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Hotel Business Plan

Hotel business plan by xotels. Step by step guide on how to write a hotel business plan.

OK, so you have decided to realize your dream and open your own hotel . You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It’s like a road map to the opening. However, as a seasoned Hotel Management Company , we have seen that this is where most entrepreneurs get stuck.

Why? Many do not have the time and don’t know what to write or how to do the financials. But until you finish your business plan, you will not be able to get the financing either. So you end up with ideas sitting in your head not realizing your dream.

Really it is not that difficult to make a good hotel business plan. It is merely a structured summary of your idea. Most people try to include everything about their hotel concept in the plan. This leads to an indigestible super novel-like bookwork, aka a mess.

The key is, knowing what to include, and what not to include in your hotel business plan. Create a clear road map for success. Excite investors rather than bore them to death like most business plans full of redundant information do. And you need to lead readers down the exact path you want.

One of the main challenges for example is that after reading the first page most businesses often don’t fully understand what the hotel is all about. For investors and lenders, it is crucial they can quickly comprehend your plan, without reading the whole document.

hotel business plan 2

Hotels 101: The Basics of Business Planning

We have put together a hotel business plan template to help you on your way. Check out our approach based on 10 critical points, being:

  • Executive Summary
  • Company Analysis
  • Industry Analysis
  • Customer Analysis
  • Competitive Analysis
  • Strategic Plan
  • Operations Plan
  • Management Team
  • Financial Plan
  • Key Milestones

Steps of your Hotel Business Plan

Let’s dive into the step-by-step checklist of what your hotel business plan should look like.

These are the steps to developing your own hotel business plan. See which steps to follow to write your own hotel business plan.

Infographic by Xotels

1. Executive Summary

This first part should consist of two main parts, being:

  • Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a paragraph). It explains why you are in business or which huge need you are solving, that currently is not being met. For example in the case of Qbic Hotels “Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.” 
  • Objectives : What do you hope to accomplish (i.e. “Reach an annual occupancy of 90%”).

 2. Company Analysis

More detailed information on the USPs (unique selling points) of your hotel concept.

hotel business plan 3

3. Industry Analysis

Information on the current industry trends and the current state of the market and how this will impact your hotel. This is needed as investors want to be sure you really understand the hotel industry. This acts as the foundation on which decisions such as trends and developments to follow will be based.  

Streamline Your Hotel Operations

We guide hotels and resorts toward unparalleled success, positioning them as market leaders.

business plan for small hotel pdf

4. Customer Analysis

In-depth information on your target market, including geographic, demographic, socioeconomic, psychographic, and behavioural segmentation details. It can also help you to keep up to date with the latest hotel marketing trends to understand which are the types of guests who will be staying at your hotel. Explain which features will be meeting the needs and wants of these main segments when thinking of:

Basically, how will consumers answer this question ‘Why my hotel?’

Aim to break it up to the point value can be easily communicated (do not make it too overcomplicated). Think of the following examples:

  • Psychographics: interests, lifestyles, personality, values, opinions, and attitudes
  • Behavioural segmentation: purchasing behaviour, level of engagement, customer loyalty
  • Demographics: gender, age, marital status and education
  • Geographics: location (country, state, region, city)
  • Socio-economics

Any of the above examples of hotel segmentation can, if described well, be of great value to your business plan. An example of this could be a hotel located in a beach town, where you should be able to describe how demographics and psychographics differ from summer to winter time. Especially, since this example is typically known for lower demand in winter which you could be compensating for with the right hotel marketing strategies on hand.

business plan for small hotel pdf

5. Competitive Analysis

A study of your local competition or global concept competitors, with each of their strengths, weaknesses, occupancy rates and market share ( SWOT analysis ). And don’t forget the most important part; what differentiates you from them. What makes you stand out?

Ask yourself: “can I add value to a specific area”, especially when it comes to hotel-dense areas like city centres or major destinations.

6. Strategic Plan

This exists of 3 parts:

  • Marketing : How exactly will you attract customers/guests? How will you position yourself? What will your message be to the different segments of your business mix? How will your direct marketing work? What will be the plan for your hotel website, SEO, SEM and SMM? Will you do offline promotion? In short, your hotel marketing strategy should cover everything there is to know about how to market your hotel.
  • Distribution : Which 3rd party channels will you use and how will you manage availability? What technology will you need?
  • Revenue management : What pricing and yield techniques will you use? What will your payment and cancellation policies be? Which room types will you be selling, and how will they be individually marketed? How many revenue scenarios will I create? Where can I compensate income/demand streams when necessary?

Make sure you have the capabilities to plan out a strong marketing, distribution and revenue management strategy. 

Things get complicated rather fast, and choosing to outsource hotel and revenue management is likely to give you a strategic advantage, during the planning phase, and the execution of your business plans.

7. Operations Plan

How will you run your hotel? Think of the following elements:

  • How many staff and supervisors will you need? 
  • What are their job descriptions/responsibilities? 
  • What background and experience should they have? 
  • When should they start? 
  • What are your service standards?
  • Will you develop manuals?
  • Which supplier will you use?
  • How will you manage inventory?

8. Management Team

Include the bios of your team. Focus on what uniquely qualifies you to make your hotel such a success. Having a great team is the key to success , and stakeholders will be impressed with a thorough explanation of the added value everyone brings to the table.

9. Financial Plan

Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. These figures should be always based on your Hotel Feasibility Study . The KPIs to look at include expected occupancy, ADR (Average Daily Rate) and RevPAR (Revenue per Available Room).

If you are raising money , outline how much funding will be needed and when. Explain how you will generate a return on investment for investors, or when lenders will be paid back.

10. Key Milestones

These are the most important achievements which once they have been completed, will make your hotel more likely to succeed. Think off:

  • Location selection
  • Permits & Licenses
  • Build-out / Construction of the Hotel
  • Staffing and Training
  • GOP Break-even
  • NOI Break-even

Each time one of the key milestones is achieved, the risk of lenders or investors decreases . And once your last key milestone is reached, the chance of success is more or less guaranteed.

11. Appendix

Provide any other relevant information here. Don’t clutter the main sections of your hotel business plan with too many details. Rather support them with attachments in this part.

business plan for small hotel pdf

Putting Your Plan into Action

Many people have great business ideas. But that really doesn’t matter. The difference between dreamers and entrepreneurs is the action mindset. Are you ready to ship your idea to the market? 

The first step is to put your ideas on paper. I hope this free sample will help you write a persuasive hotel business plan. Because no investor or lender will be interested if you cannot present a clear plan.

