry size & growth.

In the Market Overview of your hotel restaurant business plan, begin by examining the size of the restaurant industry within the hospitality sector and its growth prospects. This analysis is essential for grasping the market’s breadth and pinpointing potential areas for expansion.

Key Market Trends

Move on to discuss recent trends in the dining industry, such as the growing consumer interest in farm-to-table dining experiences, international cuisines, and health-conscious menus. For instance, spotlight the demand for dining experiences that offer not just meals but culinary journeys, with a focus on locally sourced ingredients, dietary variety, and innovative cooking methods. The trend towards sustainability in the food industry, including waste reduction and eco-friendly practices, should also be highlighted.

Key Competitors

Next, assess the competitive landscape, which encompasses a variety of dining establishments from luxury hotel restaurants to casual dining spots, as well as the rise of delivery services and pop-up eateries. For instance, underline what sets your hotel restaurant apart, be it through unparalleled service, a distinct culinary concept, or a chef with a notable reputation. This section will assist in clarifying the demand for hotel restaurant services, the competitive framework, and how your establishment is poised to succeed in this vibrant market.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Hotel Restaurant Business Plan market overview

Dive deeper into Key competitors

Begin with a SWOT analysis for the hotel restaurant , emphasizing Strengths (such as a unique culinary concept and a prime location within the hotel), Weaknesses (including potential high operational costs or stiff competition from local dining establishments), Opportunities (for instance, the growing trend in culinary tourism and interest in unique dining experiences), and Threats (such as economic downturns that may reduce discretionary spending on dining out).

Marketing Plan

Then, formulate a marketing strategy that details how to draw in and keep customers through targeted marketing efforts, special dining promotions, an active and engaging online presence, and involvement in local events and initiatives.

Lastly, establish a comprehensive timeline that marks key milestones for the hotel restaurant’s launch, promotional activities, customer base development, and growth goals, ensuring the business progresses with clear objectives and intent.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Hotel Restaurant Business Plan strategy

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the hotel restaurant’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the hotel restaurant toward its financial and operational goals.

For your hotel restaurant business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Hotel Restaurant Business Plan management

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your hotel restaurant’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your hotel restaurant business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Hotel Restaurant Business Plan financial plan

Privacy Overview

5 hotel perks that make work trips both fun and productive for business travelers

  • Four business-travel experts shared their picks for the best hotel amenities for a work trip.
  • Strong WiFi, a business center, and food service are some of the recommended perks.
  • Proximity to attractions can also encourage employees to enjoy their downtime and go sightseeing.
  • This article is part of " Business Travel Playbook ," a series about making the most of work travel.

Insider Today

Business travel slowed significantly when the pandemic hit in 2020, but it's rebounding. Last year, the Global Business Travel Association predicted global business-travel spending would reach $1.4 trillion in 2024 .

As business travelers hit the road and take flight , companies can ensure that their work trips are comfortable and enjoyable, starting with accommodations.

We asked four business leaders and entrepreneurs for their advice on how companies could support their employees who travel frequently , and they recommended booking hotels with the following five perks.

1. Access to strong WiFi and a business center

Staying in a hotel that has a strong WiFi connection ranks high with the experts who spoke with Business Insider. Ideally, companies should also look for hotels that provide complimentary WiFi so travelers can avoid the hassle of having to log in and manage the WiFi on each of their devices.

"Reliable WiFi is the most important hotel amenity," Karen Mitchell , a New York entrepreneur who takes six to eight business trips a year, said. "Being able to get online quickly allows for efficient communication with my team, my stores, and my business colleagues. I also need to be online to access the online resources I need for productivity."

Another highly valued hotel perk is access to a business center, which is convenient for virtual meetings, making copies, or printing documents.

"Access to a business center is an essential aspect of a business trip in today's digital age," said Jen Catto, the chief marketing officer of Travelport , a platform on which travel agencies and companies can book trips. "Though employees may opt to work from their hotel rooms, having a business center provides a change of scenery and helps employees separate work from their sleeping area."

2. A fitness center or spa

Another perk employees should have access to is a fitness center or spa that can be used during their downtime.

"As a business leader, I think offering hotels that create peace and foster relaxation is key," Jill Johnson, the CEO and a cofounder of the Institute for Entrepreneurial Leadership , said. Johnson spent last year traveling to 10 US cities to help investors and executives create more diverse networks and plans to visit another 15 cities this year. "A fitness center is a great option so that employees can maintain their workout schedule," she said.

For many travelers, a gym session is a great way to rejuvenate after a long flight , and a spa can provide a stress-relieving massage or wellness service after a long day of work.

"The hardest part of business travel is that it can be time-disorienting when traveling to different time zones, and travel requires extra energy and focus," Samantha Drucker , an actor and television host who often travels between New York and Florida, said. "I like a gym with a sauna or steam room to stay well and strong, and I also like access to a salon on the premises in case I need a blowout or I chip a nail."

If there's no gym at the hotel, the next best thing is in-room fitness equipment or workout mainstays such as stationary bikes and elliptical machines that can be checked out during a stay.

