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Hotel Budget Plan: Are you Ready for 2024?
No time to lose, the next year is almost here. And a good hotel budget plan isn’t made overnight.
How far are you with your targets, budget, and plan of attack for next year? What REVPAR and GOPPAR do you need to achieve? Have you gone over what next year will look like in terms of performance, and does it describe all actions in detail? Does everyone on the team know what the objectives are and which steps to take to get there? Did you make your new hotel budget already or are you right in the middle? What methodology are you using? Are you simply adding 3% to 5% each month based on last year’s performance? Or are you really putting your teeth into it and drilling down per segment, per channel, per account, and per day?
Now is the time to take action to build your hotel budget plan! Read through our step-by-step guide explaining how to get ready for 2024 with our hotel management company´s best hotel budgeting practices.
This article answers all your hotel budgeting questions:
Does your Hotel Budget have to be Adjusted throughout the Year?
So, why are budgets so important for hotels.
- It´s a Team Effort: So Get Them Evolved!
Lack of Hotel Budget Sophistication
- How to Get Started: a Breakdown per Department
Revenue management & distribution, 1. expense budgeting approach: last year with x% increase, 2. zero-based budgeting.
- 3. Cost per room occupied (CPOR)
Get your Data on Time: Setting Deadlines for your Team
What is a hotel budget plan and when do you start.
A hotel budget is a plan that explains how revenue will be generated and spent each month for the upcoming year to reach the goals and objectives. It also helps hotels to make sure there’s enough money every month to pay the bills and reserve money for other expenses such as investments.
In other words, the budget shows you how much money you´re going to make and can be seen as a roadmap of how next year will look like in terms of performance.
Typically, the hotel budget season starts towards the end of August with presentations to management starting the following month. However, with trends ever evolving and Covid-19 impacting booking behaviour, it is important to take factors such as booking windows, cancellations trends, increasing room rates, and inflation into account. All of these factors can heavily influence the accuracy of your hotel budget plan. In practical terms, taking an agile approach and adjusting your budget later this budget season can be beneficial for any hotel.
The budget generally doesn´t change, this is where the hotel forecast comes into play where you start comparing your budget vs. your forecast.
Should Every Hotel Create a Budget Plan?
The answer is simple: YES Simply running a hotel on intuition doesn’t cut it anymore.
Whether your hotel is a boutique property with 15 rooms, or a 400 key large scale urban hotel, it is essential to have sophisticated planning and reporting in place to maximise results.
The hotel industry is a highly competitive industry. To compete, hotels need to be accurate with their budgeting to ensure financial results are aligned with the business objectives, and that their teams are organised and prepared to reach those goals.
Without giving your team the much needed goals, there´s no clear direction making it nearly impossible for them to know if they’re on the right track to reach the goals by the end of the year.
It’s A Team Effort: So Get Them Evolved!
So who should be involved in the budget-making process?
Understanding how each department contributes to the performance of the hotel is essential.
So, why not include all department heads in the process?
- Front Office Manager
- Rooms Director / Head of Operations
- Other departments: Spa, F&B, outlet managers, Golf, Housekeeping etc.
- Hotel Manager / GM
- Finance Team
- Revenue Managers
Where Many Hotels Go Wrong: The Budget Pitfall
It seems that not everyone goes into as much detail when making their budget. I have to share with you a funny story about budgeting with you. So we are working with many different hoteliers, and in this case, it pertains to the management of a resort. Hotels in vacation markets for many have been influenced (indoctrinated) by tour operators on how to manage their property. As a result, budgets are made per person rather than per room, meaning that the total revenue objectives become ‘flexible’ if the measurement of results does not incorporate enough factors.
In this particular case, the hotel’s management was under the impression the hotel was performing on target as the correct average rate per person was achieved. Unfortunately, the average occupancy per person per room was actually 20% lower than normal, which made it impossible to reach the total revenue target, because the average room rate was totally off.
Hold on, it gets even funnier. When we were working through the budget for each month, we noticed that several months had targets at revenue levels below last year. Upon probing the reasoning behind this, we were explained that some tour operators had informed them they were expecting 10% fewer bookings from a particular country. No one ever raised the thought to initiate partnerships with other distribution channels to offset this possible decrease in demand. Capturing more market share, or penetrating new markets was just not in their mindset.
Sorry, I just had to get this rant off my chest. But unfortunately, it is very typical for our industry. Especially in resort hotel markets, tour operators have for too long influenced hoteliers on how to run their business. Hoteliers need to get more strategic insight and understanding of the financial side of the business. Moreover, they have to become more creative in methods and revenue strategies to increase the performance of their property.
An industry colleague I respect highly called me last week, asking if I knew of any online tool which helps hoteliers develop a professional plan of approach. Not just a standard one, like most hotels, punch out, listing a few trade fairs and showing a % increase per segment. No, he was looking for a system that really guides you through every detail and forces you to look at all aspects that need to be incorporated. And he is right; marketing plans in general are too superficial. It is time they are taken to a more professional level, and become complete. Hotels are multi-million dollar or euro businesses and they demand an expert strategic and structural approach.
Step by Step Guide to Creating a Hotel Budget Plan
First, let’s talk about some ground rules before jumping into the specifications of budgeting. Make sure to consider the following points for improving accuracy and maximizing accuracy:
- Provide context around the numbers, not just enumerate – Telling the story of how revenue will be generated in the coming year, and which factors contribute to bringing in business will help your team to understand and contribute to the plan, benefiting the quality of the end result.
- Multi-scenario – as we all know and have seen lately, trends can shift rapidly. Therefore, taking a proactive and agile approach is important to better navigate market fluctuations.
- Don’t overcomplicate – keep explanations and other overcomplicated jargon out of the reports. Again, simplifying allows for clear communication and will make it easier to get your team on board.
How to Get Started: Create a Breakdown per Hotel Department
Now we have cleared some ground rules, we can take a look at some of the elements you need to incorporate in the plan for next year.
Taking into consideration the continuing growth of online sales and the quick adoption of mobile technology by consumers, we have put together some questions that will need your attention in the upcoming year:
Key Considerations per Hotel Department
The basis of the target or budget lies in a detailed demand calendar . Get a clear overview of what drove revenues each day. Map the events, conferences, expositions, trade fairs, concerts, holidays, vacations, long weekends, etc to the following year. You will start seeing a clear shift already.
Perform displacement calculations on all segments, channels, and accounts to uncover hidden revenue potential. Incorporate channel distribution costs like travel agent commission, agency fees, and marketing investments, payroll for sales, marketing, and reservation, to determine the true net value of each segment.
Here are some questions you should include in your budgeting process:
- How much revenue do we expect our hotel website to produce next year?
- What growth are we expecting from the current year?
- What is the balance between print and internet marketing?
- Are we shifting the budget from offline to online?
- What is our plan to attract more traffic to our website?
- What will we do to increase the conversion of our hotel website?
- What new online marketing initiatives will we launch next year?
- How will we collect more emails, mobile phone numbers, and FaceBook connections to be able to directly engage with our guests?
- How will we attract our different client target markets and niche guest segments?
- How will we measure the effect and ROI of all our marketing actions?
- Website Redesign or Optimization
- Links from local and travel directories
- Search engine marketing SEM / PPC
- Search engine optimization / SEO
- Banner advertising
- Advertising on Meta-Search, Review Websites, and Travel Forums / Communities
- Interactive campaigns/promotions (contests, games, quizzes, sweepstakes)
- Email marketing
- Mobile Website
- Mobile Search Engine Marketing SEM / PPC
- Social media marketing / Travel 2.0
- Online reputation management
- Blog output and maintenance
- Backlink building
- Analytics / ROI tracking
- Webmaster tasks
- External hotel marketing agency
- Have you identified new local or international sales channels your hotel needs to be on?
- What are your key segments, niche segments, and feeder markets?
- Are there any travel agency channels or forums out there that can help you attract these customer target markets?
- How will you manage to keep a healthy balance between direct and indirect (third-party) sales online?
- What is your approach to protecting your hotel from brand hijacking by OTA?
- Are your FIT and wholesalers respecting the contract?
- How will you prevent wholesalers from distributing and publishing package rates as room-only deals on online travel agency websites?
- How will you control your cost of distribution?
- Will we use rate parity as a strategy to drive business through more cost-effective distribution channels?
- Will we guard against cannibalization by costly distribution channels like Flash, Group, and Lastminute sales websites?
- Will we let ourselves be caught up in website trends and hypes which only lead to an erosion of the hotel’s net rate?
Just to give a few examples, here are some expenses to include:
- Cost of guest amenities
- Staff cost to clean rooms
- Cleaning products
- Complimentary/turndown gifts
- Uniforms (cost per uniform, laundry, reparations, tailoring fees)
- Printing costs
- Software & hardware tools
- Complimentary services (welcome drink etc.)
- Guest Relocation
- Cleaning supplies (public areas & rooms)
- Resort Fees
- Package Breakage
- Business Interruption Insurance
- Foreign Currency Exchange
- Unused or Forfeited Gift Certificates
- Interest Income
Budgeting Approach: Is there a Best Way to Budget for Expenses?
Mainly, there are three ways to approach budgeting for hotels, and we´ve dived deeper into which key metrics are involved in our article about USALI (Uniform System of Accounts for the Lodging Industry), which is the standard system that any hotelier should familiarise themselves with.
In this article, we´ll briefly take you through the common methods used in hotel asset management and the hotel finance world, namely:
Let’s start with the most simple approach. This way of creating budgets can be easily performed by taking this year´s figures and adding a fixed percentage to each category, for example, to account for inflation or required revenue growth, and is a method to use if your costs are more predictable and have the tendency to be similar year over year (YOY).
