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The Feasibility of Possible Establishment of a Teaching Hotel in Waikato University - Example

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The paper “The Feasibility of Possible Establishment of a Teaching Hotel in Waikato University” is an excellent example of the report on the management. This report of a study intended to evaluate the feasibility of the possible establishment of a teaching Hotel at Waikato University. Though Waikato University has spawned vast excitement in the country, we need to yield information about its feasibility…
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Running Headers: A FEASIBILITY STUDY REPORT OF A NEW HOTEL SCHOOL AT WAIKATO UNIVERSITY Name: Course: Instructor’s Name: Institution: Date Executive Summary This report of a study intended to evaluate the feasibility of possible establishment of a teaching Hotel in Waikato University. Though Waikato University has spawned vast excitement in the country, we need to yield information about its feasibility in the establishment of the teaching hotel (Brian and Adrian, 2009). The new hotel at Waikato University will serve both the students and the community at large who include tourist from other countries and the countries inhabitants. Individuals will hold seminars, weddings, conferences, meetings and other functions in the hotel. The hotel is also aspiring to accommodate the many international students at Waikato University. After two years, the management is targeting to obtain increased occupancy and revenues from the new hotel (Alexey, 2010). The new hotel on Waikato University should be managed but not leased. This will ensure meeting the hotels goals as the management understands better the initial objective of the new hotel-to act as a training facility and hotel facility. Every hotel consists of organization and management structure. A hotel organization structure is a widespread plan by a hotel proprietor to identify departmental actions and tasks. This structure brings regulation to every feature of hotel maneuver from the front desk and room service to the department of human resources. Hotel organizational structures are important as they ensure utmost profitability from every room, restaurant and bar each day. For a hotel to run effectively, it should generate an organizational structure that is simple to understand. On the other hand, the management structure involves those people who are running the day to day roles of the hotel. These personnel include the general manager, chief executive, human resources, and board of directors who implement strategies, undertake recruitments and approve plans. Each hotel must define every job title carefully to ensure efficiency. Introduction Purpose of study The purpose of study is to assess the feasibility of possible establishment of a teaching hotel in Waikato University. With this I will determine the market gap for an additional 3-4 stars hotel with multi complex facility, whether the location, being on campus, is suitable and decide a suitable location, and lastly determine whether the proposed hotel project is viable on the basis of market demand and financial forecasting (Brian and Adrian, 2009). This feasibility study will also help the management in making decisions as to whether they will continue with the project or not. Using this report also, the university will either commission a business plan or abandon the idea of a hospitality hotel school on campus. It is significant to carry out a feasibility study before constructing anew hotel at Waikato University so as to scrutinize all aspects that could influence its profitability (Simon, et al, 2003). The study estimates possible demand and makes financial protrusions based on all sources of incomes and costs. Assumptions for the proposed establishment include: The hotel component of the proposed establishment will be branded to containing, 50 bedrooms, conference room with dividable screens to make it multipurpose, bar facilities, and kitchen restaurant facilities (Dimitri, 2009). Scope of the study The scope of the study include: executive summary, introduction ,the SWOT analysis, tourist and student market trends which comprise of demand and supply of hotel, market research and analysis and segments, marketing plans; operations-management detail, organizational structure, management structure, critical risks/contingency plans, timeline for opening; physical development concepts-indicative development concepts, development costs, approval costs; and financial assessment-occupancy sensitivity analysis, estimated revenues from accommodation, restaurants and conference, proforma income statement, and cash flow statement. Business goals In the establishment of a new hotel at Waikato University, the management has various business goals in mind: Delegation of duties: because the facility will be used both as an operating hotel and a training facility, the management wishes to employ a small number of permanent staff in order to ensure that all areas are covered. Other staff will come from students both paid and unpaid as part of their study (Tan, 2000). Marketing: in order to make the new hotel a vibrant university facility, the operation would be promoted along with the accommodation and other university facilities. The hotel