Follow your dreams and go for it!

Need help to Develop and Manage your Hotel Concept?

Our hotel consultants at XOTELS have helped hundreds of hotels to develop and optimize their businesses. 

With cost-effective implementations and best practices developed over years of experience, successful business as a boutique hotel , resort, B&B, aparthotel, hostel, or any other lodging concept for that matter, is guaranteed.

Hope this template has helped you get inspired to start your own hotel business .

Best of luck in your endeavours!

Patrick Landman

PS. Get in touch with us if you need help developing and managing your hotel concept.

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Hotel Business Plan Template

Written by Dave Lavinsky

Hotel Business Plan

You’ve come to the right place to create your hotel business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their hotel companies.

Below is a template to help you create each section of your Hotel Business Plan:

Executive Summary

Business overview.

Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, a spacious and fully-equipped fitness center, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The service and amenities will be first class and the concierge will treat guests with extreme care and ensure guest satisfaction is held at an exceptional standard..

Service Offering

The following are the services and amenities that Pegasus Hotel will provide:

  • 354 luxury rooms, two presidential suites, and four parlor suites
  • Olympic size pool with adjacent hot tubs and surrounding cabanas
  • First-class full-service spa
  • First-class restaurant and bar
  • Spacious fitness center
  • Over 20,000 square feet of attractive meeting space for events
  • Concierge and butler service
  • Complimentary wifi
  • Valet service
  • Laundry service
  • Business center

Customer Focus

Pegasus Hotel will target the population of Austin, Texas, its surrounding communities, and travelers visiting Austin for work or play. Guests will be mid to high level income, enjoy traveling, enjoy visiting spas and high-end restaurants, and work in the corporate or government sector.

Management Team

Pegasus Hotel will be owned by Frank Girard and Miles Butler. They will act in an Owner capacity, and will not be involved in the day to day operations of the hotel. Frank and Miles will hire the appropriate staff to ensure Pegasus Hotel is a profitable and successful business.

Lorenzo Falucci, General Manager, has over twenty years of experience in the hotel industry. He has most recently managed another independent boutique hotel in New York and was excited to be recruited by Frank and Miles to operate the Pegasus Hotel.

Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.

Success Factors

Pegasus Hotel will be able to achieve success by offering the following competitive advantages:

  • Friendly, attentive, and highly responsive staff that caters to each guest and will be able to provide the best guest experience possible.
  • Luxurious amenities throughout the hotel that will make each guest feel pampered.
  • Modern and contemporary designed hotel tucked against a beautiful Texas landscape perfectly suited to host any event.
  • Competitive rates and frequent guest discounts.

Financial Highlights

Pegasus Hotel is seeking $10,000,000 in debt financing to begin constructing the hotel and commence operations of the business. The funding will be dedicated towards securing the land lease and the hotel build-out and design. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, furniture, fixtures, and equipment, initial inventory, and working capital. The breakout of the funding is below:

  • Secure the land lot, architecture, build-out, and design: $6,000,000
  • Hotel furniture, fixtures, and equipment: $2,000,000
  • Initial inventory: $750,000
  • Three months of overhead expenses (payroll, rent, utilities): $1,000,000
  • Marketing & advertising: $150,000
  • Working capital: $100,000

The following graph below outlines the pro forma financial projections for Pegasus Hotel.

business plan for small hotel pdf

Company Overview

Who is pegasus hotel.

Pegasus Hotel is a startup full-service independent luxury hotel in Austin, Texas. Owned by two local businessmen, Frank Girard and Miles Butler, it will serve the new up and coming district of the outskirts of Austin and cater to the locals and travelers who crave a luxurious and relaxing atmosphere. Pegasus Hotel will be a 10-story, 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, and a view of scenic Austin. Pegasus Hotel will hold weddings and events, meetings, retreats, and those looking to unwind and be pampered while staying at the hotel. The mission statement of the hotel is to provide first class service and amenities.

The guests rooms will include luxury beds and bedding with best-in-class furniture and bathroom fixtures. Pegasus Hotel will also have a full-service spa that will be able to provide massages, facials, makeup and/or hair service, steam rooms, and a sauna. The Olympic-sized pool will have adjacent hot tubs with a swim-up bar and surrounding cabanas. Pegasus Hotel will be equipped with state-of-the-art fitness equipment in its spacious gym. The restaurant will be a high-end steakhouse that will feature entrees from a world-renowned chef and a wine list cultivated by the area’s most respected sommelier. There will also be over 20,000 square feet of meeting space that will hold weddings, bat mitzvahs, reunions, galas, and any special event.

Pegasus Hotel will be independently owned and operated and will feature its own reservation system and operational software. Each employee will be expertly trained and vetted to pass luxury industry standards of guest service. Pegasus Hotel is committed to providing the best guest experience possible while maintaining a profitable hotel. Pegasus Hotel aims to be a step above the rest and be an unforgettable experience for all who step foot into the hotel.

Pegasus Hotel History

Pegasus Hotel is owned by two local businessmen, Frank Girard and Miles Butler. Frank and Miles have been friends and business associates for over thirty years. They became friends in college while attending The University of Texas at Austin. Frank is a real estate developer specializing in commercial real estate and multi-use land projects. Miles is a software engineer who has built multitudes of software programs for various companies. They have both been extremely successful in their careers and want to divest their investments in a large-scale full-service hotel in Austin, Texas.

Since incorporation, Pegasus Hotel has achieved the following milestones:

  • Acquired a 40-acre lot on the outskirts of Austin, Texas.
  • Registered Pegasus Hotel, LLC to do business in the State of Texas.
  • Hired a consultant to conduct a feasibility study for a full-service hotel in Austin.
  • Began developing reservation and operational management software for use at the hotel.
  • Began the branding image, logo, website, and social media accounts for the staffing agency.
  • Applied for a liquor and mixed beverage permit with the Texas Alcoholic Beverage Commission.
  • Hired an architect to begin the design phase of the hotel.

Pegasus Hotel Services

The following will be the services and amenities Pegasus Hotel will provide:

Industry Analysis

The hotel industry is expected to increase to a $133 billion in the next five years. The hospitality industry will benefit from increases in travel spending, corporate profit and general consumer spending.

As consumers earn higher incomes and businesses replenish their budgets, travel spending is projected to increase over the next five years. Inbound trips by non-US residents are anticipated to rise 22% over next the five years, while domestic travel is expected to grow 9% during the same period.