- Simple, easy, and no complex calculations are required which reduces the chances of errors
- Saves time for your hotel
- Consistency – it can help to increase consistency of the budget over the years
- Discourages management to proactively look into savings and expenses
- External factors and unforeseen changes aren’t taken into account
- This might lead to unnecessary spending – some departments might not need a budget increase, leading to managers having the perceived freedom to spend more towards their budget even though no changes were required.
As the name suggests, the Zero-Based Budgeting approach starts with a zero starting point, and is a great way to identify essential expenses and eliminate unnecessary expenses.
Without referring to last year’s numbers, this method requires managers to create and justify each budget item and category, pushing the team to review what´s most vital to running your hotel business.
- Accountability of managers – making them accountable for costs and overinflated budgets
- Works well for getting rid of unnecessary expenses
- A budget approach that minimises negative impact on operations in the efforts to control cost
- Time and resource consuming
- Possibility of short-term thinking to be rewarded over long-term thinking – initiatives that require a longer time to develop, for example, a brand awareness marketing campaign, requiring funds to ramp up impact, might be left with lower budget allocations in the short run as it is considered a long-term investment even though they´re needed to achieve the short term goals.
3. Cost per room occupied ( CPOR )
This method is not recommended as it doesn’t show you what key necessities are needed across each category.
The calculation for this budget approach is based on dividing each expense category by the number of rooms sold.
- Quick and simple calculations to get an overview of expenses
- Only generic conclusions can be drawn with this approach, as it lacks granular insight into each category
As we all know, there are a million things on a hotelier’s mind. For this reason, setting clear deadlines for when deliverables should be handed in from each department is crucial both for getting the final budget ready in time, but also helping to alleviate some of the workload from your team by giving them proper planning.
Furthermore, provide your team with guidance during the budgeting season. In case deliverables are not of expected quality when deadlines are reached, our hotel consultants always recommended to set team meetings to discuss earlier drafts of the budget per department to avoid any delays or inaccuracies of data when closing in on the final deadline.
As you can see many things have to be considered and included in your hotel budget plan. We need to look at these aspects of the business, and many more, as they influence your financial results.
Most importantly, the budget is not only about the numbers, it needs to be combined with an action plan. The steps and investments that need to be taken to achieve the budgeted financial result. Without such a strategic roadmap, the numbers are merely some numbers put on paper … It’s the plan behind it that will make it stick and turn it into an achievable budget.
Hopefully, these thoughts from our hotel management company have helped you to make a more complete hotel budget plan of attack for next year!
PS. Any doubts or uncertainties about running your hotel & marketing strategies? Contact us for hotel management or hotel consulting services to help build a solid plan to outperform your competition.
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Trending now view all, hotel budget guide for 2023: everything you need to know.
This guide will show you everything you need to know about hotel budgets and how to create your hotel budget for 2023.
To create this, I worked with David Lund , “ The Hotel Financial Coach ,” who has 30+ years of operational and financial leadership experience, working with companies such as Hilton, Best Western, Fairmont Hotels and Resorts, Coast Hotels, Watermark, Pacific Hospitality Group, Atlific Hotels, and many others. David Santos , Chief Financial Officer at Savoy Hotel & Beach Club, also contributed.
In this guide, you’ll learn:
Let’s get started!
What is a hotel budget?
A hotel budget is a plan for how money will be generated and spent to achieve goals.
In Lund’s words, “A budget is a business plan focused on numbers.” He likens it to a map. “Before you go on a trip, you hopefully have a map of where you’re going so you can figure out your journey and changes you need to make to get to that final destination.”
Why do hotels create budgets?
Hotels create budgets to stay organized and align their teams on delivering financial results for owners and investors.
“The biggest challenge in the hotel business is when people aren’t organized enough to manage the operations and make changes they need to make to deliver the financial results that are possible,” Lund says.
The hotel budging process is essentially a goal-setting process, added Santos. “A budget is nothing other than a plan to achieve a goal. It shows your team where they need to go, and what they can get if they achieve that goal.”
In his experience, the process of creating a budget gives leadership a look into how the hotel is being managed. “If the budgeting process is painful and complex, it’s a sign that the hotel is not organized, that the information does not flow through the team, and that ultimately, money is being left on the table.”
Does every hotel need a budget?
While many hotels don’t have a budget today, even small, independent hotels can benefit from having one.
“I am working with an independent family-owned hotel that does $15 million in revenue each year,” Lund shared. “It’s always been run by intuition alone, and they’ve been successful. But now they realize that they need better reporting tools to zero in on how to be more profitable and how to take the business to the next level.”
When is hotel budget season?
Hotel budgets are typically started in August, with the first presentations due in early September.
“We typically aim to present the budget to a couple of different levels of management within the organization and then finally present it to ownership by November,” Lund said.
How do you create a hotel budget?
Creating a budget involves having each department leader work out their resources, payroll, expenses, and revenues.
“The budgeting process typically starts by asking the revenue manager what they think room revenue will be in the coming year,” Lund said. “How many room nights do we expect to sell and at what rate? The rest of the team, including food and beverage leaders, will use rooms as a base to extrapolate what might happen in their area and the resources they’re going to need based on fluctuations and seasonality in the business.”
From here, others should be involved.
Who should be involved in the budgeting process
All department leaders need to be involved in the budget creation process, Lund says. This includes:
- Front office manager
- Guest services manager
- Housekeeping/Rooms manager
- Maintenance manager
- The manager of every outlet on the property (food & beverage, spa, golf, etc)
- People/HR director
- Sales leader
- Marketing leader
Throughout this whole process, you will work closely with your finance team: the Director of Finance or Comptroller.
Assign tasks and timelines
Once you’ve identified all the people that will be part of this process, you need to assign tasks and deadlines for completion.
“You need to let your revenue manager know that you need day-by-day rooms on the books, and average rates by August 15,” Lund shared as an example. “You need to tell your food and beverage manager you need all F&B revenues and banquet revenues done by August 22. And then you let everyone else know that these sets of information will be made available to all the other departments, with the expectation they create their payroll and expense projections for their departments.”
Translate forecasts to budgets
Each team needs to translate the forecasts from the revenue and F&B teams into budgets for their areas.
“I would tell my teams that based on what we believe we can produce for revenue, I see about a 6% increase in the top line, which means we need a 50% flow through to GOP. So everyone can basically have a 3% increase on expenses and payroll,” Lund said. “This way we don’t spend all additional revenue and expenses and not make any more profit. As business leaders, we need to find ways to create profit.”
Provide your teams with guidance
Guidance like this is helpful for team leaders, especially those who are new to the process, Lund advises.
“Sometimes I would prepare a little cheat sheet which included the last five years in a column with key measurements, including the target for the year ahead, so we knew how things needed to be laid out to make sense in the budget.”
This combination of strategic guidance with zero-based budgeting (described later in this article) helps ensure that during times of high rate growth like we’ve seen this year, expenses don’t get out of hand unnecessarily.
Add qualitative reasoning for context
When creating your budget, Santos has found it is important to share context around the numbers.
“It is very important to add qualitative reasoning to the quantitative information. If things are forecasted to change, you need to present why they will change to your stakeholders.”
Budgets don’t need to be overly difficult
“Budgets don’t need to be terribly hard to prepare,” Lund observed. “While they are a big project involving a lot of people and departments, if everyone does their part you can pull it together relatively easily the first time. Things such as standardizing forms and Excel sheets help accelerate the process, but coaching and encouragement play a big role in streamlining and making this process as efficient as it can be.”
Who reviews and approves the hotel budget?
After the budget is prepared and presented initially, it’s ultimately approved by the owner of the hotel.
For branded hotels, the brand approves the budget first and then ownership does.
Does a hotel budget change throughout the year?
Not usually. “Once it’s done, it’s set in stone and we don’t make changes to it,” Lund says.
The 3 ways to budget for expenses
There are three primary ways to budget for expenses in a hotel.
Expense budgeting approach #1: Last year plus X%
This approach simply takes what you spent this year and adds a number such as 5% for inflation across each category.
It’s the fastest and easiest approach.
Expense budgeting approach #2: Cost per room occupied (or cost per customer served)
This is where you divide each expense category by the number of rooms sold.
For example, if you spent $60,000 on cleaning supplies in your Rooms department, and know that you sold 120,000 room nights, you spent $0.50 per room occupied on cleaning supplies.
People using this approach typically add for inflation as noted above.
However, neither of these approaches is very good, Lund says. “They don’t show you what really needs to be in each category.” That’s why he recommends a third approach.
Expense budgeting approach #3: Zero-based budgeting
Lund describes zero-based budgeting with the analogy of a grocery store.
“If I give you $200 and sent you to the grocery store, you would come back with $200 worth of groceries. But if I sent you to the grocery store with a list of everything I want in detail, and provided $200, you would come back with everything I need on that list.”
Zero-based budgeting starts from scratch and goes category by category to figure out which expenses are essential. Nothing is assumed. By going through this exercise, everyone involved has more visibility into how much each thing costs, which is valuable in case costs need to be cut at some point.
“If you don’t have that list of essential purchases, you don’t know where to start. That’s why a percentage of revenue or cost per room occupied approach is not that useful.”
Lund recalls reviewing budgets and asking team leaders where they got their numbers. “You can tell right away when people have done their homework because they can list exactly how much toilet paper or mopheads cost. If they don’t have that information, it might indicate they’re not operating as efficiently as they could be and might be wasting resources. People that do not use zero-based budgeting often end up ordering a lot of things that they don’t need or are over-ordering supplies. They’ll also be short on things all the time. They won’t be operating as effectively as they could be because they’re not organized.”
