The industry analysis can seem overwhelming, as most cities feature dozens to hundreds of hotels. However, you need to focus only on your relative market, which is the portion of the hotel industry that mirrors your hotel. Is it a small mom and pop? A boutique hotel with upscale service? A resort destination with on-site restaurants and activities? Decide what niche you want to target, and then research the projections and trends that affect your niche. Create a plan for overcoming any hurdles that you find in your research.
You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.