Business Plan for a Hotel in Miami Date / ID: 753215

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ID number:753215

Author: hotelmanagement (4)

Evaluation:

Published: 09.12.2010.

Language: English

Level: College/University

Literature: 23 units

References: Used

Time period viewed: 2009.g. - 2010.g.

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Table of contents

Nr.	Chapter	Page.
1	Preface	2
	Table of content	3
1.1	Executive summary	5
2	Marketing	7
2.1	Marketing concept	7
2.2	Values	7
2.3	Nike: Take it to the next level	8
2.4	The Sun Life Stadium	8
2.5	Mission Statement	8
2.6	Partnership with Nike	9
2.6.1	Implementation	9
2.6.2	Agreements	10
2.6.3	Conclusion/ franchise agreement	10
2.7	Definition of the Market	11
2.7.1	Market Segmentation	11
2.7.2	Overnight Visitors to Greater Miami and the Beaches	11
2.7.3	Overnight Visitors to Greater Miami and the Beaches	12
2.7.4	Overnight Visitors to Miami North-Dade	12
2.7.5	Segments	13
2.7.6	Conclusion	14
2.8	SWOT analysis	15
2.8.1	Strengths	15
2.8.2	Weaknesses	15
2.8.3	Opportunities	16
2.8.4	Threats	19
2.8.5	Conclusion	20
2.9	Competitor analysis	20
2.10	Marketing Mix	21
2.10.1	Product	21
2.10.2	Price	24
2.10.3	Promotion	25
2.10.4	Place	28
2.11	Pre-opening party	30
2.11.1	Invitation list	30
2.11.2	Program	31
2.11.3	Finance plan	31
3	Operational Management	32
3.1	Floor Plan	32
3.2	Organization & Management	33
3.2.1	Explanation of chart	33
3.2.2	Staff requirements	34
3.2.3	Training for the staff	35
3.3	Management contract	35
3.3.1	White label Management contract	35
3.4	Legal structure	35
3.5	Property management system	36
3.6	Permits and Licenses	36
3.7	Insurances	37
4	Finance	37
4.1	Opening balance sheet	37
4.2	Operating budget	38
4.2.1	Forecast (goals)	39
4.3	Cash budget	40
4.4	Ending balance sheet	43
4.5	Ratios	45
4.5.1	Conclusion	47
5	Sources	48

Extract

The report deals with the concept of a new Hotel in the Miami Dade County in Florida. The report includes a concept and a mission statement which describe the general idea of the hotel.
Furthermore the report includes a market analysis which analyzes the market share of the new hotel by taking a look at the existing hotel and their performance. In addition to that it includes a competitor analysis which takes a look at all the competitors in the surrounding in terms of distance to the stadium, distribution channels, room rates, guest reviews and rating. Accompanying with that the report analyses the needs of the hotel’s potential guests.
Besides that the report outlines a SWOT analysis which analyses the strengths, weaknesses, opportunities and threats of the hotel. The marketing mix takes a look at the product itself, the place (where it is actually located and also the distribution channels), the promotion of the hotel and also at the prices for the hotel.
The next part of the report deals with the organizational and staffing process of the Hotel. This section offers its readers information about the amount of employees working, their wages and their amount of working hours. It also takes a look at the pre opening staffing.
The last but the most relevant part of this report it the financial part. It includes an opening balance sheet, and operating budget, a cash flow and a closing balance sheet at the end of the first year. To offer the investors and owners a clear picture of the financial situation the report includes several ratios which outline the operation’s performance in terms of Liquidity, Solvency, Activity, Profitability and operating performance.…

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