Successful Developments Begin with the Fundamentals
The professionals at our Resort Management Company have experience successfully developing and opening over a dozen new hotels from the branded economy segment to luxury independent boutique. They understand that the key to success for a new lodging establishment is to perform exhaustive due diligence within the project’s fundamentals.
Our Charlestowne Hotel Management Company’s first step in the due diligence process is to perform a market analysis to understand the competitive environment. Who are the customers, and what are the market segments? That is then followed with a strategic analysis to identify which customers are under-served and what is the correct market tract and scale for the new hotel.
In subsequent steps, they assist hotel developers in product and brand development, correct sizing and programming of the proposed space, and determine the type of organization that should be formed to operate the hotel.
Budgeting and Pre-Opening
The intelligence gathered in the market and strategic analyses enable the creation of a pro forma for use in making a final evaluation of the hotel project’s merits and for use in making presentations to lenders and investors.
Prior to opening, they will prepare an income-and-expense operating budget for the proposed hotel and attend project meetings where recommendations will be discussed regarding the layout, design, and functionality of guest rooms, public areas, and the “back of the house.” They will identify and handle purchasing of all operating supplies and equipment and identify, bid for, and contract with all vendors needed for post-opening operating supplies.
As the opening date nears, our Resort Management Company will recruit for and hire the general manager and sales and marketing management team, and set-up temporary office space to begin the selling of the hotel and the recruitment and training of the other staff and managers. They implement a comprehensive e-commerce and marketing campaign to ensure the hotel is positioned to launch successfully.