"I'll sometimes contact the hotel to see if I can borrow a yoga mat to use during my stay so that I can keep up my practice," Catto said. "In this new era of business travel, companies that book hotels that prioritize their employees' needs will likely go far in keeping employees happy and motivated."

3. Food services like in-room dining or complimentary breakfast

When employees travel, their eating schedules may be off because of jet lag or time-zone differences , and when hotel restaurants are closed, having the option of in-room dining is valuable.

"I appreciate prompt and efficient room service on a business trip," Mitchell told BI. "On my last business trip to New Delhi, India, I was able to order breakfast via room service before a morning meeting, which saved me a lot of time."

Complimentary hotel breakfast benefits the company's bottom line and can free up the employee's time as they avoid hunting for a local restaurant or standing in a long line at a local coffee shop.

"I prefer when breakfast is included at a hotel," Catto said. "Not only am I keeping my per-diem expenses down, but I also don't have to think about where I'll get my morning coffee before meetings start."

4. Hotel concierge services

A hotel concierge can be an invaluable point of contact for business travelers who are not familiar with the area and want help with things such as making reservations at local restaurants for business meetings .

"Whenever I need advice in a new destination, I always talk to the chief concierge of the hotel I'm staying at," Drucker said. "That person knows the lay of the land, and I know they're great at helping impossible things become possible."

If employees frequent the same hotel, a concierge may be able to reserve the same room for every trip, which makes Drucker feel more at home, she said. For frequent travelers, a hotel concierge can also arrange an early check-in, which can be a relief after a long flight.

"I'm especially grateful when early check-in is offered," Catto said. "I'm typically on an overnight flight and like to freshen up before seeing colleagues and jumping into my workday."

5. Proximity to local attractions

Having a hotel that's close to local attractions cuts down on transportation costs if employees want to spend time sightseeing . When it comes to downtime activities, Johnson said, businesses should discuss whether there's an entertainment budget before the trip so everyone is on the same page. She makes a point to explore a destination on each business trip, she said — even if she's been there before.

"I always try to find great local coffee shops and restaurants and cool small businesses when I travel," she said. "Whenever possible, I like to walk around and explore on foot, and last year, I took some time to enjoy the local scenes in the cities I traveled to. My activities include a dinner at Agave Uptown in Oakland, California, a half day of touring the Puget Sound and the Space Needle in Seattle, and discovering delicious eats in Philadelphia's Reading Market."

In the past, Catto said that business trips meant giving up 24 hours in the day and being restricted to "work only" activities, but now companies allow and even encourage employees to take advantage of a blended travel experience.

"Traveling for work can also be an opportunity to explore a different city, take in an activity, and soak in the local culture of the city you're in while you're there," she said. "If a business trip lands you in a big city or another country, then there's a great opportunity to take a few extra days at your own expense and enjoy what the destination you're in has to offer."

hotel management business plan ideas

  • Main content

How to Write a Food and Beverage Business Plan + Sample Business Plan PDF

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Elon Glucklich

7 min. read

Updated February 17, 2024

Free Download: Sample Food and Beverage Business Plan Templates

The food and beverage sector is booming. Restaurant openings rose 10% in 2023 compared to 2022 — even higher than in pre-pandemic years.

From fine dining to food trucks, farmers to brewers, and wholesalers to coffee makers, there are opportunities across the food and beverage industry. 

But starting a business without covering the basics — your operations plan, marketing tactics, financial strategy, and more — carries huge risks. 

That’s why we recommend you write a business plan.

  • Why write a food and beverage business plan?

Writing a business plan is an easy first step that you can start for free. Plus, businesses that take time to plan are significantly more successful than those that don’t.

Many food and beverage establishments fail because of one of the following:

  • Poor inventory management
  • Underestimated expenses
  • High employee turnover
  • Misjudged the size of their market

Writing a business plan can help you:

  • Develop processes for managing inventory and logistics
  • Understand your cash flows and create a realistic expense budget
  • Budget for competitive employee pay that increases worker retention
  • Analyze your competition and determine how big your market is  

If you’re looking for funding from investors for your business, you’ll definitely need a business plan.

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  • How to write a food and beverage business plan

Many business plans follow a standard format and you can use it as a starting point when writing your own plan. Here’s what that includes:

Executive summary

  • Company summary and funding needs
  • Products and services
  • Marketing plan
  • Management team

Financial plan

For food and beverage companies, you must give extra attention to your market analysis, operations plan, and financial forecasts.

If you’re ready to start, download a free business plan template and fill it out as you read this article.

A sample business plan outline for a food and beverage business.

Every business plan should include an executive summary . It’s a brief outline summarizing the plan, no more than one or two pages.

We recommend that you write the executive summary last after fleshing out the details of your plan. 

Just summarize the vision for your business, describe your offerings and target market , and touch on your management team and financials. Don’t go into tons of detail — just provide a high-level sense of what you want your business to accomplish.

Opportunity: problem and solution

This section of your food and beverage business plan describes the opportunity you hope to capture.

Maybe you’re a farmer looking to diversify your revenue streams by distributing to grocery stores. Or a bar owner with high-end liquor that competitors in the market aren’t serving. 

