MP1 Hw - Student ID 2191956 Introduction Sears Development...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Student ID 2191956 Introduction Sears Development LLC proposes to develop a 120-room extended-stay property in the city of Ithaca, New York on East Hill. The following report Hotel explains the proposal in adequate detail and summarizes the judgment to build the hotel. Sears’ in depth analysis of the environment and market anticipate that the fair share penetration for the business, group, and leisure segments to be 110%, 85%, and 105% respectively; this would produce an overall occupancy of 73.21% in the first fiscal year of operation. It is Sears’s conviction that the development of this property is not only feasible in its market and environment, but that it turns to be a highly profitable success. Site Description Sears proposes to build a hotel at the South East corner of Pine Tree Road and Ellis Hollow Road, which will encompass 4.86 acres of raw land. The site of development is within a few miles of proximity to four different golf courses 1 that are expected collect the demand of leisure travelers. Sears’ primary business demand generators are Cornell University and the Downtown Commons. With the understanding of Ithaca’s site value, Sears found that Ithaca experiences varying population peaks. With a permanent population of 29,287 2 , Ithaca almost doubles with the arrival of students as school begins session. With various alum events and collegiate games, we expect the attraction of a leisure demand. The site is only 4.8 miles from the Ithaca Airport, which allows Sears long distant travelers to drive or take a taxi within minutes to and from Sears hotel. Being East of the target demand generators of Cornell University, Ithaca Airport, and Downtown Ithaca, Sears’s travelers will be able to avoid any traffic during peak periods. 1 Thegolfcourses.net 2 US Census Board 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Student ID 2191956 Sears’ physical position at the South East corner of Pine Tree Road and Ellis Hollow Road, on an open property and adjacent to almost entirely undeveloped land, allows clear visibility of the site as drivers pass by an easy road access. Even more, Sears site is within walking distance, for the convenience of
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/09/2009 for the course H ADM 243 taught by Professor Rkwortnik during the Spring '06 term at Cornell University (Engineering School).

Page1 / 6

MP1 Hw - Student ID 2191956 Introduction Sears Development...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online