would be promoted as a venue for meetings, conferences, seminars and weddings among other functions (Alexey, 2010). Revenue Forecasting: The Waikato University is assuming to achieve certain financial targets after two years. Increased profits will be attained during the second financial year from the launch date of this new venture. Realizing profits during the first year is always a challenge since the initial operations of the business and funds are usually dedicated to advertising programs which are expected to create a positive image. In addition, creating consumer awareness is preserved as one of the important activities during the first years of operation. Virtually all businesses aim at maximizing profits though this objective actually depends on how the company utilizes the available resources which are always limited The management aims the new hotel to serve a multi purpose, for instance Kitchen Restaurant facilities (As this will not be purely a production facility the cost is high to allow it to also be used for teaching); the facility will be used both as an operating hotel and as a training facility. Management structure: the management wishes to establish good management by employing permanent staff to ensure that the hotel runs out effectively. Business plan: the university is aiming to commission a business plan based on this report. As a result this will assist the management in achieving their set objectives. Financial planning: the Waikato university management has made a financial plan for the establishment of the new hotel. They have made clear budgeting of $8.4 million where by 70 % will come from the university while the rest will be raised through equity or loans. SWOT Analysis Strength, weakness, opportunity and threats form the basis of analyzing the viability of any business venture (Tan, 2000). It should be noted that, management is more concerned with the rate of return to their investments .Likewise; funds are committed to the projects which promise a high returns and are less risky (Michael and Thierry, 2004). Strengths The Waikato University will serve both as an operating hotel and a teaching facility. The hotel will be promoted as a venue for conferences, meetings, weddings, and seminars and would be able to host up to 120 guests for a seated meal and as a result, it will become a vibrant university facility. This as a result will increase the university’s revenues from both ventures. The university will be able to utilize this strength in order to yield maximum results. Other strength is that, with this facility and further development of the international reputation of the program, it is envisaged that a substantial resource fee would be added to the normal student fee and this entirely would generate initially $100,000 in the first year, $150 in the second year and increasing to $250, 000 in the third year. This in addition will also increase the anticipated revenues and profits for the university teaching hotel (Michael, and Thierry, 2004). Weaknesses The location of the hotel in the university is not a great idea. It is hard to estimate what the revenue would be though the usual industry rule is 1/3 food cost, 1/3 labor cost, and 1/3 other costs plus profits. Normally in an education environment, the cost structure is different as full commercial prices are often not charged with low labor costs and high food costs. As a result, the net income from the restaurant would be low (Dimitri, 2009). Another weakness is that the hotel will be operating on a new market which is always a challenge. Research findings indicate that the failure rate of new business ventures is above seventy percent which is mainly attributed to poor planning, poor financial management and unrealistic decisions by the entrepreneurs. Although operating through these weaknesses may be a challenge the company will definitely benefit from such limitations. For instance, poor financial management provides an opportunity for acquiring professional financial managers though at a high cost (Tan, 2000). Opportunities By investing in this business Waikato University has the opportunity for expansion. Growth programs will be most effective since the hotel is yet to be fully explored. Growth, expansion and diversification grants a business an opportunity to earn extra dollars while spreading their business risks. Likewise, Waikato University will maximize its profits through the establishment of the hotel operations which will be fueled through these expansion programs. Through the demolition of hotel four in the year 2030 to give way for a new car parking in the city, the Waikato university new hotel will increase its demand as the 70% occupants of the hotel will be distributed evenly to the other hotels (Brian and Adrian, 2009). Threats Threats are perceived as the expected limitations towards the accomplishment of business objectives. The Waikato university new hotel will be under severe competition from the other five 3-4 stars hotels in Waikato city (Dimitri, 2009). As a result there might be price cutting and skimming which are considered unethical business practices so as to fight the competition and increase the market share (Tan, 2000). The Waikato university new hotel will control the threat of new market players by ensuring that services are delivered at the highest standards