The Uniform System Of Accounts For The Lodging Industry
Lund recommends hoteliers reference The Uniform System Of Accounts For The Lodging Industry (USALI) when going through their budgeting and financial planning process.
“I describe the USALI as basically our Bible that tells us where every expense goes in a budget.”
Lund is seeing how there’s often debate around expense allocation among hotel department managers. “Who is paying for cable TV – is that a Rooms expense or a Maintenance expense?“
The Uniform System Of Accounts answers questions like these and shows exactly where everything should go. “Using this removes a lot of friction that would otherwise be common in the hotel budgeting process.”
Surprisingly, Lund finds many hotels don’t yet use the USALI, and create unnecessary friction for themselves.
“Someone once told me the barrier to entry and hospitality is incredibly low, but the barrier to success is incredibly high. I found that those who focus on the details of their financial statements, accounting, and budgets are highly organized operators that tend to be the most successful.”
Getting into the details of financial planning with a budget is important because of the complexity of running a hotel.
“If you’re running any other business like a corner store, you would get a financial statement from your accountant that lists revenues and expenses and profit. Hotels are completely different because there are so many revenue and cost centers. We have different room types, different food and beverage outlets, and various amenities on the property. We may have a golf department, a spa department, and a bowling alley. All of these are like little businesses that roll up into one financial statement, but we need the details for each of them to understand where we’re being successful or where we are lacking.”
What types of expense categories are there in a hotel budget?
Expenses are typically broken down into department expenses and general operating expenses.
Rooms and Food & Beverage are typically the largest departments, with other departments summarized on the operating statement.
General “undistributed” operating expenses include things such as administrative expenses, sales and marketing expenses, and property operation and maintenance.
Example expenses by department
A good hotel budget goes beyond the high-level categories above to show details for each department. For example, the Rooms department of a hotel is often the largest expense category and includes the following sub-categories:
- Cleaning Supplies
- Cluster Services
- Commissions And Fees.
- Complimentary Food And Beverage.
- Complimentary In-Room Media Entertainment
- Complimentary Service Services And Gifts
- Contract Services
- Corporate Office Reimbursables
- Dues And Subscriptions
- Entertainment In-house
- Equipment Rental
- Guest Relocation
- Guest Supplies
- Guest Transportation
- Laundry And Dry Cleaning
- Licenses And Permits
- Operating Supplies
- Printing and Stationery
- Royalty Fees
- Uniform Laundry
(You can see the full list for each department in The Uniform System Of Accounts For The Lodging Industry.)
Expense benchmarking for budget guidance
Whether you are creating a budget for the first time or simply want to know if your expenses are in line with industry standards, there are benchmarking tools that can help.
“There’s a company called Hotstats that gathers all the profit and loss of data and organizes it by geography and by hotel type for people who want to know,” Lund said.
He likens the approach to STAR reports. “Before STR, we would call around and get rates from all the hotels in our comps. STAR provides it to everybody now with a subscription. You get all the data and try to beat your competition every month.”
“Hotstats does the same thing with P&L data so that you can not only look at GOPPAR but you can break it down to all of its major components and then benchmark yourself against your competition. I think there’s going to be a big change in our industry in the next 10-20 years shifting to measuring profit performance rather than just revenue performance.”
The difference between hotel operating expenses and capital expenditures
People often use the word “expenses” to describe everything that costs something. They often look at something like payroll as an expense. But that’s not accurate, Lund says.
“Technically, when we talk about expenses, we’re not talking about payroll, we’re talking about goods and services. When we look at the goods and services a hotel consumes, there are two types of expenses: operating expenses and capital expenses. In larger organizations, typically the company defines which is which.”
At one company Lund used to work at, expenditures of $5,000 or more were considered capital expenses. “We needed to get approval and have a capital expenditure form signed that would list everything we wanted to buy.”
For example, if you want to buy five new point-of-sale terminals and they are $5,000 each, you can’t put that number through to your P&L – it’s too big. You need to list it as an asset and then amortize it over its useful life. But if you’re buying toilet paper for this month, that’s an operating expense that goes straight to your P&L.
“Operating expenses are things that we can use on a current basis and can buy on a current basis. In contrast, I can’t buy a point-of-sale system on a current basis because that machine is going to last a while.”
Metrics that matter for hotels
When I asked Lund and Santos what metric they use to measure hotel performance, they both agreed: GOPPAR was the best.
Here’s a video that explains GOPPAR:
“RevPAR is for amateurs,” Lund told me – citing the often-used hotel performance metric.
“RevPAR is only a starting point in understanding hotel performance. It’s like a car that goes really fast but can’t turn the corner. What’s the point? Yes, we want to generate lots of revenue, but we also want to be able to turn a profit.”
“GOPPAR is the gold standard for telling you how good your management is compared to the competition.”
Why involving your teams in creating budgets is important
If you think about all the people that need to be involved in the budget creation process, you might think it’s excessive – but involving these functional leaders is important, Lund says. He learned this through his own early experience.
“I vividly remember the first time I was ever involved in the budgeting process,” Lund recalls. “I was an assistant controller and my boss told me he would be away for six weeks on vacation and that I would be creating the budget. I learned so much from that experience because I had to get into every single detail and figure out where we were spending money, and where money was coming from. After that experience, I was hooked.”
Lund also was surprised by how much he enjoyed the process. “I wasn’t that into math before that, but I learned the operational finances of a hotel are a completely different thing. They mean something for the day-to-day operations. Through budgeting, I learned a lot about our business and was much more capable of contributing to the conversation about strategy and where we can improve.”
Through this experience, Lund learned that involving his teams in creating the budget not only helped them learn about the business but made them buy into the strategy.
The big mistake hoteliers can make when creating a budget
The biggest mistake hoteliers can make when creating a budget is just giving their teams the budget as numbers for them to work off of without involving them in the process. “Without giving input, they won’t have ownership.“
For those new to the business, the budgeting process may seem intimidating – but Lund’s mantra of “the only thing we ever know about the budget is that it’s wrong” can provide some reassurance.
“I’m working with a client right now who is creating a budget for the first time, and I keep repeating to them that their job is to share what they think will happen – and they don’t need to obsess about it being 100% accurate. The first objective is just to get things down on paper and create a first draft of the budget. From that draft, we can discuss and evolve it to where it needs to be. But I don’t want people thinking there needs to be complex algebra in creating the budget. I remind them that we’re just creating a business plan.”
How is a hotel budget used throughout the year?
Hotel budgets are used throughout the year with a rolling forecast. “If we finish January, we would have our budget for the remaining 11 months and one month of actual performance. What we do with that is incorporate it into a 30, 60, 90-day forecast from that point in time,” Lund said.
“If I’m preparing a budget right now and it’s September and we make changes to that budget, it gets presented to ownership. But by the time January rolls around, the world could be a very different place.”
“The budget never changes. It gets locked up on approval. But once approved, we start using the actual results plus the forecast as we go. So in February, we have two months of actuals plus ten months forecasted. In March, it’s three months of actuals plus nine months forecasted. And as we get closer to the end of the year, we can really zero in on where we’re going to end up. So if we’re looking at 2022’s rolling forecast we would have eight months of actual performance and four months of forecasts – and a lot more certainty on where we will end up for the year.”
“The most important thing when I’m looking at next year’s budget is to look at where we are performing this year. Of course, the last couple of years have been difficult, but we can reference 2019 and 2018. Starting with what we know about the market and about our competition and then layering our budget on top of that with a rolling forecast is the key to being on top of the current operating conditions in your hotel.”
Incentives to align around profitability
If GOPPAR is the key metric, how do you align your teams around this?
Most branded, managed hotels have what is called a “management incentive plan.”
It’s basically an annual bonus plan based on four or five different metrics, Lund said. “Typically, managers make up to 40% of their salary as a bonus depending on how successful the hotel is. The metrics the plan is based on might include things like guest satisfaction scores, employee satisfaction scores, health and safety scores, RevPAR Index, and productivity measures. But the most important is profit – and that metric is sometimes the gatekeeper. if the hotel doesn’t make a profit none of the other metrics kick in and the bonus won’t be paid out.”
“Ensuring your teams are compensated on the most important metrics is key to aligning them on delivering your ultimate business goals,” Lund recommends.
Advice for the 2023 hotel budgeting season
The hospitality industry has seen unprecedented volatility over the past few years, which may make creating a budget for 2023 seem intimidating. But as Lund always advises “the only thing we know about a budget is that it’s wrong.”
Start with the end in mind
Lund suggests beginning by thinking about what a good year could look like. “What would a great 2023 look like? Over the past few years, most hotels have experienced a lot but also learned new things to help them control costs. So it’s good to start with a vision that typically comes from the general manager or someone with a view from the top. Someone who can see the entire operation and also the competitive market and other macro factors.”
From this perspective, you might tell your teams that you expect to increase room revenue by at least 7% based on what you heard from your revenue manager.
Get into the details with zero-based budgeting
From there, Lund recommends getting into the details with zero-based budgeting as described above.
“If you’ve never done zero-based expenses before, you should start. If you haven’t created or use a staffing guide before, you should. These things will give you more detail on what’s going on in your business. They will help you operate much more effectively than if you just take expenses from last year and add a 5% cost increase to create your budget.”
This is especially important in a world that’s been highly volatile over the past few years with dramatic cuts and now high demand at many hotels.
“Because I’ve done these hundreds of times, I can guarantee you if you don’t create a zero-based budget, you’re paying for things you don’t even use because people just keep sending you invoices. I found things such as hotels paying for beepers that hadn’t been used in years. This is why it’s so important to get into the details.”
Create a day-by-day revenue budget
After getting into the details of expenses, Lund recommends hotels create a day-by-day revenue budget.