Whatever your business is, describe the gap in the market and how you aim to fill it.

If you’re operating a more common type of business, like a restaurant , you can probably keep this section short. But it’s useful to document what makes your business unique and it will help focus your sales and marketing efforts later on.

Market analysis

In a field as crowded with competitors as the food and beverage space, a detailed market analysis is essential. 

Your focus should be on identifying the specific customer segments you aim to serve. 

Maybe you’re a butcher with connections to fresh livestock. Will you be more successful selling directly to consumers, or should you focus on selling to grocery stores and markets in your area?

Or, you’re opening  a diner. Should your menu focus on healthy meals or easy-to-make child-friendly options?

These are the types of questions that market research helps you answer. This section should detail the defining characteristics of your target market, including the demographics and preferences of your ideal customer and the size of the market you’re targeting. Market research questions specific to a food and beverage business could include:

  • Business location and characteristics
  • Area income
  • Local food and beverage preferences
  • Existing food and beverage options 

Elaborate on how your food and beverage offerings align with that target market ’s needs. Remember, you can’t please everyone, so focus on a specific group of people or type of person and build out from there.

Marketing and sales

For food and beverage businesses promotions are how you stand out and seize a share of your market.

The marketing and advertising chapter of your business plan is where you’ll detail your strategies for capturing the attention — and loyalty — of the customers you identified as your target market in the previous section.

With so many options for consumers in the food and beverage space, you’ll likely have to rely on multiple marketing channels , including::

  • Advertising on websites, television, and in relevant publications.
  • Content marketing — developing an engaging website and writing blog content that’s search engine optimized to drive traffic to your site.
  • Engaging with your customers on social media.
  • Offering discounts and customer loyalty programs.
  • Appearing at food and beverage industry trade shows and community events.

It doesn’t matter how delicious your recipes are, how fresh your crops are, or how innovative your cocktails are — if you don’t operate efficiently, your business probably won’t last long.

The operations strategy may be the most detailed section of your business plan, especially if you’re writing it for a bank loan or investment. This section describes how you will run your business day to day.

When writing the operations section, describe the following:

Physical space

Whether it’s a restaurant, a farm, or a food transportation business, describe the space you’re operating in, and all of the physical assets and equipment you’ll need to be successful. 

If it’s a sit-down restaurant, consider including a floorplan mockup in your appendix.

Supply chain 

List the suppliers and partners that get your product to customers. Think about the businesses you purchase ingredients from, the warehouses that goods are stored in, and the trucking companies that deliver your products to grocery stores. 

These are your supply chain partners. It’s crucial that you maintain good relationships with them.

Production processes

How long it takes to make your product, and what materials and equipment are required. Documenting how you produce your goods or services demonstrates that you understand the costs of making them. 

You may also uncover ways to produce them more quickly, or at a lesser cost.

Detail how you’ll handle matters of efficiency like order fulfillment, storage, shipping, and returns, as well as customer satisfaction. If you provide delivery services, document how you will handle the process of getting your product to customers’ homes or businesses.

List your staffing needs, training, and experience requirements for key staff. Also, document the management structure of your business. 

This helps ensure that important tasks you don’t have time to monitor are being done and that workers are being supervised.

Describe investments in payment processing systems, inventory management software, and other tools that support sales or operations in your business. Cataloging your technology systems will help you determine where it might make sense to invest in upgrades for efficiency.

Take some time to write a financial plan . Create detailed financial projections, including sales , expenses , and profitability .

If that sounds intimidating, take a deep breath, and remember that financial forecasts are really just best guesses. If you’re running an existing business, you can start with your previous year’s numbers. If you’re starting, make an educated guess about where you hope to be financially a year from now.

Investors will want to see a: 

  • Sales forecast
  • Income statement (also called a profit and loss statement )
  • Cash flow statement
  • Balance sheet 

If you use a tool like LivePlan , you’ll be able to build out your financial forecasts relatively quickly, even if you don’t have experience with business numbers.

Even if you aren’t seeking investment, the financial plan is crucial for understanding the viability of your business. It allows you to adjust your business model based on projected performance, and make informed decisions about where to spend your money.

  • Food and beverage business plan templates and examples

If you want to see how other food and beverage businesses have created their plans, check out our free library of food and beverage business plans . 

You can download all of them in Word format and jump-start your own business plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Content Author: Elon Glucklich

Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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hotel management business plan ideas

I Tried 10 AI Project Management Tools to See if They’re Worth It (Results & Recommendations)

Published: February 14, 2024

AI project management tools simplify decision-making, keep projects rolling, and streamline communications. Pick the right project management tool, and you could save hundreds — even thousands — per year.

women use ai project management tools

I started in digital project management nine years ago, and AI project management tools were unheard of. The project management role was different than it is today.

Project managers were doing a lot of manual admin and repetitive tasks while keeping everything together and bringing those all-important soft skills to clients and internal teams who were busy getting the job done.

It was a lot. If you’re reading this, you might still be working like that: more spreadsheets than you can bear to think about, project managers stressed with deliverables and shaky briefs, leaving the team to use their best guess.