The industry will see particularly strong growth in extended-stay hotels, boutique hotels, spa and health retreats and resorts segments. As demand for these auxiliary services picks up, industry employment is anticipated to recover and increase over the next five years. Industry players are also expected to continue expanding abroad into emerging economies, such as Asia, Eastern Europe and South America. These foreign markets are expected to somewhat detract from domestic investment, as they offer higher growth prospects for industry operators.

Customer Analysis

Demographic profile of target market.

The precise demographics for Austin, Texas are:

Customer Segmentation

Pegasus Hotel will primarily target the following customer profiles:

  • Individuals and families who have disposable income (mid to high level)
  • Frequent travelers
  • Individuals who dine out and visit spas frequently
  • White collar workers (corporate or government office)

Competitive Analysis

Direct and indirect competitors.

Pegasus Hotel will face competition from other companies with similar business profiles. A description of each competitor company is below.

Hotel Ella is a historic boutique hotel located in Austin, Texas. Located in downtown Austin and walking distance to the University of Texas campus, Hotel Ella is a stylish boutique hotel housed in the historic Goodall Wooten House, one of Austin’s original landmark estates. Constructed in 1900, the Greek revival-style mansion underwent an extensive renovation in 2013, and now offers the perfect balance between modernity and a rich history rooted in the fabric of the neighborhood and the university. Hotel Ella has 47 guest rooms, a cabana-lined pool, and a wrap-around veranda overlooking the front lawn. Hotel Ella features beautifully designed outdoor and indoor spaces perfectly suited for a vacation, wedding, or corporate event. The hotel also features a diverse collection of Texas Modernist works around the hotel grounds.

All guests of Hotel Ella are treated to warm southern hospitality and superior personalized service during their stay. The historic property is appointed with a variety of elegant 21st century amenities. Hotel Ella also offers the following amenities and guest services:

  • Complimentary 24-hour guest services
  • Complimentary high-speed wi-fi access
  • Complimentary electric car charging station
  • Complimentary morning newspapers available in the historic mansion
  • Complimentary coffee stations from 5am – 11am
  • Twice-daily housekeeping service
  • Cabana-lined outdoor pool
  • Fitness center
  • Same-day valet laundry services
  • In-room dining by Goodall’s
  • Business services: photocopying, printing, postal services, and supplies

Hotel Ella also welcomes dogs of all sizes at no additional fee.

Kimber Modern

Kimber Modern is located in the hip SoCo district of Austin and is intended to draw in the independent urban traveler seeking a unique escape. It is architecturally designed with clean lines and abundant light filtered through canopies of oaks in an artfully landscaped Courtyard. The hotel also encompasses absolute comfort and attention to detail while providing technologically sophisticated rooms in their boutique guest rooms. Guests booking at Kimber Modern will receive complimentary beverages, parking, and WiFi.

Kimber Modern offers the following hotel amenities to its guests:

  • Off street covered parking
  • Electric car charging station
  • Keyless entry
  • Complimentary WiFi throughout the hotel
  • Multi-level courtyard with a 25-foot glass water feature with multiple areas to lounge
  • Jura self-serve coffee system featuring a variety of coffee drinks 24/7
  • Beverage bar 24/7
  • Gourmet teas
  • Virtual concierge – computer, printer, and copier
  • Meeting space available for groups
  • 3pm check-in and noon check-out

Guests are also available to book the entire hotel for their group.

The Cat Noir Hotel

The Cat Noir Hotel is an award-winning 14-room boutique hotel located in the heart of Austin’s east side. The European-styled boutique hotel includes a restaurant and bar partner, Uncle Nicky’s Italian Specialties. Uncle Nicky’s offers a relaxed all-day dining experience that is themed after cafes in northern Italy. The Cat Noir Hotel opened in 2016 and has been ranked #2 by Travel + Leisure’s World’s Best Awards and Top 20 Best Hotels in Texas by Conde Nast Traveler.

The Cat Noir Hotel’s contemporary design maintains a sense of warmth and a unique aesthetic that is felt through the lobby, outdoor spaces, and each of the unique guest rooms. In addition to the design elements, The Cat Noir Hotel boasts the following features:

  • Private roof deck for guests to enjoy the stunning views of downtown, the Texas Capitol, and the University of Texas
  • Outdoor patio and courtyard areas on all levels
  • Artwork from local artists

Each of the guest rooms include Juliet balconies with neighborhood views, fine linens, and Simmons luxury plush mattresses.

Competitive Advantage

Pegasus Hotel will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Pegasus Hotel will offer the unique value proposition to its target market:

  • Professional and attentive staff dedicated to ensure complete guest satisfaction.
  • Various amenities throughout the hotel for any guest to enjoy.
  • Modern and contemporary design with beautiful Texas views throughout the entire hotel.
  • Competitive rates.

Promotions Strategy

The promotions strategy for Pegasus Hotel is as follows:

Social Media

Pegasus Hotel will invest in advertising the hotel on social media platforms Facebook, Instagram, LinkedIn, and Twitter. By using targeted social media marketing, Pegasus Hotel will be able to reach those who frequent nice restaurants and spas and travel frequently.

Website/SEO Marketing

Pegasus Hotel will invest in a strong SEO presence so that when someone enters “Austin boutique hotel” or “first class hotel near me” in their Google or Bing search bar, Pegasus Hotel is at the top of the list. Their website will feature photos of the guest rooms, meeting areas, pool, spa, fitness center, and restaurant/bar. Future guests will be able to make a reservation to book their future stay on the website and access contact information for either a Director of Sales or General Manager of the property.

Pegasus Hotel will request all requests for news stories regarding the development of the hotel, owner/developer information, opening dates, etc. By accommodating the press’ requests for stories, it will also be free advertising for the public to learn about the new up and coming luxury hotel.

Frank and Miles will invest in a billboard in downtown Austin where the mid to upper class of residents frequent. The hotel will be minimalistic but eye-catching. It will feature an attractive rendering of the hotel along with the website. Curious passersby will be directed to visit the hotel’s website for information.

Third Party Booking Websites

Once the hotel is nearing 60 days towards opening, all of the third party booking websites will feature Pegasus Hotel so that travelers visiting Austin will be able to see it listed as an option for Austin hotels.

Bridal Shows and Wedding Industry Events

Pegasus Hotel will have a table at all of Austin’s bridal shows and wedding industry events. It will attract those couples searching for a venue to accommodate their special day.