“If you don’t create a day-by-day budget, you’re missing out. A lot of people will just create revenue forecasts by the month and say things like July is their busiest month. But doing this day-by-day for at least your major market segments will help you understand rates and revenue potential in more detail.”
Create a marketing plan that generates demand
Finally, Lund encourages hotels to ensure they’re investing in marketing to create demand that will be captured by smart revenue strategy.
“Where will you be investing to generate the revenues that will pay for everything? It’s important to revisit this because markets are always changing – especially now. If you’ve been in a group hotel in the past, you can’t rely on that anymore because travel is changing quickly. Many hotels are seeing business travel at lower levels than they’ve been historically. But every market is different and you need to understand where the opportunity lies and how you create more demand for your property.”
Learn more about David Lund by visiting his website, The Hotel Financial Coach .
If you’d like to receive new guides like these, sign up for my Hotel Operator’s Weekly Briefing email.
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- Economic Environment – This is the factor affecting inflation, increasing salaries, and types of employment. Know how people will want to spend money and why will they want to get away sometimes.
- Geographical Environment – This factor will tell whether there can be many people that will visit your hotel. You must consider the geographical location because you have to ensure that your hotel can be a likable place for customers.
- Legal Environment – Does your hotel comply with all the state laws? You must follow all the rules like liquor licenses so that your guests will not have any problem with your hotel. They need a place where they can do all things legally.
- Technology Environment – Your hotel should be updated with the latest technology. This can make your hotel more elegant and many will want to visit your hotel. State-of-the-art technology can set your hotel apart from other hotels.
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Avoid These 3 Business Mistakes During the Holiday Season
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A broken website. Sold-out items. Shipping delays. These conditions can be detrimental to small businesses during the holiday season, arguably the busiest time of year for retail sales .
“We see some of our clients in one weekend — like over Black Friday, Cyber Monday — make more money that weekend than they do for the entire year. It’s a huge opportunity,” says Sharon Lee Thony, founder and CEO of SLT Consulting, a boutique digital marketing agency, and a Verizon Small Business Digital Ready instructor.
Small-business owners may not be able to plan for every contingency, but identifying some of the more likely (and costly) possibilities, as well as having plans to prevent them, can help position businesses for success.
Here are three of the most common mistakes small businesses make leading up to and during the holiday shopping season, and tips to avoid them.
1. Failing to plan ahead
Planning ahead is key to running a small business, but it’s even more important during the holiday season when you’re anticipating an influx of sales.
This means having things in place operationally to be able to handle the greater volume of traffic to your e-commerce website or foot traffic in your stores, Thony says.
She recommends preparation strategies such as:
Making sure you have enough inventory.
Hiring additional, temporary staff.
Checking that your website is optimized and links are working.
Creating competitive promotions that offer value to customers.
If you have it, use historical data to anticipate your seasonal needs and guide planning decisions. In order to make sure you’ll have enough inventory , for example, you can create a sales forecast or inventory demand plan, says Hannah Shr, senior program manager at ICA Fund, a small-business accelerator based in California.
Performing these analyses ahead of time can help ensure that you’re not scrambling as the holidays approach, nor leaving “money and opportunities on the table,” Shr says.
2. Forgetting the customer experience
When you’re trying to manage your inventory, staff and marketing down to the smallest details, it can be easy to forget who’s on the other side of the sale.
But making your customers feel special — feel that you understand their needs — can help you stand out from your competitors during this busy time of year, said Oleg Donets, founder of marketing platform Real Estate Bees and SCORE business mentor, by email.
Investing in personalization is one way businesses can prioritize the customer experience. Donets recommends segmenting your customer base as granularly as possible so that you can precisely tailor your messaging and offerings.
Avoid a general offer, like “20% off all merchandise this holiday season,” he said. Instead, you might consider an exclusive promotion for those who opt in to your email list or a special sale for repeat customers.
Investing in your existing customer base, in particular, is a “great way to leverage this holiday shopping period,” Thony says. Customers who are already familiar with your brand are likely willing to buy more, share gifts with friends and spread the word about your business.
3. Overlooking collaboration
As holiday shoppers search for the perfect gifts, one way to amplify your business’s visibility is to connect with other businesses, specifically those that complement your own, Shr says.
For instance, if you run a small candle company, you might partner with a soap maker or local spa to create a “pampering” themed holiday basket. Similarly, a brewery with increased foot traffic during the holiday season might work with various food trucks to promote their businesses.
“There’s something really powerful in collaborating,” Shr says. Business owners who see each other as resources can help each other out and work together toward success.
Local business groups and nonprofits can also be excellent resources for collaboration during this time of year. Some of these organizations operate community holiday markets and promote small businesses in local media, as well as offer other opportunities for you to share your story with potential customers this holiday season.
You can find these groups through social media, your local Chamber of Commerce or a simple online search.
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CHICAGO (WLS) -- Workers at Gold Coast hotel say they are being laid off because their workplace will soon become a homeless shelter.
Sixteen hotel workers said they are being laid off this Friday, saying management notified them just last week.
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Mayor Brandon Johnson has come under criticism for not doing enough for the city's unhoused, focusing instead on the growing migrant crisis. The mayor's office would not say how many people will be moving in, only that this is a temporary arrangement to last through the winter months when people experiencing homelessness are at their most vulnerable.
The Selina Hotel served as a migrant shelter at the beginning of the year, from December to March, then went back to booking guests. At that time hotel workers were able to keep their jobs.
But now, Unite Here Local 1 says management told the union that the hotel will operate under a contract to house homeless, triggering the layoffs.
The union says the hotel later wrote no such contract currently exists but Selina could enter into a sublease agreement whereby the hotel could be rented to a third party to house homeless for an extended period of time.
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Reaction from people who live across the street was mixed on Wednesday.
"I feel badly. I really do. But no. Not for it. Not for it. I pay too much where I live," said Margie Roberts, resident.
"You see people on the street and you want to make sure everybody is OK. We also just want to know that there is a plan for everything," said resident Patrick Tham.
The shelter would be the second to open in the neighborhood over the last year. About 1,500 migrants currently live at the Inn of Chicago on Ohio Street. The shelter has been roundly criticized by both residents and the neighborhood's aldermen alike.
Ald. Brendan Reilly said Wednesday he was not consulted by the mayor about the Selina Hotel, adding in part, "The Johnson Administration's continued lack of transparency and communication regarding the opening of potential migrant and homeless shelter locations in wards throughout the city is neither acceptable nor good government. Simply put: it is wrong.
"I strongly oppose Mayor Johnson's bad decision to convert a revenue generating hotel property, just steps from Michigan Avenue, into a city shelter that will result in the loss of many good paying jobs."
The mayor's office would not provide an exact timeline for the shelter's functioning, but did say it could remain open up to seven months and will be financed through a state grant from the Illinois Department of Human Services.
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From idea to execution: 10 sections to include in your hotel business plan
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By Lana Cook
Do you love connecting with people from all over the world who share your passion for travel? Don’t want to work a typical 9-5 job and instead want to build a business where every day is different, and you own your schedule?
Opening a hotel business is a dream many entrepreneurs have, but it can be a daunting venture to start. A hotel business plan is a critical first step for business owners to turn their dreams into reality. A strategic plan allows one to study the hotel industry, identify their hotel’s unique point of view, and outline how exactly they will reach their goals.
Read on to learn more about the 10 sections to include in your hotel business plan, tips for creating an effective plan, and key things you need to start your new hotel business.
What is a hotel business plan?
A hotel business plan is a detailed document that identifies your business’s goals, objectives, and strategies for success. It includes market research and a roadmap for building and operating your business.
Why do you 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:
- Helps you identify whether you have a viable business idea
- Provides a detailed roadmap on what you need to accomplish and why
- Gives potential investors insight into your business idea and confidence that you can be successful
- Keeps you on track as you start to execute the different tactics outlined in your plan
- Identifies critical milestones for you and your team to reach
Your plan does not have to be static and should change over time as your business grows and evolves. Your first draft is a starting point to help guide your strategy and instill confidence in potential investors.
10 sections to include in your hotel business plan
Whether you’re starting a small boutique hotel, a cozy B&B, or a 5-star resort, you will need to address the following sections in your hotel business plan.
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. For example, Capella Hotels & Resorts ’ mission is to combine tradition, discovery, individuality, and twist of the unexpected to create the perfect stay for each guest.
You should also include your vision statement that clearly describes your hotel’s purpose for being in a single sentence. For Capella Hotels, its vision is to embody excellence in the craft of hospitality.
We recommend writing your executive summary as the final stage, as it should summarize the goals and objectives laid out in your plan.
2. Company analysis
Your company analysis is where you can dive into your hotel’s competitive advantage. Ask yourself what makes your hotel unique. Why would guests want to stay with you instead of your competitors?
In this section, identify your brand’s identity and the goals and objectives you want to accomplish. Outline how many rooms and room categories your property will have. For example, will you offer a hybrid hospitality model with dorms, single rooms, and suites? Explain what ancillary revenue sources you’ll offer, like in-room food and beverage options, welcome drinks, or airport shuttles.
Use storytelling to communicate your excitement and passion and make it clear what your hotel will bring to the hospitality industry that hasn’t been done before.
3. Industry analysis
As a business owner, you must be prepared for forces outside your control. You will need to conduct a market analysis that looks at the hospitality industry to identify micro and macro trends that may impact your business. Look at:
- Economic trends
- Environmental trends
- Political trends
- Global health trend
- Technology trends
For each trend, identify how it will impact your business and ways to mitigate risk or take advantage of opportunities.
For example, digital check-in technology has increased across the hotel industry with the rise of tech-savvy guests, new innovative software providers in the market, and labor challenges. Therefore, you should consider what guest engagement solutions you’ll include at your hotel.