Today, my workflow relies on AI tools to keep my clients and team happy.

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The tools take much of the project management, leaving me and the team with the mental capacity to do what humans do best: build and nurture relationships, send thoughtful updates, and deliver even faster than we could ten years ago.

With the right AI tool, your workflow could look more streamlined with happier staff at work.

Naturally, the AI project management tool you select will depend on how you want to use it, but this article should give you a solid guide for choosing the right AI project management tool for you.

I’ve included my review of each tool, how I found it, the AI features, the price, and who I think it’s best for.

What does AI project management software do?

Testing ai project management tools, the scenario, 10 ai project management software.

AI project management software can help manage and organize projects and teams.

They’re commonly used for automating routine tasks, managing production schedules, storing files against projects and tasks, and providing a central hub with all content related to a project.

With the rise of AI, you can automate workflows, remove decision fatigue with predictive analysis, bolster productivity, and essentially hire a digital assistant who’s there to support you every day.

Project management tools are worth every penny and will pay for themselves in productivity. But if you’re worried about budgets, plenty of brilliant free project management tools exist.

I’ve tested AI project management and many other marketing tools for years. I have to admit it: I love trying and testing tools.

It’s almost a problem because, in the digital world, it’s very easy to get overwhelmed by choice and distracted by the next amazing new development.

But I can’t see myself stopping anytime soon. In fact, I committed myself to try more tools in the future.

Embracing the development of new tools is a fast track to an easier life, a streamlined business, and a to-do list that is as satisfying as it is productive. And, in case you’re wondering, it’s not just me saying this.

Of those surveyed in Hubspot’s State of AI report , respondents estimated they save two hours and 24 minutes per day when using AI compared to not. Automating manual tasks is estimated to save two hours and 16 minutes per day.

The time saved using AI is significant. All you need to do is find the one that suits you and your needs, and I’ve run extensive tests to help you out.

When I’m testing AI project management tools, I want a tool that:

  • Feels intuitive to use.
  • Manages projects, tasks, and sub-tasks.
  • Makes my team feel happy (and not overwhelmed!).
  • Streamlines communications related to projects and/or tasks.
  • Has integration options so that my business can scale with the tool.

I judged the tools tested in this article by these factors:

  • How well the tool replicates or replaces human action.
  • AI functionality.

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The State of Artificial Intelligence Report

New research into how marketers are using AI and key insights into the future of marketing.

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The scenario is close to my actual life as a marketer. I run many projects with fully remote teams internally and externally (my team and the client’s team).

We all need to work harmoniously in a central location.

The project needs to be well structured with some flexibility for changes. All team members need to add comments, set tasks, and have some accountability tracking to keep the project moving.

Finally, the AI project management tools must take some elements of the project. These tasks must be monotonous, undesirable for the humans involved, and safe enough for AI intervention.

AI project manager software; Asana

  • Individuals get started for free (This is all I’ve needed in the past, but now I have outgrown it)
  • Starter package is $10.99 per user a month, billed annually
  • Advanced package is $24.99 per user a month, billed annually
  • Traditional project management without customization
  • Small teams and individuals

AI project management tools, ClickUp

How I Discovered Trello

Trello was a tool I used many years ago. It was the first project management tool I was introduced to in 2011. I used Trello to manage content as part of a small marketing agency.

How Trello Supported My Project Management

I still use Trello today. It’s in my project management arsenal, even with Asana for client projects.

I like Trello because it is simple. For clients who don’t have many projects, I turn to Trello. It’s intuitive and easy to use, people get on board with it quickly, and the free package is enough for how I use it.

I don’t think Trello suits companies looking to scale, but it's perfect for small projects or teams.

Strategy AI

Tello’s Strategy AI helps with general project management and productivity. You can use the software to control who sees what project, and projects or tasks are marked with priority to keep the team working on the most important tasks first.

Trello is one of the cheapest project management tools. It is also one of the most simple.

  • Get started for free
  • Standard is $5 a user per month, billed annually
  • Premium is $10 a user per month, billed annually
  • Enterprise is from $7.38 a user per month, depending on seat quantity, billed annually
  • Small teams
  • Individuals
  • Small and few projects
  • Content management

ai project management tools, Motion

How OneCal Supported My Project Management

While OneCal isn’t managing projects, it is keeping my workload manageable and the monotony of checking multiple calendars at bay. This means I can go to any calendar for an accurate display of what’s happening in all of my calendars.

Ultimately, it saves me a lot of time and rids me of calendar anxiety.

For those who don’t use Motion, OneCal also has a booking system.

Calendar Syncing

Once you’ve integrated OneCal with your calendars, you’ll have synced calendars everywhere .

Booking Links

You can set up a booking system so your meeting guests can book a slot in your calendar at a time that suits you (and them!).

With this system, you can set buffer times and avoid back-to-back meetings, and your guests can easily see available slots in their time zones.