The pricing of Pegasus Hotel will be moderate and on par with competitors so customers feel they receive value when purchasing its guest rooms and services.

Operations Plan

The following will be the operations plan for Pegasus Hotel.

Operation Functions:

  • Frank and Miles will be the owners of the hotel and hire the appropriate staff to manage the hotel. Frank will act as CFO of the hotel and Miles will be in charge of the reservation system and operations software. Miles developed the software and will focus on making sure it’s always functional and efficient.
  • General Manager will be hired to oversee the entire staff and operations of the hotel to include guest satisfaction, oversee vendor contracts, events, and making sure that each department is running effectively and efficiently.
  • Assistant General Manager to assist the General Manager with overseeing the staff, with particular attention to guest satisfaction and front desk operations.
  • Director of Sales will be hired to sell events, corporate accounts, and group bookings for the hotel.
  • Maintenance Engineer will be hired to attend to all mechanical and plumbing issues that may arise.
  • Executive Housekeeper will be hired to lead the team of housekeepers to make sure all areas of the hotel are being cleaned to Pegasus Hotel standards and that each guest is receiving all accommodations to their requested schedule.

Milestones:

Pegasus Hotel will have the following milestones completed in the next six months.

8/1/202X – Purchase land lot and break ground on new hotel.

8/15/202X – Finalize architectural renderings and hire a General Contractor to build the hotel.

9/1/202X – Finalize contract with advertising company for them to design the branding image of the hotel, logo, website, billboard, and social media accounts.

9/15/202X – Begin social media and website advertising campaign. Billboard with a teaser of ‘Coming Soon’ will go up in downtown Austin.

10/5/202X – Hire General Manager and Director of Sales.

10/15/202X – Attend annual Wedding Industry Event with a table to begin advertising Pegasus Hotel.

11/1/202X – Pegasus Hotel will go live on third party booking websites.

11/15/202X – Remainder of staff will be hired to begin training program.

11/30/202X – Final walk-thru of newly constructed Pegasus Hotel.

12/15/202X – Begin furnishing and interior design of the hotel.

1/1/202X – Grand Opening of Pegasus Hotel.

Lorenzo will hire Lisa Montgomery as the Director of Sales and David Jimenez as the Assistant General Manager. After an exhaustive search, Lorenzo believes has found the next two senior management positions to ensure the success of the hotel. Each comes with an impressive resume of prior hotel sales and operational experience.

Lorenzo, Lisa, and David will be the senior management team of Pegasus Hotel. They will oversee all other department managers – Maintenance, Housekeeping, Front Desk/Guest Relations, and Food and Beverage. Each department manager will oversee various employees in their respective department and role. The Pegasus Hotel will have a large and sophisticated operation as each department is integral in the success of the hotel.

Lorenzo, Lisa, and David will meet with Frank and Miles monthly to update them on progress and overall operations and sales efforts of the Pegasus Hotel.

Financial Plan

Key revenue & costs.

The revenue drivers for Pegasus Hotel are the revenues it will collect when guests book a reservation at the hotel. The hotel will also collect revenues from its restaurant and bar, spa, and events it will host.

The cost drivers will be the payroll and overhead costs to staff the hotel. Other costs will involve the land lease, utilities, marketing costs, and technology fees. There will also be costs associated with the maintenance of the hotel, food and beverage inventory, spa inventory, and hotel guest room supplies.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Initial Number of Room Nights Sold per Month: 8,000
  • Number of Events per Month: 30
  • Land Lease per Year: $1,500,000

Financial Projections

Income statement, balance sheet, cash flow statement, hotel business plan faqs, what is a hotel business plan.

A hotel business plan is a plan to start and/or grow your hotel business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your hotel business plan using our Hotel Business Plan Template here .

What Are the Main Types of Hotel Companies?

There are many types of hotel companies. Most hotels are affiliated with a hotel franchise company. Other hotel companies distinguish themselves by star level-  4 to 5-star hotels are on the higher end of rate and amenity offerings, whereas 2 to 3-star hotels cater more towards the everyday business travelers and families.

What Are the Main Sources of Revenue and Expenses for a Hotel Business?

The primary source of revenue for a hotel business are the room fees it charges each guest to stay at the hotel. Revenues are also collected for different amenity offerings, such as room service,  restaurant and bar revenue, spa revenues, and guest shop revenue.

The key expenses for a hotel business are the costs for inventory, maintenance, supplies, furniture, fixtures, and equipment, technology, and payroll of the staff. Other expenses will be the rent, utilities, and overhead costs, if applicable.

How Do You Get Funding For Your Hotel Business Plan?

Hotel businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Angel investors and other types of capital-raising such as crowdfunding  are other common funding sources. This is true for a business plan for a hotel, a resort or a boutique hotel business plan.

What are the Steps To Start a Hotel Business?

Starting a hotel business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Hotel Business Plan - The first step in starting a business is to create a detailed hotel business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your hotel business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your hotel business is in compliance with local laws.

3. Register Your Hotel Business - Once you have chosen a legal structure, the next step is to register your hotel business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your hotel business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Hotel Equipment & Supplies - In order to start your hotel business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your hotel business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful hotel business:

  • How to Start a Hotel Business

Where Can I Get an Example Hotel Business Plan PDF?

You can download our example hotel business plan PDF template here . This is a business plan template you can use in PDF format.

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6+ SAMPLE Small Hotel Business Plan in PDF

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Small Hotel Business Plan

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Executive summary, business summary, business overview, market analysis.

  • Economic Environment – This is the factor affecting inflation, increasing salaries, and types of employment. Know how people will want to spend money and why will they want to get away sometimes.
  • Geographical Environment – This factor will tell whether there can be many people that will visit your hotel. You must consider the geographical location because you have to ensure that your hotel can be a likable place for customers.
  • Legal Environment – Does your hotel comply with all the state laws? You must follow all the rules like liquor licenses so that your guests will not have any problem with your hotel. They need a place where they can do all things legally.
  • Technology Environment – Your hotel should be updated with the latest technology. This can make your hotel more elegant and many will want to visit your hotel. State-of-the-art technology can set your hotel apart from other hotels.

Competitive Analysis

Advertising and operational strategy, financial plan, step 1: start with a plan, step 2: make a proposition, step 3: make a marketing plan, step 4: get capital, step 5: build the small hotel, step 6: hire key workers, step 7: launch the hotel, share this post on your network, you may also like these articles, 23+ sample sports action plan in pdf | ms word.