In addition to trends, look at the history of the hospitality industry, its current size, and how it’s expected to grow in the short and long term. This research will impact the rest of your plan, especially your marketing and finances.
4. Customer analysis
What type of hotel guests do you want to attract? It’s impossible to please every kind of guest, which is why it’s important to identify your target market . Once you know who you want to stay at your property, you can develop amenities, services, and marketing materials to attract these guests and deliver exceptional experiences.
- What type of guests do I want? Business or leisure travelers?
- What demographics? Age, gender, marital status, etc.
- What are my target market’s interests? Water sports, hiking, relaxation, museums, animals, etc.
- What does my target market value? Sustainability, contactless technology, personalized service, localized experiences, etc.
This section will help you formulate the guest experience to ensure that expectations meet reality .
5. Competitive analysis
The competition you face will vary depending on where your hotel is located. This section is where you should conduct in-depth competitor research to understand how your hotel will compare. Identify who your five major competitors are — ideally, three direct competitors who you will be competing with upon opening and two aspirational competitors that you can emulate as you grow your business.
Conduct a SWOT analysis based on your competitors to look at:
- Strengths – where does your property excel in comparison to competitors? Why would travelers pick you? Price, amenities, location, technology, etc.
- Weaknesses – where does your property fall short in comparison to competitors? Price, amenities, location, technology, etc.
- Opportunities – what industry trends can you take advantage of? What local events or partnerships can you capitalize on?
- Threats – what are the biggest threats facing your property? War, travel restrictions, recession, etc.
A thorough analysis can help solidify your competitive advantage and develop a contingency plan for how you will deal with your weaknesses and threats.
6. Marketing plan
Without demand, there is no business. A hotel marketing plan outlines the channels you’ll use to reach your target audience to drive bookings. Your marketing strategy should include 3 key channels:
1) Paid media — paid advertising to promote your property and drive bookings. This includes online travel agencies (OTAs) , search engine marketing (SEM) , retargeting, and metasearch advertising .
2) Owned media — content you create, like your hotel website , social media channels , blog posts, and SEO .
3) Earned media — user-generated content created by third parties like media coverage or online reviews.
7. Operations plan
How do you plan to run your day-to-day operations? This section of your plan will outline all of the key tasks and responsibilities of your team and what exactly your hotel will offer. Consider:
- The number of staff and supervisors required
- Job descriptions and responsibilities
- Your service standards (check out our downloadable SOPs for some inspiration)
- How you’ll manage your inventory
- What hotel technology solution(s) will you need? PMS, channel manager, booking engine, payment terminal, revenue management tools, guest engagement software, etc.
- What services and amenities do you want to offer?
Detail your short and long-term operational plans and the stakeholders involved for each area.
8. Management team
Whether or not you’ve hired your team yet, this section is one of the most important sections that potential investors will look at. Make sure to outline the key personnel you will require and their roles.
In general, these are the following roles you’ll want to outline:
- Hotel management (general manager, front office manager, housekeeping manager, maintenance manager, revenue manager)
- Hotel sales team
- Housekeeping staff
- Front office staff
Depending on the size of your hotel, your team will vary. Identify what team members you will need to open and your hiring plans over the next five years.
9. Strategic plan
Hoteliers must be strategic in optimizing occupancy rates across seasons to maintain revenue. As part of your strategic plan, identify how you will manage:
- Pricing – what room types will you offer, and how will the pricing vary?
- How will you maintain consistent occupancy throughout the high and low seasons? Will you adapt your pricing and marketing strategies?
- How will you conduct revenue management ? What type of rules/alerts will you use to adjust rates? Will you use technology to help with revenue management ?
- What will your online reputation management strategy be? How will you collect and respond to online reviews?
- What will your distribution mix look like? How will you drive reservations across a variety of channels?
10. Financial plan
Your financial projections are the most challenging but arguably the most important part of your hotel business plan. In this section, you should include the following:
- Start-up costs – how much money will you need from lenders to operate your hotel? Consider business licenses, furniture, down payments, etc.
- Operating costs – how much money will you need to keep your business running? Consider staffing costs, guest acquisition costs , mortgage payments, utilities, SaaS payments, etc.
- Income statement – what will your revenue, expenses, and profit be over the first 3-5 years of business?
- Cash flow projections – how will cash flow in and out of your business? Show what capital investment you’ll need to start.
- Balance sheet – identify your assets, liabilities, and equity.
If you’re looking for a potential investor, your financial plan will be the section they care about most. Here you must prove how your business will provide a return on investment. Don’t forget to include an Appendix that shows more detailed reporting and financial figures.
8 tips for creating an effective plan
1. Start with the section that excites you the most! Covering all the topics outlined above can feel overwhelming, so don’t feel pressured to go in order.
2. Reach out to a business owner you admire. No matter what type of business you’re starting, it’s always helpful to get advice from another business owner. Reach out to a successful local business owner to see if they’d be willing to share some insights they learned along the way.
3. Be concise. While there’s a lot to cover, you must be concise in each section of your plan. Include any additional research or documentation in the appendix to keep your business plan clean.
4. Try to avoid industry jargon. Depending on what type of investor is reading your plan, they may find jargon irrelevant and distracting.
5. Ensure you have a clear competitive advantage. You should be able to state in one sentence what makes your property unique. This selling point will be prominent in all of your marketing materials.
6. Set SMART goals. Setting specific, measurable, achievable, relevant, and time-bound goals is important to stay organized and on track to reach milestones.
7. Don’t forget about your plan. You will have spent hours developing your plan, so make sure you use it! Reference your plan as you build and grow your business , and remember that it’s ok if things change.
8. Illustrate your passion. Communicate why you want to be a part of the hospitality industry. Passion is contagious and gives investors more confidence that you will work hard to achieve your dreams.
What do you need to start a hotel business?
Ok, so you’ve read through this article and are now wondering — what’s next? Ensure you have the following items on your radar to start your business.
- A vision. Know exactly what kind of business you want to build.
- A business plan. Stay on track with a well-developed business plan.
- A location. Decide if you want to build a new property or renovate an existing hotel.
- Capital. Do you need to raise an upfront capital investment? Remember that new businesses usually aren’t profitable for the first few years and will need cash flow to pay for expenses.
- Business licenses & permits. Depending on the type of property and its services, you’ll need an occupancy permit, alcohol license, food service license, sales tax license, etc.
- Technology. Choose a hospitality management platform that can help you scale your business.
- Furniture & equipment. You must furnish your property with the proper furniture, electronics, appliance, etc.
- Staff. Take time hiring staff you can trust and who understand your hotel’s brand and vision.
Your business plan provides the foundation for your new business and outlines the next steps in the journey. Ensure you fully understand the market and competitive landscape to enter the industry prepared for whatever is to come. Start slow and invest in the right people and technology to support the growth of your business.
About Lana Cook
Lana Cook is a Content Writer at Cloudbeds where she is able to combine her love of writing and passion for travel. She has spent the last few years writing about all things technology and the ways in which it can be used to help businesses thrive. When she’s not busy writing, you can find her checking out the latest movie or searching for a new TV show to binge.
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Hotel Business Plan
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.
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, find good suppliers, know your financial requirements, find your usp, 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
- 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.
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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About the Author
Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
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15+ Hotel Business Plan Samples – PDF, Word
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!
Plan Template Bundle
- Google Docs
Construction Business Plan Template Bundle
Construction Business Development Plan Template Bundle
Sample Hotel Financial Business Plan Template
Simple Small Hotel Business Plan Template
Sample Hotel Operational Plan Template
- Apple Pages
Sample Hotel Sales Business Plan Template
Standard Sample Hotel Business Plan Template
Free Business Plan for Hotel Resort & Spa Product
Free Tree Guest House Retreat Business Plan Sample
Free mini hotel bed and breakfast business plan sample.
Free Business Plan of a Hotel Management In Saint Petersburg
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Types of Business Plan
1. externally focused business plan, 2. internally focused business plan, free feasibility study and hotel business plan sample.
Free Motel Hospitality Enterprise Industry Business Plan
Free Lisbon Three Star Hotel Accommodation Business Plan
Business Plan Sections
1. executive summary, 2. company analysis, 3. industry analysis, 4. customer analysis, 5. competitive analysis, 6. marketing plan, 7. operations plan, 8. management team, 9. financial plan, 10. appendix, free lotus sea hot spring 5-star hotel business plan sample.
Free Start-up Boutique New Hotel Sample Business Plan
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.
- Executive summary
- A detailed sample analysis of your company and the work you do
- Industry and market analysis
- Client and customer evaluation
- Your competitors and other sources
- Marketing and operation plan, etc.
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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Hotel Business Plan Template
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:
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..
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
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.
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.
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.
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.
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:
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.
Demographic profile of target market.
The precise demographics for Austin, Texas are:
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)
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 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.
Pegasus Hotel will be able to offer the following advantages over their competition:
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.
The promotions strategy for Pegasus Hotel is as follows:
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.
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.
The following will be the operations plan for Pegasus Hotel.
- 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.
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.
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
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
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
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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Resort Business Plan Template
Do you want to start resorts business?
Do you want to start your own resort? If yes then you should definitely start it because a resort business can prove extremely profitable and can provide a good return on investment group business plan , provided that you plan and execute it properly. Before starting this venture, you will have to do a thorough research so that you may get to know, how to open a resort. Other than that, you will also have to prepare a comprehensive business plan which will not only help you in startup but will also be useful in deciding your business strategies over the next few years. For your facilitation, we are providing the business plan of a resort startup, ‘Heaven’s Inn.
2.1 the business.
Heaven’s Inn will be a dream resort located at 10 minutes’ drive from Mitchell’s Cove Beach in Santa Cruz, California.
