Hotel Market Study and Feasibility Analysis Services

The Vendor is required to provide comprehensive hotel market study, including facility recommendations and a feasibility analysis, for the city.
- Community-wide market evaluation
• Assess current and projected future demand for hotel accommodations within the city and the surrounding competitive market area.
• Evaluate the existing and potential future competitive lodging supply, including any properties currently under development or announced.
• Determine the market share that could reasonably be captured by new hotel development in the city.
• Identify the types of hotels (e.g., limited-service, full-service, extended-stay, boutique) and the number of rooms that best fit the market.
- Demand analysis
• Identify and quantify primary demand generators, including corporate, group, leisure, event driven, sports, government, medical, and institutional segments.
• Assess historical and projected occupancy rates, average daily rates (ADR), and revenue per available room (REVPAR) for the market area.
• Evaluate demand patterns related to the complex, center, college, city memorial ballpark, and other major regional demand generators.
- Facility recommendation
• Recommend the optimal size (number of rooms), quality tier, and type of lodging facility that best fits the city market.
• Recommend an optimal brand chain scale or independent and boutique positioning for any proposed hotel development.
• Identify and evaluate potential development sites within the city for their relative suitability.
- Financial feasibility analysis
• Project income and expense statements for a proposed hotel over a minimum five (5) to ten (10) year period.
• Evaluate the economics of proposed hotel development, including estimated development costs, projected operating performance, and return on investment metrics.
• Assess potential public financing or incentive mechanisms that may enhance project feasibility.