B Business plan for unused space
→ Go! Category:Assignments
Assignments
Name of assignment
Develop a business plan for unused space of outdated rooms.
Situation
There is an outdated section which is located above the swimming pool and restaurant, which is no longer rented out. The rooms in this section absolutely need renovation and there are also problems with the facilities below; the swimming pool and restaurant: the smell and safety are an issue. So far, no plans were made to redevelop this section, as this redevelopment would be rather complicated given the current construction of the building. Currently, these rooms are used to accommodate staff staying overnight, as luggage room or as storage rooms.
Goal
Now that the hotel has a new strategy, it is the right moment to also look at the options for this unused space'. Effectively using this space can contribute to the hotel's turnover and profit. Of course, new plans should be in line with the strategy; should match the legal requirements and should not (negatively) affect the other hotel operations and facilities.
Task, deliverable
Develop a plan to commercially exploit the unused area, describe how this would look like, and what the target groups would be.
Most important element of your plan, however, is the financial section of the plan. Do not focus too much on details of costs and revenues: focus on the right display of financial figures.
- What would be the required investments?
- How would you finance these investments?
- What would be the revenues (a calculated estimate will do)?
- What would be the costs (a calculated estimate will do)?
- Make an expected operating review of the first year and also decide on overhead and (general) staff costs to be taken into account.
Assessed elements
- Are the numbers represented correctly?
- Do the numbers make sense?
- Are all of the sources accounted for?
Additional information
- 12 of the world’s most innovative hotels
- Hotel Business Plan Template
- 17 Ways to Improve Hotel Guest Experience
- Hotel industry worldwide statistics & facts
→ GO! Top of this page