Heaven’s Inn will be owned and operated by Anna Jill, who has been associated with various resorts and hotels throughout the United States for the last 10 years. Being experienced in this industry, Anna knows how to start a resort business and make it successful.
Our customers will primarily be the tourists visiting Santa Cruz. We will serve them by providing a dream lodging and unparalleled service.
2.4 Target of the Company
Our target is to become the best resort of Santa Cruz within 5 years of our launch.
3.1 company owner.
Heaven’s Inn will be owned and operated by Anna Jill. Anna has served at many senior positions in various resorts and hotels throughout the United States. She is known for her flawless management and sharp business acumen.
3.2 Why the Business is being started
Anna has always wished to create a dream location for tourists and through her venture, she aims to build an out-class resort with the best customer service. Her resort, with its high-end luxurious facilities, will be the dream location for every tourist out there.
3.3 How the Business will be started
You have to consider all startup requirements before you think about how to start your own resort. Anna has procured a beautiful building which was previously used as a hotel for starting her resort. The financial experts have forecasted the following costs for the start-up:
The detailed start-up requirements are as follows:
Services for customers
Before thinking about how to build a resort, you must decide what services will you provide to your customers since the planning of many subsequent things depend on your services. Heaven’s Inn will provide ten 2-bedroom units along with attached washrooms, laundry facilities, fully-equipped kitchens and parking facility. The resort also will offer a common outdoor swimming pool along with various other facilities. Our primary services are as follows:
- 24-hour Room Service
- 24-hour Medical Service
- Outside Swimming Pool
- Café and Lobby Bar
- Concierge Service
- Baby Sitting Service
- Laundry Service
- Laptop and Computer Rental Service
- Conference Meeting and Private Dining Service
- Massage, Manicure and Pedicure Service
- Airport Pick-up and Transfer Service
Marketing Analysis of resorts business
If you don’t know how to make a resort business plan, you can take help from this resort business plan sample. The most important component of effective resorts business plan is its accurate marketing analysis that’s why Anna acquired the services of marketing experts to help her through this phase. It is only after this stage that a good resorts business plan could have been developed. She also went through various resort business plans for getting a hold of the process. After identifying the local market trends in Santa Cruz, the marketing experts and analysts also helped her to select the best site for establishing the resort.
The success or failure of a business totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. Marketing analysis is a must-do thing before you move on to develop a business plan for hotel and resort because the planning of many subsequent components depends on it. Therefore, it must be considered before developing a business plan for resort development.
5.1 Market Trends
The global resort and hotel industry generate more than £550 billion in revenue as of 2016. The resort and hotel industry is one of the important industries of the United States and has grown annually steadily over the recent years. It generated more than £190 billion in revenue as of 2015. The United States houses some of the world’s most famous city resorts and destinations which contribute significantly to the resorts and hoteling industry of the country. The number of smaller resorts have also increased over the previous years.
5.2 Marketing Segmentation
Our target market is the tourist community that visits Santa Cruz for various purposes. Nearly all of the tourists have sufficient budget for spending on their lodging, therefore, they can easily afford to stay at our resort. Our experts have identified the following type of target audience which can become our future consumers:
These three target groups have different purposes for visiting Santa Cruz and hence have different requirements for their lodging. We can target them only after analyzing their requirements during the stay. The detailed analysis of our target audience is as follows:
5.2.1 Recreational Tourists:
The first group comprises of the recreational tourists who have come to Santa Cruz for recreational and adventurous purposes. This category also includes tourists who have come for sporting, skiing or participating in other similar activities. Nearly half of the tourists visit Santa Cruz for recreational purposes, hence this target group will be the biggest consumer of our services and our marketing policy will be specifically built to target them.
5.2.2 Business Tourists:
The second category comprises of the business tourists who visit Santa Cruz for retreats and company outings. Nearly all of the companies located in the United States organize company retreats once or twice a year to increase team building between their employees and to take a break from the hectic and monotonous office routine. Other than lodging, our resort will provide conference meeting rooms for these tourists and other necessities for organizing their work sessions, team meetings, seminars, workshops, and conferences during their stay.
5.2.3 Medical Tourists:
The third category includes those tourists who visit Santa Cruz for medical purposes. This group mostly comprises of patients and senior citizens who need a change in their environment as a part of their medical treatment. These tourists need special attention, special diet and a 24-hour medical service, all of which will be available at our resort. The detailed market analysis of our potential customers is given in the following table:
5.3 Business Target
Our main business targets are:
- To become the best resort of Santa Cruz within 5 years of our launch
- To achieve the net profit margin of £10k per month by the end of the first year, £15k per month by the end of the second year, and £25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
5.4 Product Pricing
Our every bedroom unit will be charged at £200 per night and will have following facilities: high definition LCD TV, DVD/VCR, video on demand, video games, premium music channels, high-speed internet, fireplace, fully-equipped kitchenette, king-sized bed and full-sized sleeper sofa.
Sales strategy is an important component of a business plan for small resort . Anna carried out an extensive research about various sales, marketing, and advertising strategies before she moved on to starting a resort business .
6.1 Competitive Analysis
We will have an extremely tough competition ahead of us because Santa Cruz houses many high-class luxury resorts. Still, we hope to stand out due to our competitive rates and exceptional customer service. We will provide all facilities of a luxury resort within the lowest rates in the town. Our second competitive edge will be our unparalleled customer service which will be the best in town. We will treat every customer with utmost respect and make sure that they get more than what they had expected from us.
6.2 Sales Strategy
- We will market and advertise our resort on social and print media.
- We will offer online booking and payment services for facilitating customers.
- We will offer a 25% discount on our services for the first three months of our launch.
6.3 Sales Monthly
6.4 sales yearly, 6.5 sales forecast.
Considering our competitive rates and the quality of our services our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts:
The detailed information about sales forecast, total unit sales, total sales is given in the following table:
After you have estimated how much does it cost to build a resort , you will have to prepare a personnel plan to estimate how much cost will be incurred on the salaries of the staff.
7.1 Company Staff
Anna will manage the overall operations and will initially hire following people:
- 1 Accountant for maintaining financial records
- 2 Sales Executives responsible for marketing and discovering new ventures
- 4 Chefs for preparing food
- 15 Service Assistants for undertaking various day-to-day operations
- 10 Cleaners for keeping the resort in a perfectly cleaned shape and undertaking other cleaning tasks, like laundry
- 4 Drivers for Airport pick-up and transfer service
- 2 Masseuse for massage and therapy service
- 1 Technician for undertaking IT-related tasks
- 1 Doctor for providing medical service in case of emergency
- 1 Facility Manager for managing all facilities and equipment of the resort
- 1 Front Desk Officer for acting as a receptionist
- 2 Security Officers
7.2 Average Salary of Employees
Finally, you will have to prepare a financial plan before thinking about how to start a resort . The Heaven’s Inn financial plan outlines the development of the company over the next three years and is specifically developed to achieve the company’s short-term and long-term objectives.
8.1 Important Assumptions
8.2 brake-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly, 8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly, 8.4 projected cash flow, 8.5 projected balance sheet, 8.6 business ratios.
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- Economic Conditions – This is and factor affecting inflation, increasing salaries, and models of working. Know how people will wish up spend money and wherefore becoming handful want to get away sometimes.
- Earthly Environment – This factor will say whether where can be many people that want visit autochthonous hotel. Her have consideration the geographical location because you have into making is your hotel can be a likely place for customers. Business Plan Templates: 26 RELEASE Tastes - 2023 Updated
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THE BEST Hotels with a View in Voronezh
Voronezh Hotels with a View
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How can I get cheap hotels in Voronezh?
Best tips to find a cheap hotel in voronezh.
- If you're looking to travel to Voronezh on a budget , you'll be happy to know that you can find hotels for as low as . Of course, that price is affected by amenities, star rating, and even the time of year you visit. At most, hotel prices can be as high as . Staying a short amount of time in Voronezh is an effective way to reduce hotel costs.
- When you cut your vacation down to just a few days, you don't have to worry as much about hotel prices since you don't have that many nights to stay. For budget hotels in Voronezh, 3 to 4 days should be all the nights you need. That's generally enough to enjoy the city's top attractions, though there's certainly enough to do to warrant a week-long trip.
- When booking cheap hotel rooms in Voronezh, it's typically best to book about 3 weeks in advance. Book further in advance than that and you could be paying too much for your room, as hotels will often overestimate future demand. However, if you wait too long, you might find that the hotel has been completely booked.
- When you utilize search filters on Expedia, you'll be able to narrow down your results in a flash. These search filters cover a wide variety of factors you may be interested in when it comes to finding a cheap hotel in Voronezh, including amenities such as Free Breakfast, 2-star rating , or proximity to local attractions. You can even set filters for price limits to ensure that all the displayed results are within your budget.
Voronezh Cheap Hotels information
Frequently asked questions.
Voronezh offers cheap accommodation options and a range of things to see and do, making it a great getaway spot for budget travelers. You can find ways to save money while getting to know this destination, which is home to attractions like Monument to White Bim the Black Ear, Voronezh State Academic Drama Theatre A. Koltsov, and Voronezh World War II Memorial.
Based on reviews, Azimut Hotel Voronezh is a popular hotel for our travelers who want a more economical choice, and features free WiFi and air conditioning.
Expedia has 6 hotels in Voronezh that are ideal if you are watching your pennies.
Weather is probably a major factor when you plan your trip to Voronezh, and keep in mind that cheaper options are usually available when the weather isn't as good. The hottest months are usually July and August with an average temp of 67°F, while the coldest months are January and February with an average of 24°F. Average annual precipitation for Voronezh is 22 inches.
