24+ New Boutique Hotel Related Concepts and Over 3,300 Hours of Coaching & Consulting with Hotels
IDEAL FOR:
Multi-Key Motel/Hotel/Resort Properties + F&B Programming + Aquatics Programming + Wellness & Fitness Programming + Golf & Gaming Programming + Overall Guest Experiences
Independent Operators + Hotel Portfolios + Property Developers + Investment Groups
From city centres to inspiring getaways, KRG Hospitality assists clients in the development process for new or emerging motel, hotel, and resort projects throughout the world with a highly experienced, professional team that has earned an impeccable reputation for its start-up and growth-based strategy plans.
FEASIBILITY STUDY
Our number one hotel service is a completed feasibility study.
A feasibility study is crucial for a new hotel property as it assesses the viability and potential success of the project. It examines various factors such as market demand, location analysis, competition, financial projections, and regulatory requirements.
By conducting a thorough feasibility study, you can make informed decisions about whether to proceed with the project, identify potential risks and challenges, and develop strategies to mitigate them.
Ultimately, the study helps ensure that your new hotel property aligns with the market demand, meets financial objectives, and has a solid foundation for long-term success and profitability.
THE PLAYBOOKS
Looking for more than just a study? Since 2009, KRG Hospitality has created a gold-standard in strategic planning for new boutique hotel properties with 8 customized playbooks. These playbooks should be completed prior to developing your property, to obtain financing, and to build the foundations for your number one asset: Strategic Clarity.
We provide a strategic planning package that takes approximately 12 weeks to complete for hotels. What starts with an in-depth discovery session and market tour finishes with a customized suite of strategy plans that we like to refer to as the non-negotiables.
From a tourism analysis to comp-sets, target market analysis, property programming, detailed trend reports, pipeline analysis, occupancy analysis, and an initial financial playbook – this feasibility study is the most popular.
Having a one-of-a-kind property development plan will help shape the idea and ‘concept’ into a tangible form with character, heart, and soul; giving your project a visual personality along with a more defined and realistic budget.
The main purpose / benefit of a prototype is to have the ability to site adapt for a future site in a more efficient and cost-effective manner. A prototype is a consistent design for your brand that is also used to ‘test’ your property, room design, F.F.E programs, and budgets prior to moving on with designers and architects.
Our brand strategy plans deliver the key elements that position your hotel for success: communication, emotions, and memorable connection. Our brand strategy plans develop your core values, tell your story, effectively communicate your message, and develop the visual identity that you will need to stand out.
Position your brand not only for now but for the future. A properly developed stack of technology will streamline your operations while providing high-level experiences that both your guests and staff are expecting. From PMS systems and channel management to housekeeping, guest feedback, and more.
What are the socio-graphic profiles of your target customers? How many exist in the feeder markets? How will you generate awareness, build your database, and generate repeat business? From social, digital, and on-site marketing, you need a plan that will drive long-term financial results in your highly competitive market.
The action plan that delivers strategy on your overall operations for each department plus day-to-day systems, staff onboarding and training, marketing and brand activation, startup milestones, and so much more. The key document that helps make decisions and the one all financial advisors and investors are seeking.
What are your detailed property costs? How about your potential debt and ROI plan? Revenue and cost channels? Profit and loss statements? Contingency plans? Labor optimization schedules? Occupancy, RevPAR, NOI, and other KPIs? This detailed and customized financial package will prepare your business for success!
STRATEGY DEPLOYMENT
Upon the completion of the above strategy plans, you have the option of onboarding KRG Hospitality to provide further support for your project. This will ensure time management, budgets, and investment dollars are carefully taken into consideration during the entire process and that you hit the 750+ individual targets required to start a successful accommodation property.
At KRG Hospitality – we can assist with the onboarding of architects, engineers, designers, and contractors along with finalizing fixtures, furniture, equipment, and supply chain vendors.
Staff structuring and organization, aligning your core values, developing programs that will attract, engage, and retain your staff, to the onboarding of your leadership and management teams.
Strategic programming and development for bars, restaurants, spas, fitness, aquatics, retail, weddings, catering, and other creative and differentiated touch-points for elevated guest experiences.
From on-site consultations to one-on-one ownership training, manager training, F&B training, and customer service training through to unique and customized workshops.
Consulting on day-to-day operations plus revenue and cost channels through to providing the standard operating procedures you need to maintain a high-level of consistency.
Working with the completed tech-stack plan, we will onboard all of the technology vendors, align training sessions, and ensure that they’re all integrating and communicating with one-another.
Coordinating with one of our industry-leading marketing partners, you will receive a dedicated consultant / agency that will help execute the marketing plan, leading to early awareness and profits.
Planning, execution, consistency, adjustments, training, and timing are of utmost importance prior to opening – and after. We will be there to help monitor your brand’s readiness during opening.
Starting a motel, hotel, or resort is not easy. Lack of focus, feeling overwhelmed, stress, and indecisiveness can disrupt your project. Coaching will unlock these challenges and set you on the right path.
POST-OPEN SUPPORT
Congratulations—you’re now open for business, but our support doesn’t end there. Did you know that 40 percent of independent hotels fail during the first year, and 70 percent fail within five years, which is 10% higher than the “average company” failure rate? With the completion of our strategic planning package plus project support and ongoing coaching / consulting, the failure rate is reduced to less than two percent.
Let’s keep your property moving in the right direction after you open your doors. The work here is not yet done. With a weekly check-in call, KRG will be there to help you review the previous week and set the tone for the week ahead by focusing on financials, marketing, culture, occupancy, and much more.
Once you’re open it’s easy to fall into the trap of having ‘zero life’ outside of your property. With weekly scheduled calls, our certified life coach will help you achieve a healthier work/life balance, along with providing a more positive mindset that inspires your team and takes your business to a higher level.
NEXT STEP—BOOK AN INTRO CALL
