palace-hotel-business-plan.docx - Palace Hotel Business Plan Palace Hotel Business Plan By(Name Course Professors Name University City(State Date 1

palace-hotel-business-plan.docx - Palace Hotel Business...

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Palace Hotel Business Plan 1 Palace Hotel Business Plan By (Name) Course: Professor’s Name: University: City (State): Date:
Palace Hotel Business Plan 2 Palace Hotel Business Plan Executive Summary The proposed Palace Hotel will be located in the central region of Melbourne city. The hotel will start serving about 4500 customers per month in the first year. This number is expected to increase to 20000 customers per month at the end of the fifth year. This hotel will offer a variety of foods and beverages. It will also offer accommodation services such as guest rooms. Mostly, the hotel will serve local people but with time, it will create an extensive network to attract external customers. High- quality meals and service will be the key to success of Palace Hotel. The research that was done showed that majority of people prefer high quality and expensive meals. The proposed Palace Hotel will, therefore, capitalize on the trends of consumption. Few hotels in Australia focus exclusively on the provision of quality services and meals to customers. Therefore, by provision of quality services, Palace Hotel will be distinguished from the local competitors. The table below highlights capital amount required annually to establish and operate Palace Hotel. The funds will be used to construct hotel as well as to purchase hotel requirements and cater for annual operating costs. Year Amount of capital required First AUD45030 Second AUD430120 Third AUD270200 Fourth AUD150170 Fifth AUD1870 Total AUD897390
Palace Hotel Business Plan 3 The first objective of the hotel is to acquire permits needed for hotel operations on commercial basis. The second objective is to maximize profits through emphasis on minimization of production cost and maximizing sales. This objective will be measured by the profits gained by hotel. The third goal of company is to develop and maintain the name brand of hotel through the consistent provision of high-quality services. This objective will be determined by the number of consumers that the hotel serves. The last goal of the hotel is to become environmental-friendly by minimizing environmental pollution and practicing the correct methods of waste disposal. This objective will be determined by the existence of a clean environment in the region where the hotel operates.
Palace Hotel Business Plan 4 Contents Executive Summary ......................................................................................................................... 2 Introduction ...................................................................................................................................... 2 Business Description ....................................................................................................................... 2 Mission statement: ....................................................................................................................... 2 Business Description .................................................................................................................... 2 Business objectives .......................................................................................................................... 2 Management and Organization ........................................................................................................ 2 Industry analysis .............................................................................................................................. 2 Food consumption trends ............................................................................................................. 2 Demographic trends ..................................................................................................................... 2 Competitors .................................................................................................................................. 2 Marketing plan ................................................................................................................................. 2 Target market ............................................................................................................................... 2 Operational plan ............................................................................................................................... 2 HR plan ............................................................................................................................................ 2 Technology and Systems ................................................................................................................. 2 Research and Development Plan ..................................................................................................... 2 Financials ......................................................................................................................................... 2
Palace Hotel Business Plan 5 Risks and Contingency Plan ............................................................................................................ 2 Implementation plans ....................................................................................................................... 2 References ........................................................................................................................................ 2 Appendix .......................................................................................................................................... 2 Appendix Table 1: a detailed cash flow projections summary (AUD) ....................................... 2
Palace Hotel Business Plan 6 Introduction This article is the business plan for Palace Hotel for five years. The proposed Palace Hotel will be located in the central region of Melbourne city. The hotel is expected to serve

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