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Hotel Business Plan

business plan for small hotel pdf

Turn your dreams into reality with a comprehensive hotel business plan. 

Why do I need a hotel business plan?

Studies show that entrepreneurs who finished their business plan were twice as likely to succeed in growing their business than those with no plan. A hotel business plan provides a detailed roadmap of what needs to be accomplished and why and gives potential investors insight into your business idea.  

Included in this business plan are templates for: 

  • Company analysis
  • Industry analysis 
  • Competitive analysis 
  • Operations plan 
  • Financial plan

How to create a hotel marketing plan in 2024 [+free template]

From idea to execution: 10 sections to include in your hotel business plan, what is hotel revenue management the beginner’s guide.

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Small hotels or popularly known as boutique hotels are stylish small size hotels often located in urban areas. These hotel property typically has between 10 and 100 rooms in settings with upscale accommodations and individualized unique selling points. If you wish to pursue opening a small hotel or a boutique hotel then start your sample plans by developing a small hotel business plan. Most especially if you need to attract investors, then a business plan is an important document for your to endeavor with. Learn more about how to develop a small hotel business plan in our article and for free templates scroll down, check out our small hotel business plan samples as well.

Small Hotel Business Plan

7+ small hotel business plan samples, 1. small hotel business plan, 2. small startup hotel business plan, 3. sample small hotel business plan, 4. small hotel business development plan, 5. small hotel and hospitality business plan, 6. small 3-star hotel business plan, 7. small hotel business plan example, 8. printable small hotel business plan, what is a small hotel business plan, how to develop a small hotel business plan, i. industry analysis, ii. executive summary, iii. customer analysis, iv. competitors, v. marketing and strategic planning, vi. operational and management plan, vii. financial plans, viii. other important details, how are hotels rated with stars, what is difference between boutique hotel and regular hotel, what can business plans be used for.

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Whether you decide to open a large or small hotel, a business plan is important for upcoming hotel owners or even seasoned hotel chains. Starting a hotel business is capital intensive and it is considered a long term investment because it will take a while for the owners to break even and start making profit. With this being said, this is why most hotels are owned by a number of investors, and helping you secure one is through a small hotel business plan. This is a written document that would serve as a roadmap and guide as your maneuver your way into successfully starting one. The concept of your business plan should center on hotel management, finances, target customers, location, marketing plans and other relevant factors that is needed in running a small hotel.

The general concept of a hotel business plan, regardless of size or type is more or less the same since your main point here is sample planning how to run your hotel. Now the difference would come obviously in the exact details you will be summarizing in your business plan. In this case for your small hotel. The business plan must have relevant information to correspond to running or a small or boutique hotel. Before you can start make sure you have done all your research, and gathered the right information such as analyzing how other similar small hotel works. Now to start, below are the basic components you should include in your small hotel business plan:

An industry analysis is the assessment of a particular industry in which a business is currently operating or plans to venture. In this case, as you venture out into opening your own small hotel, studying the current hotel industry would give you a full understanding on how to manage your hotel business. How will your small hotel business impact the current industry? Will you be able to manage the trends and quickly adapt to its changes? Is there a market for your hotel business in your desired location? Remember to go through these, work your way towards the pros and cons of operating a small hotel business.

Define your business objectives and goals, as well as company’s mission statement. Explain why have you decided to open up a small hotel business, what problems would it help solve, whose needs will it cater and what do you wish to accomplish. This section will contain an overall summary of what is to be written in much more in depth detail the other sections of your business plan.

Your potential customers will be bringing in revenue and profit so it is crucial to know who they are, where to find them and how to reach out to them. Through a customer analysis you will be able to gather information on your target market, including geographic, demographic, socio-economic, psycho-graphic, behavioral segmentation details.

Another important factor is studying your competitors so you can create ways to work pass them and manage to stay on top of your game. This would entail understanding their strengths, weaknesses, occupancy rates and market share. Even large or regular hotels can pose as a threat, so do not limit your research to a particular group but to the overall hotel business scenario.

You will need to create a separate small hotel marketing plan, as it may require comprehensive marketing efforts toppled with its own marketing strategies . Also, determine the other areas that needs to be tackled on such as distribution and revenue management.

Map out how you will go about with your hotel operations and the things to be considered are as follows:

  • Number of employees, their roles and responsibilities
  • The service standards you intend to offer
  • Suppliers, vendors and inventory management

As your your management team, focus on what uniquely qualifies you to make your hotel such a success.

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive. And more importantly enough to cater to your guests. Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. To be able to acquire these amount of information it is advisable to conduct a hotel feasibility study .

Create a checklist of other details that is considerably important for your hotel business operations:

  • Permits and Licenses
  • Construction Plans
  • Payment Methods and Platforms
  • Employee Management (staff and trainings to be conducted)
  • Overall Hotel Operations (including emergency action plans )
  • Suppliers and Vendor Management

There is no known universal body who ranks hotel, as per country as their own set of standards thus creating the star ranking system. At most, hotels are given their specific rank due to popular and positive feedback from its guests, the amenities and services it offers, its location and prestige.

Boutique hotels are relatively smaller with room less than a 100, and has a more intimate and artistic design which is its main focus rather than the size and space. While a regular hotel are large with its own function rooms, a number of pools and other amenities.

Business plans are important documents in sample order  help companies identify their objectives and remain on track. They also act as a means to get people to work with and invest in the business.

Without a small hotel business plan, it would be rather difficult for you to start operating a small hotel business. You need a plan to help you understand the complexity of running a hotel and the important factors that affects your hotel business.

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Hotel Business Plan

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You’ve probably decided to follow your dreams and open your very own hotel. But before you begin spending your financial resources and designing your hotel blueprint, you need to have a hotel business plan . It will guide you every step of the way and serve as your road map to the opening.

14+ Hotel Business Plan Examples

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What is a Hotel Business Plan?

A hotel business plan contains the goals of the owners, the methods, and the timeframe for accomplishing them. It also describes the hotel as a business, its recorded history, as well as its financial projections and information. They serve as a road map for the owners on how to run the hotel.

How to Create a Hotel Business Plan

Statista reports that as of March 2020, the average daily rate of hotels in the United States to be $110.66 million. The current state of the world shows how a hotel business can go down without specific content in the plan. It has to be adaptable with unexpected events occurring all over the world by finding new ways of providing service and gaining profit. If you have never made a hotel business plan before, check out these tips for some ideas on your design.