possible thus ensuring that the customer’s loyalty is enhanced. Tourist and Student Market (Trends) Demand and supply of hotel The Waikato university new hotel will basically serve the students and the community at large. The students will demand the hotel as a training facility while the community on the other hand will demand it for various occasions such as weddings, seminars, conferences and meetings. The Waikato University also has a large international student market seeking accommodation. The presence of a bar in the hotel will serve as a source of entertainment for both the students and the non students and as a result will generate a certain amount of income. The study also shows that there exist five 3-4 stars hotels offering 50 rooms plus in Waikato to supply in the subject market area all of which pose a major threat to the anticipated new hotel at Waikato University (Dimitri, 2009). Market research & analysis and segments The research has shown that the new hotel at Waikato University will serve both the students and the community at large who include tourist from other countries and the countries inhabitants. Individuals will hold seminars, weddings, conferences, meetings and other functions in the hotel (Barry & Eva, 2007). The hotel is also aspiring to accommodate the many international students at Waikato University. After two years, the management is targeting to obtain increased occupancy and revenues from the new hotel, the average occupancy being around 60 percent with an average room rate of $90. The estimated rooms’ revenue is $ 67, 500 with an estimated income of $ 54,000 minus the operating cost. These market targets if obtained are significant for a business operation (Tan, 2000). Marketing plans A hotel marketing plan is your deed plan to fill up the rooms of your new hotel. A marketing plan centres on four Ps (product, price, place and promotions) and also considers key partnerships and customer retention. All these factors should be considered appropriate to the geographical area and hotels projected customers (Brian and Adrian, 2009). Product –your hotel services In every hotel, the essential product obtainable is similar service for instance accommodation and food. What matters is the provision of these services to the customers. Every business will try to offer the best services possible so as to retain its customers and build customer loyalty (Dimitri, 2009). Beyond this service, there are infinite ways to make a distinction of your service. Services comprises of entertainment for instance: night club, on-premises and in-room cable; communication- wire less internet and free local calls; healthy- fitness centre, a pool, and spa and food for instance chocolates on a pillow to a five star restaurant (Brian and Adrian, 2009). The projected new hotel at Waikato University is planned to have a bar facility that despite acting as a source of generating revenue will also act as a marketing strategy for the new hotel. Most young people are usually attracted to entertainment centres thus the hotel being in the university will have high demand from the students due to the presence of the bar (Dimitri, 2009). The management should mull over whether extraordinary services will be a draw for the customers or if you are better off offering the true and tried. After making clear decisions, the management should present the information evidently and in just sufficient aspect so that readers comprehend the level and type of service offered.  Promotion - How to get the word out Promotion means how the management makes persons aware of the hotel existent and its distinctive value preposition and changes them into guests. The promotion tool one uses depends primarily on the customers one looks for. Instead of thinking of how other hotels search for customers, a person should think from the customer’s point of view, about what they need, that which will make them happy (Dimitri, 2009). Consider how the targeted customers look for hotels and as a result ensure that yours can be founded where they are searching, if this is in travel, websites, magazines, books or other sources. Persons should put in mind that, press is the most influential type of advertising therefore should be appropriately considered. The Waikato University should ensure maximum promotion before and after the establishment of the new hotel so as to make it competitive with the other hotels available in Waikato city. The management should also consider if a public relations policy can help in achieving these objectives. Price - The right rates for your hotel Your marketing plans should indicate where you want you pricing to be within the markets range. The selection of price ties directly to your hotels prosperity and to the brand you are initiating to put up in the customers minds (Brian and Adrian, 2009). If you schedule your hotel as tremendously expensive, nevertheless price it in the middle of the bundle, customers might not suppose your affirmations that you are the then Ritz-Calton. Charging is all about finding the precise price to correspond to what your hotel is and to cover costs, and leaving space for profits. The Waikato university new hotel being located in an institution will mean low commercial prices, high food prices and low labor prices thus little net income from the restaurant. The