  • Starter is just $4 a month billed annually (this is all I needed)
  • Essential $8.30 a month billed annually
  • Premium $25 a month billed annually
  • Anyone using multiple calendars or wanting to streamline the meeting booking process

AI project management tools, Notion

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Restaurant workers wanted to unionize at this L.A. hotel. Now the restaurants are closing

A person exits Hotel Figueroa

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Six days after restaurant workers at a hip downtown hotel filed cards to organize a union, the hotel’s food operator declared it would shutter the dining establishments that employed them, the latest in a string of showdowns and confrontations between workers and employers in L.A. area restaurants.

The case is playing out at the Hotel Figueroa in downtown, home of Sparrow Italia, Cafe Fig, Bar Magnolia, the Cafeteria and La Casita at Driftwood. The historic building has for the last two decades built a following for its Mediterranean-inspired space and stylish dining rooms, but behind closed doors, tension has loomed between the third-party management company behind the restaurants, called Noble 33, and the estimated 100 food and beverage workers who run them.

Discontent between Noble 33 and its employees at Hotel Figueroa started soon after the hospitality group took over food and beverage operations for the hotel in 2021, according to workers and union organizers who spoke with The Times.

Workers said they were forced to take on multiple tasks without more pay as their colleagues left and management failed to back-fill positions.

 An exterior view of Nobu on Pacific Coast Highway in Malibu at night.

Nobu Malibu faces lawsuit alleging sexual harassment and discrimination against hostesses

A lawsuit filed Wednesday by a hostess of the celebrity hot spot Nobu in Malibu is seeking at least $500,000 in damages.

Sept. 14, 2023

Some food and beverage workers, many who worked alongside the unionized hospitality workers employed by Hotel Figueroa, started to agitate to also form a union and gain similar rights.

On Dec. 8, food and beverage workers who worked for Noble 33 notified their management that they intended to form a union, and submitted cards to do so.

Six days later, Noble 33 emailed its food workers, announcing that it would permanently shutter the restaurants by mid-February and lay off its food and beverage staff before then, according to a letter sent to employees on Dec. 14.

In response, restaurant and bar workers employed by Noble 33 at Hotel Figueroa filed a complaint in January with federal labor regulators, accusing hotel management of trying to suppress labor organizing among its food and beverage staff.

Unite Here Local 11, which represents the hotel workers at Hotel Figueroa, filed the complaint with the National Labor Relations Board on behalf of the food workers at Sparrow Italia, Cafe Fig, Bar Magnolia, the Cafeteria and La Casita at Driftwood.

Management company Noble 33 said it would close all the restaurants adjoining the lobby, seen above, at the Hotel Figueroa.

The closing of the restaurants would leave large wells of unused space on the hotel’s ground floor.

Restaurants and two bars take up most of Hotel Figueroa’s bottom floor. The hotel’s front patio serves as outdoor dining space for Cafe Fig , a popular all-day Mediterranean restaurant featuring dishes like cauliflower bites, tuna tartar tostadas and truffle fries. Hanging vine chandeliers decorate the indoor dining room, which is attached to Bar Magnolia , a well-stocked watering hole for hotel guests and diners who want to sip on a libation.

Walk a few steps toward the the courtyard, past an arched entryway and there’s Sparrow Italia , which serves coastal Italian dishes and cocktails in an indoor-meets-outdoor dining room and bar that opens up to the hotel’s iconic coffin-shaped pool. La Casita at Driftwood offers food and drink service poolside when open for the summer season.

It’s unclear what operations if any would replace the dining spaces at the Hotel Figueroa, a Spanish Colonial hotel at Figueroa and 9th streets.

“We are still evaluating all options concerning future food and beverage offerings at Hotel Figueroa,” a spokeswoman said Monday in a prepared statement.

Some of the workers said they were devastated by the move, which came right before the Christmas holiday.

Leobardo Perez, a 45-year-old dishwasher at Cafe Fig, said he decided to organize after two other dishwashers left and management made him take on their work instead of hiring new dishwashers. Perez, who has worked at the restaurant for two years, said he was also forced to do other jobs, such as prep or pastry work without additional pay.

“All we want is for our rights to be respected in the workplace,” Perez said. “It’s unjust for them to close down the restaurants because we just want to organize.”

The towering building of Hotel Figueroa.

Third-party manager disputes hotel’s claim

A spokesperson for Noble 33 said the third-party vendor had no option but to close.

Noble 33 contends that its contract with Hotel Figueroa stipulates that the unionization of food and beverage employees would trigger a kill clause between both parties. “It would be a breach of the hotel’s current unionization agreement with the union,” a Noble 33 spokesperson said in a written statement.

Hotel Figueroa and Unite Here Local 11 deny this claim.

A spokeswoman with Hotel Figueroa said notice to terminate the food staff “was not prompted by hotel management nor hotel ownership.”

She said the layoffs were initiated by Noble 33, which issued the notices without first discussing it with hotel ownership, management or employees.

“It is also important to note that our agreement specifically stipulates that Noble 33 will never be requested or authorized to engage in unfair labor practices,” Hotel Figueroa said in a written statement.

Meeka Smith, 43, visiting from Baltimore, Maryland, shows her receipt.

‘Deceiving and disgusting’: Readers react to the rise of restaurant service fees

A class-action lawsuit filed against the restaurant group that owns Jon & Vinny’s has started a larger conversation on the ethics of service fees and tipping. L.A. Times readers share their thoughts.