1. Add Executive Summary

Place the executive summary in your business plan’s introduction. Your mission statement serves as an introduction to your design. It’s typically a one-line statement that describes the essence of your company. This explains why you are in business or the market’s need for your services. Your plan’s objectives or business goals will then specify what you hope to accomplish with this corporate venture.

2. Write Down Company Analysis

The concept you have for your hotel should contain a unique selling point to succeed in a competitive market. This general analysis comprises the distinctive qualities that differentiate your hotel business from others. Provide detailed information for this section to make it easier for investors and other stakeholders to grasp your ideas.

3. Present Market Analysis

Market research and customer analysis is a vital aspect of your document. After all, you can’t serve a market you know nothing about. In-depth information about your target customers will help you determine the primary needs of this market segment in terms of location, amenities, and service.

4. Discuss Operations Plan

This constitutes the management responsible for running key aspects of the business. You need to identify the type of staff members and administrative body your hotel business requires, such as the number of employees and their responsibilities.

FAQ’s

Do i pay for my hotel stay before or after i check-in.

Generally, most hotels charge you for your stay when you are checking out, right after your stay in the hotel. However, you can also pay beforehand for your stay if you wish to book a room in advance.

Is a hotel a good investment?

Hotels are generally a good investment and make for an excellent source of income as long as you have a large market and an effective way to draw in customers. The economy can significantly impact the success or failure of your hotel.

Who creates the hotel business plan?

It is usually the owner of the hotel who comes up with the business plan. However, one must be business savvy and have an education in hotel management when it comes to this. If the owner is not very knowledgeable, they can have a team prepare it for them instead.

Hotels vary depending on the characteristics they possess, including the services that they provide, the location, the prices, and whether the establishment is an independent firm or part of a chain operation. Whether you own a startup bed and breakfast or a 5-star luxury hotel, the only way it will thrive is to have a solid hotel business plan to guide your endeavors in the hospitality industry.

business plan for small hotel pdf

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Boutique Hotel Business Plan Blueprint: Complete Guide

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  • January 3, 2023
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business plan for small hotel pdf

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your boutique hotel, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in the business plan of your boutique hotel . Use this template to create a complete, clear and solid business plan that get you funded.

1. Boutique Hotel Executive Summary

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a boutique hotel?

The purpose of a business plan is to secure funding through one of the following channels:

  • Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
  • Obtain private investments from investment funds, angel investors, etc.
  • Obtain a public or a private grant

How to write your boutique hotel’s executive summary?

Provide a precise and high-level summary of every section that you have included in your business plan. The information and the data you include in this segment should grab the attention of potential investors and lenders immediately.

Also make sure that the executive summary doesn’t exceed 2 pages in total: it’s supposed to be a summary for investors and lenders who don’t have time to scroll through 40-50 pages, so keep it short and brief.

The executive summary usually consists of 5 major sub-sections:

  • Business overview : explain what is the concept of your hotel, whom it targets (business travelers vs. tourists), where it’s located, its size and any other amenities and services you offer
  • Market & competitive overview : start by describing the state of the hotel industry in your area (the city or region where you plan to open yours). Also explain here the level of competition you expect from similar establishments. Finally, mention who are your target customers (your ideal customers) ie. their age, gender, disposable income as well as their preferences
  • Sales & marketing strategy : describe how you plan to acquire new customers, outlining the exact marketing channels you intend to use and your overall budget
  • Management & People : this section should provide information about the leadership hierarchy, highlighting the roles and responsibilities of every team member and their experience
  • Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? You can include here a chart depicting your key financials such as revenue, gross profits, and net profit
  • Funding ask : what loan/investment/grant are you seeking? How much are you raising ? How long will this last?

business plan for small hotel pdf

Hotel Financial Model

Download an expert-built 5-year Excel financial model for your business plan

2. Boutique Hotel Business Overview

This is the section where you will provide details about your boutique hotel and its concept. You must address some important questions that lenders and/or investors generally ask.

Here is a quick list of some of those questions you must address:

  • What is the rationale behind you opening this type of hotel today?
  • What’s the location of the hotel and why did you select that location?
  • What hospitality services and products will you provide? Will you offer any special services (massage, gym, etc.)? 
  • Will there be a restaurant?
  • How many employees will you need to run the hotel?
  •  How many rooms will you have to accommodate your guests?
  • What types of rooms will you offer your customers? At what rates?
  • What will be the legal structure of your company?

a) History of the Project

Any business must have two components:

  • Passion & experience of the business owner
  • Rationale behind starting this type of business today

Passion & experience

Starting a huge investment like a boutique hotel requires much more than just capital. It also needs the relevant background experience in the hospitality industry.

Typically, many individuals creating their own boutique hotel will have a long-standing passion and track record for the hospitality industry. Yet, if you lack the experience, it probably isn’t the right time to start your boutique hotel. Instead, you can choose a franchising option and work with an established hotel franchise.

What motivates you to start a boutique hotel in the region today? Unlike some other businesses, a boutique hotel requires a lot of financial and human capital investment.

So, before taking your first steps in this field, provide enough reasons to justify your decision to venture into the business. For instance, if there’s a scarcity of stylish boutique hotels targeting tourists in the region, you can use that to justify your reasons for starting one.

business plan for small hotel pdf

b) Hotel Concept

Describe your boutique hotel’s concept. Here are a few questions you may answer here:

  • Will you target a specific market (all-inclusive vs. tourists, business travelers, etc.)? 
  • What types of rooms will you have (midscale, upscale, luxury?)
  • What amenities will you offer your guests? A restaurant, rooftop bar, a SPA, a conference/meeting room? See more on amenities in the next section
  • What will be the hotel’s design, layout and surface?
  • Where will the boutique hotel be located? Is this next to a busy street, an airport, a tourist attraction or a corporate center?

c) Services & Facilities 

Prioritize the most sought-after services in the region. While many boutique hotels offer the same services, you may want to differentiate yourself vs. competitors to attract guests.

Below are a few examples of the guest services you can provide depending on your target audience:

Boutique Hotel Services 

  • Bar / Restaurant
  • Event management (weddings, conferences, etc.)

Boutique Hotel Facilities 

  • Swimming pool / Jacuzzi 
  • Business center
  • Summer terrace
  • Smoking rooms
  • Fitness room
  • Conference room

business plan for small hotel pdf

d) Room Rates

Next, describe your pricing strategy. Indeed, designing a pricing list for a boutique hotel isn’t the easiest thing to do. So, you can rely on information from some of your biggest competitors in the region to help you set standard rates. 