management should ensure that the set prices should be able to meet the mentioned expenses and leave room for projected profits to ensure that the hotel is not running for a loss (Tan, 2000). Place - Where customers and your services meet Place is deemed to be more than the option of the hotel location. In this perspective, place means distribution- range of how customers will reserve hotel rooms and obtain other services the hotel provides. This can be made through websites, dedicated sales staff, or travel agents all of which have their own benefits and costs tradeoffs (Tan, 2000). Provision of services goes on inside your hotel and engages both your personnel and your means to converse with your customers e.g. TV ordering, phone system or even door knob signs. The management at Waikato University projects that a small number of permanent staff is required to ensure that all areas are covered. Other staff would come from students both paid and unpaid as part of their study. Customer Retention   Nearly all of the cost of offering services to a client is in getting them to purchase for the first time. To maintain a customer recurring should be considerably cheaper than obtaining a new one thus a person should explain his maintenance strategy (Dimitri, 2009). For instance, loyalty programs offer incentives for recur visits and customer relationship management (CRM) and the software can store data on the likings and activities of individual guests to make coming back more pleasant for them (Brian and Adrian, 2009). Partnerships   An individual should consider his relationship with the local government, other hotel neighbors and other stake holders to build the business. There are possibilities for a person to receive guests or send them to other local businesses and as a result, this will be a sign of improving the general skill for the customers (Brian and Adrian, 2009). An individual should deem a few main partnerships that will pay off as a result of their significance to both parties. One should illustrate any thriving legwork you have done to query about the likelihood of formulating those partnerships to a reality. Waikato University new hotel once established should form partnerships with the existing 3-4 star hotels in the city as a sign of marketing strategy. Operations Management detail or should the property be leased out, or managed The new hotel on Waikato University should be managed. This will ensure meeting the hotels goals as the management understands better the initial objective of the new hotel-to act as a training facility and hotel facility. The management also understands their students better and leasing the hotel will mean that the leasee can set any prices for the products without considering the targeted clients-students. Organization structure A hotel organization structure is a widespread plan by a hotel proprietor to identify departmental actions and tasks. This structure brings regulation to every feature of hotel maneuver from the front desk and room service to the department of human resources. Hotel organizational structures are important as they ensure utmost profitability from every room, restaurant and bar each day (Brian and Adrian, 2009). For a hotel to run effectively, it should generate an organizational structure that is simple to understand. There is no definite organizational structure for hotels and in fact these structures are different based on the type of the hotel and the size of property (Dimitri, 2009). A hotel's organizational structure must be premeditated to evidently describe management structure and personal and department tasks while meeting the hotel's overall requirements and objectives. According to "Hotel Management and Operations," by Denney G. Rutherford and Michael J. O'Fallon, structure is the finest means to direct employees' efforts to industrious ends (Aliisa, et al, 2007). Basic structure: every hotel has an organization structure that is divided into operations and administrative groups. The administrative side includes sales and marketing department, human resources and accounting departments (Alexey, 2010). The operations side is divided into rooms-front desk, housekeeping, front door personnel, concierge, security and engineering, and guest services; and food and beverages-hotel restaurant, nightclubs, bars, catering department, and banquet department. . These two groups report to the general manager. Management structure The management structure involves those people who are running the day to day roles of the hotel. These personnel include the general manager, chief executive, human resources, and board of directors who implement strategies, undertake recruitments and approve plans. Each hotel must define every job title carefully (Brian and Adrian, 2009). Each role should be listed alphabetically in each department and comprise a brief summary of job responsibilities. The human resource manager of the hotel uses this list for staff evaluation and recruitment within the hotel. Well defined job responsibilities will help employees to work efficiently and effectively. The administration and operations groups in the organizations structure both report to the general manager of the hotel (Barry & Eva, 2007). Critical risks/contingency plans Business contingency planning and continuity management are important and