Describe the core components that characterize hospitality management.New Hotel Business Plan

Plan for a New Hotel Business

A new hotel company is in my plans. It will provide luxury accommodations at affordable prices to target budget-conscious travellers who still desire a luxurious experience. Young professionals and their families will be the target audience for this hotel. Research has proven that they are more likely to choose a hotel with lower costs (Pringle 2019, 2019). The hotel’s location strategy will include a centrally located hotel that is easily accessible to a large number of tourists (Smith 2020). For the sake of the business’ growth, I am considering franchising it or entering into partnership agreements with other hospitality companies. The guests, employees and investors are the main stakeholders of the business. To ensure the hotel’s success, it is crucial that they are satisfied. In order to reach our objectives and target, we will provide exceptional customer service. We also monitor key performance indicators such guest satisfaction scores as well as employee retention rates. To ensure that the hotel meets its financial objectives, we will monitor financial metrics like occupancy and revenue per room.