Make sure to have a clear table with the different room categories and their daily rate. If you have off-peak vs. peak rates, make sure to include it too here. It doesn’t need to be exact (as the rates will likely change over time), so use price ranges instead.

e) Legal Structure

Finally, your business overview section should specify what type of business structure you want:

  • Is this a corporation or a partnership (LLC)?
  • Who are the investors? How much equity percentage do they own?
  • Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Boutique Hotel Market Overview

Provide comprehensive information about your market. You will want to tailor your services to suit the target audience. And that means you will need accurate information about the hospitality industry in your region:

  • Industry size & growth : how big is the boutique hotel industry in your area? Is it growing / declining, and what are the factors contributing to its growth/decline?
  • Competition overview : how many competitors are there? How do they compare vs. your hotel? Are they franchises or independent boutique hotels? Do they target the same guests as you do? How can you differentiate yourself from them? 
  • Customer analysis: who is your target market? Are they business travelers or tourists, single travelers, couples or families? How often do they travel and need an hotel? How much do they spend on average on hotel stays?

a) Boutique Hotel Industry Size & Growth

How big is the boutique hotel industry in the us.

The market size of boutique hotels in the US is estimated to be $16.9 billion in 2022.

Also, there are about 5,500 boutique hotel businesses in the country, meaning the annual turnover for each boutique hotel is around $3,000,000.

Another source estimated there were 4,600 boutique hotels in the US in 2021 and defines them as a high-end, independent hotel with less than 100 rooms and a unique design. The same source reported that boutique hotels accounted for 3.2% of total hotel rooms in the US in 2017, yet but 5.6% of the US hotel room revenue.

business plan for small hotel pdf

How big is the boutique hotel industry in your area?

After getting a clear picture of the boutique hotel industry in the US as a whole, narrow down to your location. Yet, you may not find this information anywhere (at least not for free). In that case, you can use our guide to estimate the TAM, SAM, and SOM for your business. Here is an example of how to do it:

We know the average annual turnover per boutique hotel is $3 million. Therefore, if the area where you want to open your hotel has 30 competitors (say, in a 30-mile radius), you can assume the boutique hotel industry in your area is worth $90 million .

How fast is the boutique hotel industry growing in your city?

The US boutique industry has suffered an unprecedented decline due to the pandemic. Indeed, it decreased from its peak at $20.6 billion in 2019 to $16.9 billion 2022, despite some recovery from its through.

But what about where you live? US national averages can be a great addition to your business plan, yet they don’t necessarily help to assess the boutique hotel industry where you want to open your own boutique hotel.

Instead, you can use the number of hotels as a proxy for market growth. For instance, if there were 28 boutique hotels in the region in 2020 and 30 in 2022, you can safely assume that the average annual growth rate is ~3% in your area.

The estimation above isn’t perfect as it disregard the occupancy rate. For example, if the 28 hotels had an occupancy rate of 20% in 2020, up to 50% in 2022, the market growth rate would actually be much higher i.e. 60% CAGR from 2020-22.

business plan for small hotel pdf

b) Competition Overview 

This sub-section focuses on crucial information about your main competitors. Take a closer look at the hospitality services and products offered by other boutique hotels in the region. And while at it, analyze their marketing strategies, pricing structure, and anything you can do to stand out from the competition.

Don’t forget to include a comparative table, highlighting every piece of information the lenders may need when analyzing your business. 

Here is a sample table that you can use:

c) Customer Analysis

Customer analysis is all about knowing your ideal guests: who exactly are you targeting?

You can narrow it down with the following questions:

  • Demographics (age, gender, single vs. couples, etc.)
  • Frequency of visits (how often do they need such services?)
  • Average disposable income
  • Average spend per stay (hotel, restaurant, other)
  • Favorite services (e.g. gyms, spas, etc.)

business plan for small hotel pdf

4. Sales & Marketing Strategy

This section should highlight the strategies you have in place to attract potential clients. Try to answer the following questions:

  • What are your unique selling points (USPs)?
  • Which marketing strategies will you use to attract new clients? 
  • How will you track the success of your marketing strategy? 
  • What is your customer acquisition cost (CAC)? 
  • What is your marketing budget? 
  • Will you consider any offers or promotions to attract new clients? 

What marketing channels do boutique hotels use?

Like any new business, a boutique hotel requires comprehensive marketing during the first months to attract potential clients.

You can resort to the following channels to help you get new clients, even from your main competitors:

  • Online local listing (Google reviews)
  • Online booking platforms (Booking.com, Tripadvisor, etc.)
  • Social media content & ads: for example encourage your guests to post on social media and / or hire a social media content manager who will create daily posts and manage your social media presence
  • PPC ads ( Google Ads )
  • Word of mouth, recommendations 

business plan for small hotel pdf

What are your Unique Selling Points (USPs)?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors. A few examples of USPs are; 

  • Quality of services : you may offer high-quality services (e.g. luxury suites, fine dining restaurant, etc.)
  • Pricing: your boutique hotel may be cheaper vs. competitors for the same quality of service
  • Location : setting up your boutique hotel near your target market gives you the upper hand
  • Amenities : you may be the only boutique hotel in the area offering a health SPA, a separate event center for weddings, etc.

5. Management & People

You must address 2 things here:

  • The management team and their experience
  • The organizational structure : different team members and who reports to whom

Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers that you intend to hire to oversee your hotel business.

First, describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles.

Organization Structure

Even if you haven’t already hired a general manager, administrative staff, receptionists, chefs, and other relevant staff members, you must provide a chart of the organizational structure defining hierarchy and reporting lines.

business plan for small hotel pdf

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any business plan for a boutique hotel.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your boutique hotel is an attractive investment.

There should be 2 sections to your financial plan section:

  • The startup costs of your project (if you plan to start a new hotel, renovate your hotel, adding rooms, etc.)
  • The 5-year financial projections of your boutique hotel

a) Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a boutique hotel, startup costs are all the expenses you incur before you open your hotel and receive your first guests. These expenses typically are:

  • The leasing deposit (if you rent) or the cost to buy the building (if you buy)
  • Renovations and improvements
  • Equipment & appliances
  • Furniture & tableware

Of course, the startup costs depend on a number of factors, like the size of your hotel, its location, the facilities, etc.

On average, it costs $8,400,000 to $10,800,000 to build and open a small boutique hotel with 20 rooms (assuming you decide to build the hotel from scratch).