June 26, 2023

Unite Here Local 11 called Noble 33’s claim “absurd.”

“It is absolutely disgusting that a company would sign a contract promising to kill its operations simply because its employees exercise their federal right to organize a union,” said Kurt Petersen, co-president of Unite Here Local 11.

Food workers across the region have been struggling with owners and employers in an industry shaken last year by brutal financial realities and allegations of mismanagement and abuse. At least 65 notable closures of restaurants affected the dining scene in 2023.

The closures continued into the new year. On Jan 1, Sweet Lady Jane — famous for its triple berry cake — announced it had shuttered all six of its Los Angeles locations.

At the same time, discontent between food and beverage workers and employers continues to grow.

In June, former servers at Jon & Vinny’s, a hip Italian American restaurant, filed a class-action lawsuit in Los Angeles Superior Court against the restaurants’ owners, Jon Shook and Vinny Dotolo. The lawsuit against Joint Venture Restaurant Group Inc., which owns Jon & Vinny’s, claimed that the company denied servers tips, resulting in a reduction of take-home pay due to diner confusion regarding an 18% service fee.

In September, hostesses at Nobu in Malibu filed separate lawsuits against the popular restaurant, alleging sexual assault, sexual harassment and discrimination.

In December, the National Labor Relations Board announced that it was looking to force Starbucks to immediately reopen 23 stores that workers allege were shut two years ago in a move that was allegedly done to suppress union organizing. Six of those locations were closed in the Los Angeles area.

LOS ANGELES, CALIFORNIA - APR. 30, 2019: Regulars (L to R) Jessica Gonzales, Lisa Higgins, and Rachel Kielborn enjoy lunch with family and friends at Jon & Vinny's on Tuesday, Apr. 30, 2019, at the second installment of the Italian restaurant, in Brentwood. (Photo / Silvia Razgova) 3078377_la-fo-bill-addison-jon-and-vinnys-review

Is a dine-in service fee a tip? Former servers allege in suit they are owed gratuities from Jon & Vinny’s

The restaurant says the 18% service fee attached to checks is part of a vision to make pay more equitable among all workers. The suit filed Tuesday in L.A. seeks damages for what servers claim are tips.

June 21, 2023

Edith Reyes, a line cook at Cafe Fig, said she felt compelled to organize because of what she described as unfair treatment on the part of managers. Reyes, a single mom who has worked at the restaurant for about three years, said managers ignored multiple requests for a few weekends off to spend with her daughters.

At the same time, she said newer workers were granted weekends off.

“It’s unfair. I’m the only parent my daughters have,” she said of her teenage daughters. “They depend on me. I need to be there for them and I need to provide for them.”

She was regularly scheduled hours that would add up to just below full-time and didn’t qualify for vacation or sick time off, she said.

SANTA MONICA, CA - JULY 12, 2023 - Jose Ayala, 66, left, walks the picket line with fellow Unite Here Local 11 hotel workers in front of the Viceroy Hotel in Santa Monica on July 12, 2023. Ayala works as a dishwasher for the Viceroy Hotel and has to work a second job to make ends meet. Some older hotel workers scrape by on their income and can't afford to quit. Some work two jobs just to make ends meet. Unite Here Local 11 hotel employees have been striking for higher pay and better benefits. (Genaro Molina/Los Angeles Times)

Striking hotel workers reach a tentative contract agreement with a fifth hotel

Le Merigot Santa Monica was among some 60 Southern California hotel properties being hit with intermittent walkouts since early July.

Nov. 20, 2023

On Jan. 20, Hotel Figueroa hotel workers took to the picket line for a few days for the first time this year. The move was the latest in a series of intermittent strikes and a larger summer strike that launched in July when hundreds of hospitality workers at hotels across Southern California took to the streets in protest.

Unite Here Local 11 represents the hospitality workers and reached tentative agreements with about two dozen hotels, out of some 60 properties in Los Angeles and Orange counties initially targeted by strikes that started last summer.

More to Read

WEST HOLLYWOOD, CA JULY 20, 2023 -- A third wave of rolling strikes from hotel workers outside the Andaz West Hollywood on Thursday July 20, 2023.Workers are picketing for higher wages and better benefits and working conditions. (Wally Skalij / Los Angeles Times)

Striking hotel workers reach contract agreements with 5 more hotels in months-long fight

Feb. 9, 2024

LOS ANGELES , CA - OCTOBER 19: Bicyclette on Wednesday, Oct. 19, 2022 in Los Angeles , CA. (Shelby Moore / For The Times)

Two of L.A.’s most lauded chefs are closing their Michelin-starred restaurant and its downstairs bistro

Feb. 5, 2024

Hotel workers wearing pink plastic rain ponchos picket outside the DoubleTree by Hilton on Monday.

Striking hotel workers were hit by metal ball bearings, union says

Jan. 27, 2024

Eat your way across L.A.

Get our weekly Tasting Notes newsletter for reviews, news and more.

