The vendor is required to provide real estate comprehensive hotel market feasibility study services:
• Commercial developments appropriate for locating port state include full-service restaurants, higher end and business class hotels, family and adult indoor entertainment and recreation venues.
• The market can support at least one new hotel, with 60-100 rooms. with the medical cluster, senior living communities, plus business travel, the area could support a 4+ star hotel in this corridor.
• The corridor may benefit from the addition of venues that cater to more weekend entertainment.
• Redevelopment of thirteen (13) prioritized redevelopment sites
- The real estate market analysis of port state has extensive reporting on the city’s demographics, employment industry, housing, commercial competitive analysis including development trends, traffic, resident and visitor profiles and trade area, market value and outlook.
1. Research & community outreach
• Current and potential future need
• Current and desired essential amenities
• Scale or quality preferences
• Employer overview
• Demand generators and attractions including peak
• Demographic assessment and report  2. Data compilation
• Costar global data
• Competitive hotel properties data summary
• Primary and secondary competitive performance
• Key performance indicators supply & demand/supply & demand changes, occupancy rate average, daily rate, monthly revenue, unit type, rental growth, property and unit amenities, inventory and sales
• Key performance trends/changes
• Market segmentation projections
3. Economics
• Present projections for stabilized hotel operations based on current and prospective operating performances in the market including occupancy, daily room rates and sales revenue
• Overall economic condition of community
• Trending lodging data of current lodging supply
4. Forecasting
• Define star rating hotel opportunities
• Economic impact: direct and indirect
• Impact of new hotel development on current lodging supply
• Cost of construction of new hotel development
• Cost of operation of new hotel development
• Potential revenue for new hotel development
• Economic proforma shall include impact of a hotel room tax 5. Site selections
• Property type
• Property size
• Location criteria
• Services and amenities
• City investment by type and level of necessity
6. Promotion and marketing
• Supply marketing and promotional materials for city use with prospective property owners, end uses investors.