Note that these costs are for illustrative purposes and may not be fully relevant for your business. For more information on how much it costs to open and run a boutique hotel, read our article here .

b) Financial Projections

In addition to startup costs, you will also need to build a solid 5-year financial model for your boutique hotel business plan.

Note that your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics , key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

  • How much revenue do you expect to generate over the next 5 years?
  • When do you expect to break even ?
  • How much cash will you burn until you get there?
  • What’s the impact of a change in pricing (say 15%) on your margins?
  • What is your average customer acquisition cost ?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

  • The number of nights booked over time ;
  • Your expected revenue ;
  • Operating costs to run the business ;
  • The construction costs and FF&E expenses

When projecting your revenue, make sure to sensitize pricing, the expenses (salaries, utilities, supplies, etc.) and the number of stays (or booked nights). Indeed, a small change in these assumptions may have a significant impact on your revenues and profits .

business plan for small hotel pdf

7. Use of Funds

This is the last section of the business plan of your boutique hotel. Now that we have explained what your boutique hotel’s concept is, the amenities it offers, your marketing strategy, etc., this section must now answer the following questions:

  • How much funding do you need?
  • What financial instrument(s) do you need: is this equity or debt, both?
  • How long will this funding last?
  • Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

  • What percentage of the total funding the loan represents?
  • What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

  • What percentage ownership are you selling as part of this funding round?
  • What is the corresponding valuation of your business?

Use of Funds

Any business plan for a boutique hotel should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying for construction costs? Or will it cover mostly renovation and furniture costs?

For the use of funds, we also recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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Hotel Business Plans

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Motel - Hunting Lodge Business Plan

Lowland Heights Roadhouse plans to be more than a great lodging, restaurant, bar and RV Park. They plan to create an environment of pampered luxury that surpasses the standard fare for Dusty Corners.

Resort Hotel Ski Lodge Business Plan

Silver Bear Lodge is a winter ski and summer vacation resort lodge.

Writing your business plan doesn’t have to be a chore. Just check out these sample business plans for hotels and motels to get some ideas and inspiration.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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Small Hotel Business Plan Template

Small Hotel Business Plan Template in Word, Google Docs, Apple Pages

Download this Small Hotel Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

Translate your passion for running a small hotel into a tangible and convincing plan through the use of our Small Hotel Business Plan Template. Enjoy a hassle free and fully customizable template that even beginner users will find easy to use and customize. Make efficient use of your time through this ready-made template that significantly cuts down time in making your business plan. Take full advantage of this business plan that is not only applicable to small hotels but also for small apartments and other spaces for rent. Download now to start your journey of success in this chosen industry.

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Resort Business Plan Template

Written by Dave Lavinsky

resort business plan

Resort Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their resorts.

If you’re unfamiliar with creating a resort business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a resort business plan step-by-step so you can create your plan today.

Download our Ultimate Resort Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your resort as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a resort or grow your existing resort company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your resort to improve your chances of success. Your resort business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Resort Businesses

With regards to funding, the main sources of funding for a resort are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for resort companies.

Finish Your Business Plan Today!

How to write a business plan for a resort business.

If you want to start a resort or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your resort business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of resort you are running and the status. For example, are you a startup, do you have a resort that you would like to grow, or are you operating a chain of resorts?

Next, provide an overview of each of the subsequent sections of your plan.

  • Give a brief overview of the resort industry.
  • Discuss the type of resort you are operating.
  • Detail your direct competitors. Give an overview of your target customers.
  • Provide a snapshot of your marketing strategy. Identify the key members of your team.
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of resort you are operating.

For example, you might specialize in one of the following types of resorts:

  • Health Spa Resort : this type of resort provides individual spa services and helps visitors develop health habits.
  • Ski Resort: this type of resort includes downhill, cross-country, or similar skiing areas with ski lifts and tows. These resorts often provide food and beverages, equipment rentals, and ski instruction, as well as accommodation.
  • Eco-tourism Resort: this type of resort focuses on environmental sustainability, offering programs to minimize their eco footprint. Some eco-tourism resorts offer an immersive experience such as living among animals in a jungle.
  • Destination Resort: this type of resort contains everything needed, such as accommodation, food service, attractions, shopping, etc.
  • All-Inclusive Resort : this type of resort charges one fixed price that includes lodging, unlimited food, drink and sports activities, and entertainment.

In addition to explaining the type of resort you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of overnight guests, the number of conventions hosted, reaching and/or maintaining X percent occupancy rate, etc.
  • Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the resort industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the resort industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your resort business plan:

  • How big is the resort industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your resort? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your resort business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: domestic leisure travelers, international leisure travelers, business travelers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of resort you operate. Clearly, business travelers would respond to different marketing promotions than international leisure travelers, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other resorts.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes hotels, short-term rentals, or even relatives who live in the area. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

  • What types of customers do they serve?
  • What type of resort do they operate?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide extended stay options?
  • Will you offer amenities or services that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a resort business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of resort company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide accommodation-only options, all-inclusive packages, accommodation/service packages, day visitor packages, etc.?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your resort. Document where your resort is situated and mention how the site will impact your success. For example, is your resort located in a busy tourist town, near a tourist attraction, or is it a remote destination? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your resort marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Advertise in trade publications or on national TV
  • Reach out to websites
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your resort, including answering calls, booking rooms and services, cleaning between guests, providing concierge services, customer service, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth guest, or when you hope to reach $X in revenue. It could also be when you expect to expand your resort to a new city.  

Management Team

To demonstrate your resort’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing resorts. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a resort or successfully running a boutique hotel.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you have 25 or 100 guest rooms? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your resort, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a resort:

  • Cost of furnishing each guest room
  • Cost of building out common areas and/or service facilities (spa treatment rooms, etc.)
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your resort blueprint or a list of amenities and services you offer.  

Writing a business plan for your resort is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the resort industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful resort.  

Resort Business Plan Template FAQs

What is the easiest way to complete my resort business plan.

Growthink's Ultimate Resort Business Plan Template allows you to quickly and easily write your resort business plan.

How Do You Start a Resort Business?

Starting a resort business is easy with these 14 steps:

  • Choose the Name for Your Resort Business
  • Create Your Resort Business Plan
  • Choose the Legal Structure for Your Resort Business
  • Secure Startup Funding for Your Resort Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Resort Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Resort Business
  • Buy or Lease the Right Resort Business Equipment
  • Develop Your Resort Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Resort Business
  • Open for Business

Don’t you wish there was a faster, easier way to finish your Resort business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business planning advisors can create your business plan for you.

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