You don't have to spend big to get to know Voronezh. You can budget for the local attractions that interest you most, and then make time for sights and activities that cost very little. Take in the local culture at Voronezh State Academic Drama Theatre A. Koltsov and Arsenal Branch of Voronezh Regional Museum, or visit other spots like Voronezh Chamber Theatre.
Checking out these ways to get around Voronezh can help keep you on budget. The closest airport is 10.3 mi (16.5 km) from the center in Voronezh (VOZ-Voronezh Intl.). To see more of the surrounding area, hop aboard a train at Voronezh 1 Station or Pridacha Station.
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Hotels near other Voronezh Attractions
- Monument to White Bim the Black Ear (0.12 mi)
- Voronezh State Agricultural University (3.5 mi)
- Kramsky Regional Museum of Fine Arts (0.69 mi)
- Voronezh State Opera and Ballet Theater (0.2 mi)
- Museum of History of Glinka Agricultural University (3.47 mi)
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Best hotels in Voronezh
Staying in an exclusive hotel in Voronezh ? This is for sure a cool vacation spot in the area Voronezj in the much-visited Russia. Here you will find numerous exclusive wellness overnight accommodations, personal B&B’s, well-maintained rental properties, theme parks and campsites. Always a suitable accommodation for weekends, traveling around or business occasions. Do you need help with booking a room? We are happy to help you further! With the special advice guide you can search for perfect Russian hotel rooms. If desired, you are able to compare booking platforms, book convenient rooms and check the current hotel deals.
- In the area of Voronezh are many accommodations and nature houses.
- Great hotel: Amaks Park Hotel Voronezh.
- Enjoy every day: a fully furnished room, a nice roomy bed and often with wifi and a television.
- Opt for budget hostels of an exclusive Russian resort.
- A beautiful hotspot for viewing the natural grounds and the distinctive architecture of Voronezj.
- The average rate of a centrally located hotel room in Voronezh with good breakfast is €44,00 per overnight stay.
Table of contents
- Best way to look for a cheap hotel
- Compare different types of accommodations
- View the different facilities
- Everything about locations and branches
- Rooms for every group size
- Which hotel service level can I choose from?
- Discover a modern Russian bed and breakfast.
- Frequently chosen holiday seasons
- Look for the most favorable Voronezh hotel promotions of Sunday, November 12, 2023
- Compare suitable reservation platforms
- Check this week’s weather forecast
- FAQ with questions + answers about your next hotel stay
Book cheap hotel in Voronezh
Are you looking at a nice city trip or are you watching for a stay for a corporate trip? Booking a cheap hotel room in Voronezh is highly recommended. Every morning a delicious breakfast, a separate bathroom, catering in the region and a lovely bed. And with that comes: a fully styled room and a clean room every day. The normal rates for hotel stays can be different per booking site. You can use our tips for scoring the hotel accommodation with an attractive price. You can read all the details the hotel checker 5-step plan.
Budget hotels in Voronezh including breakfast
Start your search for a travel destination. For example rentals in the city center of Voronezh or near a specific point of interest. Then select a day of arrival (check-in date) and the check-out date. Don’t forget: travel days during non-regular school holidays are normally priced more favorably.
Note the number of adults and whether babies / children up to 17 years of age are traveling with you. Also select the age of the kids. For bigger groups there are accommodations with comfortable family rooms. A stay for babies is often free (up to 2 years). At some hotels you can allocate all travelers over several rooms.
You can filter on a maximum price per night. Such as €62,50 per stay / per night. A regular good hotel stay in Voronezh will cost you about €44,00 (excl. tourist tax & booking costs). For a little more comfort there is a price increase to +/- €74,90. Are there no results? Then increase your budget. The booking site then offers an overview of hotels corresponding to your travel period, the amount of guests and your set budget.
Via the hotel comparator you can obtain all hotel offers that fits with your holiday needs. You can filter this further. The most commonly used filters are type of stay, number of stars, guest score, payment details, room amenities, distance to certain attractions, car parking, including breakfast and whether pets are allowed. Furthermore, you can filter by: wifi / wireless internet, swimming pool, restaurant, fitness / sauna, playground, wellness center / spa but also wheelchair access, bike rental, non-smoking rooms, presence of elevator, room view, television (TV).
Find a suitable accommodation and verify the overview with prices. Choose from the various rooms, breakfast options and possibly choose a deal including free cancellation. Analyze the payment overview with the conditions and provide the details of the lead booker. Sometimes you also have to provide your arrival time. There is a special field for unique requests. You might like a baby cot. Most booking sites allow you to pay with credit card (Visa, MasterCard & American Express) & Factoring, paying on account, bank wire transfer or pay later.
Compare the best & cheapest hotel deals in Voronezh
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Booking help: book hotel rooms in Voronezh for a relaxing night
Holiday destination Voronezh is a lovely place in Russia. Be sure to take a trip to the capital Moscow. Actual population: 144.713.000 citizens. The main language is Russian. Practical details: the country phone prefix is +7, the amperage is 220 V (50 Hz, plug type C / F). The national currency is the Russian ruble (RUB). In this neighborhood are numerous casino hotels, hostels for groups, camping spots and innovative types of houses. In the enclosed guide we discuss additional information about the available lodgings.
List of current Russian hotel stays
Sleeping places are available in all categories. There are possibilities to reserve an overnight stay for every guest. Which sleeping accommodation should you go for? In the section below you can check a list of often selected popular hotels in Voronezh for couples and families.
- Luxurious hotel: 3-star and 4-star accommodations offer additional premium comfort for your weekend break.
- Boutique hotel: small-scale places with beautiful suites and peronal service.
- Apartements (aparthotels): a good choice if you plan to stay a little longer. Another name for this is condo rentals.
- Hostel (youth hostel): share your room with other visitors for a cheap stay.
- Wellness hotel (Spa): sleep well after a day of massages, swimming, spa and beauty treatments.
- Family hotel: spacious child-friendly hotel rooms with a child-facilities and activities.
- Business hotel: luxury business stays with eg. free parking, breakfast & lunch, pay on account, meeting rooms, conference rooms, centrally located.
- Holiday resorts: the nicest holiday homes in the most beautiful parks with numerous activities.
- Bungalow (cottage): a wellness chalet to explore the surrounding area.
- Campsite (glamping): while camping you stay in a caravan, side tent, mobile home, lodge tent, motorhome.
- B&B’s (guesthouse): sleeping in a bed & breakfast at a special location.
Filter by amenities and facilities
Booking available hotels online is becoming increasingly popular. You can easily search for certain things like location, prices, activities / entertainment, number of stars, facilities, board type. In the next piece of text you will find a list of the most important options you can look for.
- Room with sauna: enjoy the luxury of a steam bath during your stay.
- With jacuzzi (whirlpool): enjoy a romantic hotel room with a bubble bath as a couple.
- Hotel with swimming pool in Voronezh: a luxurious heated indoor pool for the whole family.
- Balcony (and terrace): an extra beautiful view of the area.
- Pet-Friendly hotels: take your pet on an unforgettable holiday.
- With fitness: exercise alone or together in the gym.
- Wheelchair accessible: breakfast room, elevator and rooms are easily accessible.
- Free parking: park your car free of charge close to the place to stay.
- Free cancellation: easily move your booking to another date or location.
- Other activities popular with the Russians: squash, tennis, casino, bike rental, bowling, golf.
Book hotel rooms with a fantastic location
- Hotels in nature: book a nature house in the middle of a beautiful nature reserve.
- Waterfront (lakefront): unique place where you can also sail with a boat.
- Hotel by the sea (the coast): a restful and cozy holiday near the beach.
- Forest (lodge & cabine): spot special birds and animals in the green woods.
- Hotels in city center: nice shops and wonderful restaurants.
- Holiday rentals near the airport: excellent connection to public transport.
- Guest houses near train station: pleasant connection via the PT.
Available apartment hotel in Voronezh for this weekend?
Browse places to stay and book an inspiring room (chamber)
Select available Russian hotels ▸
Find the right room size
Are you going to travel independently, for a business occasion or are you also taking kids with you? Do you want a double room, or is a single room okay? When booking a night stay, you must state the number of travel companions. The site only offers hotel rooms that are interesting for your group of travelers (like 2-Komnatnaa Kvartira).
- Single room (1 person): business hotel room near a conference location.
- Double room (2 persons): spacious room type perfect for 2 people (junior suite optional).
- 3 person room: double bed with luxury sofa bed.
- Quadruple room (4 persons): plenty of space and privacy thanks to 4 separate beds.
- Familyroom: a spacious family room with a cot.
- Backpackers dormitory (hostel): a larger room with several bunk beds for groups.
Compare different board types
You don’t just go to a hotel for a sleep. You can choose an arrangement that suits your needs. Most website offer multiple board types and service levels. With the tips below you can make your choice more easily.
- Lodging & breakfast: this means that in addition to a bedroom, you also have breakfast included.
- Half board: you can join the breakfast and dinner every day.
- Full board: enjoy booking with tasty meals (breakfast, lunch and dinner) without expenses.
- All-inclusive: restaurants, bars and lunch spots serve free food and drinks.
- Roomservice: an employee brings food and drink orders to the room.
- Restaurant (buffet): a complete range of (hot) meals for the guests.
- Bar & Lobby: a nice ending point at the end of the day (e.g. for City Apartments – Moskovsky P-T 149).
What you need to know about personal bed & breakfasts in Voronezh
A bed & breakfast is a small-scale place to stay where you often stay for a weekend or week. Often such bed and breakfasts are located next to a house. The great thing about a B-and-B is the personal service, a full breakfast and stay overnight at a special location. In many cases, it is cheaper compared to a normal hotel room. See also hotel offers in Volzhskiy .