You may occasionally receive promotional content from the Los Angeles Times.

hotel management business plan ideas

Cindy Carcamo is a staff writer in Food for the Los Angeles Times. She most recently covered immigration issues as a Metro reporter and, before that, served as Arizona bureau chief and national correspondent in the Southwest. A Los Angeles native, she has reported in Argentina, Guatemala, Honduras and Mexico, and is a former staff writer at the Orange County Register.

More From the Los Angeles Times

A man and a woman pose together on a countertop in a kitchen with wood cabinets between a stove and a microwave.

Company Town

These entertainment workers could barely make rent. A Hollywood housing complex offers relief

Feb. 21, 2024

CHINO, CA - FEBRUARY 15: Mauricio Perez, 33, a UPS truck driver who has been at the company for 15 years. Perez has spent his entire life in the Inland Empire and seen the effects of the logistics industry's rise and fall. For UPS drivers, the downturn has meant fewer set schedules, which means more drivers are on-call and may not get work, and thus not get paid, that week. Perez was photographed on a delivery route at 14200 block of Ramona Avenue Chino, CA. (Irfan Khan / Los Angeles Times)

The Inland Empire’s once-unstoppable warehousing industry falls into a slump

hotel management business plan ideas

How Rodrigo Prieto jumped seamlessly (and immediately) from shooting ‘Killers of the Flower Moon’ to ‘Barbie’

Feb. 15, 2024

Los Angeles, CA - February 14: Rideshare Drivers United along with a large number of supporter protest in front of the Uber Greenlight Hub on Wednesday, Feb. 14, 2024 in Los Angeles, CA. (Jason Armond / Los Angeles Times)

Gig drivers strike in L.A. and other major cities, hoping to disrupt Valentine’s Day business

Feb. 14, 2024

IMAGES

  1. 19+ Hotel Operational Business Plan Examples

    hotel management business plan ideas

  2. 13+ Hotel Business Plan Templates

    hotel management business plan ideas

  3. Hotel Business Plan

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  4. Business Plan for a Hotel

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  5. 12 Sample Hotel Business Plan Templates to Download

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  6. Business Plan For A Boutique Hotel

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VIDEO

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COMMENTS

  1. Get A Business Plan Template

    Fill Out A Business Plan In Minutes. Easy To Use, Save, & Print. Try Free Today! Customize Business Plan Templates Online 100% Free. Print & Download Now!

  2. Hotel Business Plan

    Fill Out A Business Plan In Minutes. Easy To Use, Save, & Print. Try Free Today! Avoid Errors With Your Business Plan. Over 1M Forms Created - Try 100% Free!

  3. Hotel Business Plan Template

    Appendix Which are the Steps for a Hotel Business Plan? Let's dive into the step-by-step checklist of what your hotel business plan should look like. Infographic by Xotels 1. Executive Summary

  4. How to Create a Hotel Business Plan in 2024 (+Free Template)

    1. Executive summary An executive summary is the most essential part of your business plan. It should concisely explain the purpose of your business and why it will be a success. Include your mission statement explaining why your hotel exists and its overall goal.

  5. Hotel Business Plan: Beginners Guide

    A hotel business plan is a formal document that provides a detailed roadmap for a hotel project, outlining everything from its goals and target market to the products and services it will offer, marketing strategies, and financial projections.

  6. How to Start a Hotel Business in 2023 (+Cost and Business Plan)

    Step 1: Do You Want to Build or Buy? Step 2: Analyze The Data And Determine Feasibility Step 3: Create A Hotel Business Plan Step 4: Create Your Digital Presence and Distribution Strategy Step 5: Pre-Opening Strategies Step 6: Throw A Killer Opening Party Hotel Owner Interview Spotlight with Marius Donhauser

  7. Hotel Business Plan Template & Example (2024)

    Hotel Business Plan You've come to the right place to create your hotel business plan. We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their hotel companies. You can download the Hotel business plan (including a full, customizable financial model) to your computer here <-

  8. How to Start a Hotel Business + Business Plan [Updated 2024]

    1. Choose the Name for Your Hotel The first step to starting a successful hotel business is to choose your hotel's name. This is a very important choice since your hotel name is your brand and will last for the lifetime of your hotel. Ideally, you choose a name that is meaningful and memorable.

  9. How to Make a Business Plan for your Hotel

    1. Executive Summary Your business plan in a nutshell. The placement of executive summaries is misleading. They normally come first in business plans, but really, they should be written last. This is because they cover all the key points that are mentioned in your business plan. Remember… most people won't read your entire business plan.

  10. Hotel Business Plan Template [Updated 2024]

    1. Executive Summary 2. Company Overview 3. Industry Analysis 4. Customer Analysis 5. Competitive Analysis 6. Marketing Plan 7. Operations Plan 8. Management Team 9. Financial Plan 10. Appendix Next Section: Executive Summary > Hotel Business Plan FAQs What Is the Easiest Way to Complete My Hotel Business Plan?

  11. How To Write A Successful Hotel Business Plan + Template

    The executive summary of a hotel business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan. Start with a one-line description of your hotel company. Provide a short summary of the key points in each section of your business ...