unavoidable tasks. Nevertheless, the generation of a sound contingency and continuity planning is a composite responsibility and involves various stages and distinct activities. For instance, originally, it is important to understand the possible outcomes/impacts and basic risks of a disaster-these include the building blocks upon which a rational business stability plan should be laid. The plan should be generated which should not be trivial (Brian and Adrian, 2009). There are then testing and maintenance phases which ensure that the plan remains contemporary. Audit at regular intervals should also be performed to ensure that the plan remains current and also ensure that it stands up to thorough examination. After determining then outcomes/ impacts it is significant to deem the level of the risks that could lead to these outcomes. This being a critical activity will verify which scenarios are more likely to crop up and which should draw most consideration throughout the planning process (Michael, 2005). Time line for opening How long it takes to open a business depends on ones schedule, resources, energy and focus. One may opt to take longer since they covet to ensure the whole lot is double checked along the way or they may take shorter timeframe. This information describes a recommended timeline sixty days prior to the opening of the hotel (Brian and Adrian, 2009).  Order supplies, products, services, small wares and equipments; Schedule and record ETA for deliveries on timeline for supplies deliveries; Receive furniture, fixtures; equipments supplies, Record all received deliveries; List all equipments, supplies, and products ensuring all products are received; Hold weekly meetings with management team; Plan marketing promotion; Identify and prepare advertising media- This will also serve to publicize the new restaurant opening; Assign general meeting to report to new restaurant ; Target a realistic opening date based on both the timeline to receive certifications, permits, and licenses; Hire a maintenance person or retain an existing hourly employee for handy chores, and running errands ;Assess individual training of Assistant Managers and assess training progress and Arrange for restaurant cash handling (Aliisa, et al, 2007). Physical Development Concepts Indicative development concepts The existence of other five 3-4 star hotels offering 50 rooms plus and the hotels occupancy indicates that Waikato city is well grown and developed. The high demand of the hotels by the business market, tourists, and VFR is also a good indicator of development. Development Costs These are the overheads needed to produce hotels products and ensure that the business is running effectively. Such costs comprise research and development costs, costs of market analysis, machine tools costs, advertising costs, maintenance costs and storage costs. These costs cannot be assigned to a particular product but are necessary for smooth running of the business. The business general manager makes decisions regarding development costs. Development costs are vital to the venture decision as the possible market position. The management of the aspired hotel at Waikato University should consider development costs to ensure efficiency of the hotel after establishment (Brian and Adrian, 2009). Approval Process Approval refers to registrations, permits, licenses and certification issued after an absolute assessment and appraisal to execute the obligations of a business regulation (Yu, 1999). The first step in the approval process is to determine what approvals are necessary for the action in hand. There after you are supposed to apply for the approval and well completed approval forms and fee are passed to the appropriate program for check up for accuracy and completeness (Helfert, 2001). The issuance of the approvals depends on the participation (private or public). Approvals are then drafted and entail reviewing of environmental policies, use of mathematical models and scientific materials. Approval that doesn’t need public hearing is issued at this point while those which need public participation must be published in the local newspaper to notify the interested parties. After the hearing, necessary changes are made and there after the approval are issued. Our new hotel at Waikato University will follow the approval process of a public hearing as the business is a public entity (Dimitri, 2009). Financial Assessment Occupancy sensitivity analysis Before establishing a new hotel, it is vital to consider the average rate and occupancy analysis. The management at Waikato school wants to establish a teaching hotel with 50 rooms with 3-4 stars (Helfert, 2001). The Waikato university new hotel has estimated their occupancy and the estimated rates after two years. The research has indicated that the estimated occupancy and average rate per room in one year add up to an estimated rooms revenue of $54,000 after deducting the operation costs of 20 percent. The management has also estimated the number of guest that the conference room can hold for a seated meal (Aliisa, et al, 2007). Estimated revenues from accommodation, restaurants, and conference It is difficult to estimate what the revenue would be, but the usual industry rule is 1/3 Food cost 1/3 Labor cost and 1/3 other costs and profit (Barry & Eva, 2007). The estimated