- Enjoy day and night in a personal B&B accommodation.
- Your hosts will share with you their insider’s tips.
- A characteristic sleeping place in Voronezh (and the immediate area). E.g. stay at City Apartments – Moskovsky P-T 149.
Frequently booked holiday periods in 2023
A hotel reservation is often chosen for a short trip. Hotels are popular for, for example, a long weekend trip or during the school holidays. Here there’s plenty of fun for families with children, partners and people over 75. In the block below you can check the most wanted travel periods in 2023.
- Weekend trip (getaway): pay close attention to the location for a successful city trip.
- Midweek: the cheapest rooms can be found between Monday and Friday.
- Summer vacation: it is recommended to look for an air-conditioned hotel room.
- Autumn break: try an affordable and special homestay.
- Christmas holidays: book the best New Year’s Eve packages on time.
- Spring break: book your package holiday including flight and hotel.
- Winter holiday: a period with good temperatures, beautiful nature and nice guest houses.
- Public holidays for the Russians: there is less availability during New Year’s Day, Good Friday, Independence Day, Ascension Day, Pentecost, National holiday.
The nicest hotel Voronezh offers November 2023
Reserving an overnight stay is sometimes quite expensive. You have very good tactics for an extra cheap overnight stay in Voronezh. Hotel prices fluctuate throughout the week. A regular room is sold at different rates on multiple hotel booking sites. It is important to look up the best hotel deals. Below you can view 10 useful tips. In addition, you can also view budget rooms in Vologda & Bathurst .
Top 10 saving tips for low hotel rates in November 2023
- Last-minute deals: if you book just before departure, you will benefit from attractive discounts.
- Early Bird Discounts: special discount weeks sometimes apply if you book months in advance.
- Holiday comparison websites: visit Skyscanner, Expedia, Trivago, Priceline, Booking.com, Hotwire or Tripadvisor, KAYAK, Momondo, FareCompare, Hotelscombined, Hotels.com to ensure the lowest price.
- Book directly with hotel: big chains like Scandit Hotels, Premier Inn, Radisson Blu, Holiday Inn, Best Western, Mercure, Marriott, Accor, Hilton, Wyndham, Jin Jiang, Choice Hotels sometimes have exclusive offers or rooms on their own site.
- Discount Codes: always look for Russian hotel promotions via websites with last-minute offers like Retailmenot.com, Lastminute.com, Trip.com, Secret Escapes, Groupon, Hotwire.
- Package deals: book a hotel with flight with shuttle service for favorable rates and always have 1 contact person.
- Avoid accommodations right in the center: the less expensive overnight stays can be found in the suburbs and not in the centres.
- Vacation rentals: book cheap private holiday homes in Voronezh (November 2023) via e.g. Belvilla, VRBO, Novasol, Airbnb, TheHolidayLet, Interhome, Tripping, HomeToGo, 9flats, atraveo, OneFineStay, Homestay.com.
- Hostels & Inns: a cheap room with an excellent location (particularly interesting for backpackers).
- Family deals and Senior discounts: extra discount for travelers with young children and disabled people.
7 days Voronezh weather forecast (November 2023)
Russia has a beautiful Subarctic climate. The best travel period is May to August. This is therefore the best time to travel to enjoy the country. The average temperature (12 months) is -5,4 degrees Celsius (℃). In the summer months the temperature rises to 16,8 degrees Celsius (°C). During the winter, the mercury drops to -31,0 degrees. The present time zone is: Europe/Moscow (UTC +3). In the following overview you can check today’s weather forecast (Sunday, November 12, 2023) and a outlook for the week ahead.
Vacation FAQ: frequently asked questions and answers
A weekday hotel stay in Voronezh costs €44,00 per hotel night. A 3 days weekend stay costs on average €132,00. For a stylish star hotel these rates are about €74,90 per hotel stay. A budget hotel is more affordable at €25,50 for 1 night. A breakfast has a surcharge of €7,75 per adult. The cost of a dinner in a local restaurant is on average €29,60 p.p. The final cost of the hotelroom is composed on the basis of: type of room, the quantity of stars, the board package and any additional services and packages such as a hot tub or air-condition.
In this environment you can reserve outstanding rental accommodations. These popular lodgements are popular because of the good value for money. The reachability, the softness of the beds, the overall comfort and customer focus receive a high rating. Via hotel search engines like Tripadvisor and for example Hostelworld, you can easily filter on reviews. A great way to book good hotels in Voronezh for families.
At 90% of the apartments in Voronezh, pets are unfortunately not allowed. We do see a trend in the number of pet-friendly hotels (near Voronezj). Mainly hotel rooms outside the center where you can enjoy walking or cycling. Keep in mind the rules: when making a reservation, you enter whether and how many pets you bring. Make sure you have the rules clear. You must always keep the dog on a leash and make sure he doesn’t jump on the furniture.
At just about all B&B’s the front desk is ready for check ins from 4 o’clock in the afternoon on the agreed arrival day. At many accommodations you can check out before 11:00 in the morning. The current conditions for check ins & checkouts are different for each hotel chain. You will also find it in the booking conditions. You can use an early check-in or late check-out (take into account a surcharge).
This Russian province can be reached relatively easily by car or public transport. The alternative is flying to Moskou Sheremetyevo Airport (SVO). You can choose airlines such as Aeroflot. You always buy plane tickets online in advance. More and more hotels have their own shuttle service. Go to www.gov.ru for additional explanations about themes like safety, traffic and transport (customs).
- Business Templates
- Sample Plans
FREE 7+ Small Hotel Business Plan Samples PDF | MS Word | Apple Pages | Google Docs
Small hotels or popularly known as boutique hotels are stylish small size hotels often located in urban areas. These hotel property typically has between 10 and 100 rooms in settings with upscale accommodations and individualized unique selling points. If you wish to pursue opening a small hotel or a boutique hotel then start your sample plans by developing a small hotel business plan. Most especially if you need to attract investors, then a business plan is an important document for your to endeavor with. Learn more about how to develop a small hotel business plan in our article and for free templates scroll down, check out our small hotel business plan samples as well.
Small Hotel Business Plan
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Whether you decide to open a large or small hotel, a business plan is important for upcoming hotel owners or even seasoned hotel chains. Starting a hotel business is capital intensive and it is considered a long term investment because it will take a while for the owners to break even and start making profit. With this being said, this is why most hotels are owned by a number of investors, and helping you secure one is through a small hotel business plan. This is a written document that would serve as a roadmap and guide as your maneuver your way into successfully starting one. The concept of your business plan should center on hotel management, finances, target customers, location, marketing plans and other relevant factors that is needed in running a small hotel.
The general concept of a hotel business plan, regardless of size or type is more or less the same since your main point here is sample planning how to run your hotel. Now the difference would come obviously in the exact details you will be summarizing in your business plan. In this case for your small hotel. The business plan must have relevant information to correspond to running or a small or boutique hotel. Before you can start make sure you have done all your research, and gathered the right information such as analyzing how other similar small hotel works. Now to start, below are the basic components you should include in your small hotel business plan:
An industry analysis is the assessment of a particular industry in which a business is currently operating or plans to venture. In this case, as you venture out into opening your own small hotel, studying the current hotel industry would give you a full understanding on how to manage your hotel business. How will your small hotel business impact the current industry? Will you be able to manage the trends and quickly adapt to its changes? Is there a market for your hotel business in your desired location? Remember to go through these, work your way towards the pros and cons of operating a small hotel business.
Define your business objectives and goals, as well as company’s mission statement. Explain why have you decided to open up a small hotel business, what problems would it help solve, whose needs will it cater and what do you wish to accomplish. This section will contain an overall summary of what is to be written in much more in depth detail the other sections of your business plan.
Your potential customers will be bringing in revenue and profit so it is crucial to know who they are, where to find them and how to reach out to them. Through a customer analysis you will be able to gather information on your target market, including geographic, demographic, socio-economic, psycho-graphic, behavioral segmentation details.
Another important factor is studying your competitors so you can create ways to work pass them and manage to stay on top of your game. This would entail understanding their strengths, weaknesses, occupancy rates and market share. Even large or regular hotels can pose as a threat, so do not limit your research to a particular group but to the overall hotel business scenario.
You will need to create a separate small hotel marketing plan, as it may require comprehensive marketing efforts toppled with its own marketing strategies . Also, determine the other areas that needs to be tackled on such as distribution and revenue management.
Map out how you will go about with your hotel operations and the things to be considered are as follows:
- Number of employees, their roles and responsibilities
- The service standards you intend to offer
- Suppliers, vendors and inventory management
As your your management team, focus on what uniquely qualifies you to make your hotel such a success.
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive. And more importantly enough to cater to your guests. Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. To be able to acquire these amount of information it is advisable to conduct a hotel feasibility study .
Create a checklist of other details that is considerably important for your hotel business operations:
- Permits and Licenses
- Construction Plans
- Payment Methods and Platforms
- Employee Management (staff and trainings to be conducted)
- Overall Hotel Operations (including emergency action plans )
- Suppliers and Vendor Management
There is no known universal body who ranks hotel, as per country as their own set of standards thus creating the star ranking system. At most, hotels are given their specific rank due to popular and positive feedback from its guests, the amenities and services it offers, its location and prestige.
Boutique hotels are relatively smaller with room less than a 100, and has a more intimate and artistic design which is its main focus rather than the size and space. While a regular hotel are large with its own function rooms, a number of pools and other amenities.
Business plans are important documents in sample order help companies identify their objectives and remain on track. They also act as a means to get people to work with and invest in the business.
Without a small hotel business plan, it would be rather difficult for you to start operating a small hotel business. You need a plan to help you understand the complexity of running a hotel and the important factors that affects your hotel business.
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