  12. Hotel Business Plan

    A hotel business plan provides a detailed roadmap of what needs to be accomplished and why and gives potential investors insight into your business idea. Included in this business plan are templates for: Company analysis Industry analysis Competitive analysis Operations plan Financial plan And more!

  13. Hotel Business Plan for Free

    EXECUTIVE SUMMARY. Your first step in creating a hotel business plan is to create the Executive Summary, which is a few paragraphs that give a broad strokes overview of your business. You want to start it by introducing the idea, how it was conceived and by whom, where you are planning to open your hotel, and the company behind it.

  14. How to Start a Hotel Business: The 8-Step Guide

    In this guide, we'll teach you how to start a hotel business with step-by-step instructions, expert advice, and actionable tips. Keep reading to discover the fundamentals all hotel businesses need to succeed. The steps we cover in this guide: Step 1: Find a market need. Step 2: Craft your strategic goals. Step 3: Run the numbers.

  15. 15+ Hotel Business Plan Samples

    To run your hotel plan profitability, you must have a proper business plan that will help you dance your worries away. We have various hotel business plan templates applicable for various related businesses and accommodations such as a startup mini hotel, guest house motel, 5 star resort lodge, 3 star spa, and boutique, etc. Keep scrolling!

  16. How to start a successful hotel business: a complete guide

    Create a detailed plan that covers staff, operating processes, suppliers and inventory management - everything involved in operating your hotel business. Financial plan. Start talking money. Start-up costs followed by ongoing expenses (payroll, purchases, rent and utilities), forecasts and profit potential.

  17. Hotel Business Plan [Free Template]

    Plans starting from $7/month Things to Consider Before Writing a Hotel Business Plan Select a good location An accessible and well-located hotel is much more likely to work than one that is situated otherwise. Also, the neighborhood you set up your hotel in matters a lot too.

  18. Hotel Business Plan

    If you have never made a hotel business plan before, check out these tips for some ideas on your design. 1. Add Executive Summary. Place the executive summary in your business plan's introduction. Your mission statement serves as an introduction to your design. It's typically a one-line statement that describes the essence of your company.

  19. Hotel Business Plans Example [Update 2024]

    </form> Hotel Business Plans Example [Update 2024] | OGScapital Business Plans Business Plan for Investors Bank/SBA Business Plan Operational/Strategic Planning Services Immigration Business Plan L1 Visa Business Plan E1 Treaty Trader Visa Business Plan E2 Treaty Investor Visa Business Plan EB-1 Business Plan EB-2 NIW Business Plan

  20. Hotel & Lodging Business Plans

    Shelter Business Plans. Whether your business is a rustic retreat or a high-end bed and breakfast, these sample business plans for hotels, inns, resorts, and other lodging businesses will help you write a business plan that will guide you to business success. If you're looking to develop a more modern business plan, we recommend you try LivePlan.

  21. Hotel Business Plans

    Just check out these sample business plans for hotels and motels to get some ideas and inspiration. If you're looking to develop a more modern business plan, we recommend you try LivePlan. It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

  22. Hotel Business Plan [Sample Template]

    Executive Summary Sean and Sharon Hotel will be located in the heart of Las Vegas less than 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center. We are conveniently located in the world's headquarters for casinos and games; a commercial center.

  23. Hotel Restaurant Business Plan PDF Example

    Our Hotel Restaurant Business Plan is designed to cover all critical aspects for a comprehensive strategy. It outlines the hotel's unique offerings, market position, competitive edge, management expertise, and financial goals. Offers an overview of the hotel restaurant's business concept, market analysis, management, and financial strategy.

  24. The 5 Best Hotel Perks for Frequent Business Travelers

    2. A fitness center or spa. Another perk employees should have access to is a fitness center or spa that can be used during their downtime. "As a business leader, I think offering hotels that ...

  25. How to Write a Food and Beverage Business Plan + Sample Business Plan

    Free Download: Sample Food and Beverage Business Plan Templates. The food and beverage sector is booming. Restaurant openings rose 10% in 2023 compared to 2022 — even higher than in pre-pandemic years. From fine dining to food trucks, farmers to brewers, and wholesalers to coffee makers, there are opportunities across the food and beverage ...

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    An LLC related to McGuire, the owner of the Loons and a former CEO of UnitedHealth Group Inc., last month acquired key parcels around Allianz Field for more than $54 million.The seller was three ...

  27. I Tried 10 AI Project Management Tools to See if They're Worth It

    If you reach 20 members, you'll benefit from the unlimited pro plan at $299 a month; Best For. Businesses looking for an all-in-one solution with transparent pricing; 5. Trello. Image Source. How I Discovered Trello. Trello was a tool I used many years ago. It was the first project management tool I was introduced to in 2011.

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    A New York developer plans to build hundreds of apartments in North Austin, just east of Q2 Stadium. The project from Turnbridge Equities LLC, a real estate investment and development firm that's ...

  29. Restaurants at Hotel Figueroa to close after workers announce plan to

    Feb. 5, 2024 3 AM PT. Six days after restaurant workers at a hip downtown hotel filed cards to organize a union, the hotel's food operator declared it would shutter the dining establishments ...