revenues for accommodation after the second year add up to $54,000 after deducting the operations costs of 20 percent. The conference room is aimed to hold 120 guests for a seated meal (Brian and Adrian, 2009). Proforma Income Statement, Cash flow Statement Pro forma income statements look at revenue and expense projections for future periods. Pro forma income statements are generated by looking at financial performance the year before, comparing it to the current year figures and using the changes to make projections into the future. Cash flow statements reflects a firm's liquidity and solvency and its ability to change cash flows in future circumstances Recommendations, Summary and Conclusion This report has analyzed the feasibility of possible establishment of a teaching Hotel in Waikato University. As per the report, establishing a hotel at Waikato University is a great idea and the location is recommendable. The new hotel will serve the university which is experiencing a large international student market seeking accommodation and also serve the community at large (tourists and local people) therefore increasing the returns on investments. The cost of establishment will also be cut down because the university has the site and the land thus the cost of purchasing the land will also be eliminated. The university should therefore proceed with the project and commission a business plan. In analyzing the feasibility of a proposed hotel, the process is somehow of a chicken dilemma (Dimitri, 2009). Will the market support a new hotel and will the hotel generate an acceptable return on investment? The new hotel at Waikato University is targeting the students and the community at large. Hotel feasibility is mostly determined by the construction costs of the business. The construction cost is fixed while the revenues vary depending with the market. In order to ensure success of a new hotel, developers are urged to work their analysis backward (Alexey, 2010). A proposed new hotel should also consider the SWOT analysis and based with these, the developers will decide whether to go on with the project or not. In operations, the organization and management structures are vital in any business. These structures should be described appropriately so as to ensure efficient running of the business. The management should also consider contingency plans which are vital and unavoidable for every business. The generation of a sound contingency and continuity planning is a composite responsibility and involves various stages and distinct activities. Time line for opening a new hotel should also be considered (Aliisa, et al, 2007). How long it takes to open a business depends on ones schedule, resources, energy and focus. One may opt to take longer since they covet to ensure the whole lot is double checked along the way or they may take shorter timeframe. The developers should also put in mind the Physical Development Concepts which consists of indicative concepts, development costs and approval process. Development costs are critical for every investment project. The developers should then carry out a financial assessment which includes occupancy sensitivity analysis, and estimated revenues. Every investment business should ensure that the revenues are more than the costs both in long and short term. The new hotel to be established at Waikato University is a sensible investment despite the low net incomes to be earned due to its location; it is inspired to generate more incomes at the end of second year. These revenues will also increase as a result of increased occupancy after the demolition of the fourth hotel to give way for a new parking in the city. References Alexey K, (2010). Importance of Feasibility Studies in Developing Hotel Markets in Russia and CIS. Assessed: http://www.hvs.com/article/4728/importance-of-feasibility-studies-in-developing-hotel/ Aliisa M, Jill H, andJacky H.( 2007). Business Organization and Management for Queensland, Macmillan Education Aus., ISBN 1420211854, 9781420211856 Andrew A.L. Tan, (2000). The Need for Feasibility Study. Retrieved from, http://www.highbeam.com/doc/1P1-82524468.html (Accessed September 23, 2010). Brian A, and Adrian B. (2009). Total Facilities Management, John Wiley and Sons, ISBN 1405186593, 9781405186599 Dimitri T. (2009). New Tourism Ventures: An Entrepreneurial and Managerial Approach, Juta and Company Ltd, ISBN 0702177261, 9780702177262 Epstein, Barry J. & Eva K. (2007). Interpretation and Application of International Financial Reporting Standards. John Wiley & Sons. ISBN 9780471798231. Helfert, Erich A. (2001). "The Nature of Financial Statements: The Cash Flow Statement". Financial Analysis - Tools and Techniques - A Guide for Managers. McGraw-Hill Lawrence Yu. (1999). The international hospitality business: management and operations, Routledge publisher, ISBN 078900559X, 9780789005595 Michael S, (2005). Making Entrepreneurship: Developing Sustainable Entrepreneurship, Ashgate Publishing, Ltd., ISBN 075464491X, 9780754644910 Michael S, and Thierry V, (2004) Entrepreneurship and Small Business: A Pacific Rim Perspective, Wiley publisher Simon B, Ken O, and Stan C. (2003). Understanding Enterprise, Entrepreneurship and Small Business, Palgrave Macmillan ISBN 0333964993, 9780333964996 Read More
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