Hotline: 1800 102 2007
X
Search Business Opportunities

Consider These Points Before Establishing Your Own Luxury Hotel Business

The luxury hotel business has recently emerged as one big business opportunity for investors.

By Jr. Writer
Consider These Points Before Establishing Your Own Luxury Hotel Business

With the domestic success of hotel chains like OYO rooms, new entrepreneurs are targeting this segment for turning their vision into reality.

Keeping the wellness trends and demand in consideration, the hotel business is expected to rise more in coming years. Here are key points to consider before establishing a luxury hotel business.

Plan your target city

The proverb “location, location, and location” is completely applicable to the hotel business. As an investor, you need to decide which city to locate your hotel business in. There are some cities which charge more for a room than a comparable room in some other cities.

After deciding the city,  take the internet’s assistance and start comparing the prices of different hotels already in the business. This will help you to plan accordingly, offering service at a profitable and comfortable rate.

Which part of the city to target?

Your next plan should be to decide which part of the city to target. It depends upon the kind of audience you want to target.

Opening a hotel near busy streets or stations might be the best option in your initial period. Once successful, you can further plan to expand depending upon the latest trends happening in the industry.

Chain model or independent business?

The failure of an independent business is far more as compared to the chain models of the hotel business. It clearly means that the lenders would be more eager to lend you capital if you are planning to establish a chain model.

Although, proper planning and business model can attract the investors for lending you money.

Staffing

The success of a luxury hotel business depends upon its staff. Hold a thorough research and conduct interviews before hiring your staffs. Look at their competency and experience level as it brings out a positive outlook for your business.

 

 

Comment
Related opportunities
  • About Us: Yess Pizza has created a Pizzavolution in the food..
    Locations looking for expansion Maharashtra
    Establishment year 2004
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Tea and Coffee Chain
    About Us: Bubble Rush is a bubble tea restaurant from the..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • About Us: Chaat Ok Please is brought to you by Black..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2015
    Investment size Rs. 5lac - 10lac
    Space required 50
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Want to start your own preschool with different approach? HPS..
    Locations looking for expansion Andhra Pardesh
    Establishment year 2009
    Franchising Launch Date 2009
    Investment size Rs. 10lac - 20lac
    Space required 3000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Secunderabad Andhra Pardesh
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts