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Application 1 will be based on your research about the real-world marketplace. Y
Application 1 will be based on your research about the real-world marketplace. You need to choose one hotel you will be completing your Application 1 project about. There are some critical factors you need to account for to ensure your comp set analysis is coherent. This is how you can best understand our project: 1. Application 1: Imagine you work as a GM for Hotel XYZ located in Washington. You have been asked to conduct research and create a primary comp set for your hotel. You will be assessing the marketplace and complete a comp set in Application 1. These are the key factor analyses you need to investigate (I outline them here so you do not miss something): 1. Choose a single hotel you would like to work as a GM for. You cannot choose an independent hotel to complete your Application 1 since it is not displayed in our STAR report. 2. We discussed The Players in the hotel world. Your hotel should fall under one of these five primary players. What operation type is your chosen hotel affiliated with? Explain why you believe your hotel is this specific operation type. 3. Discuss a geographic category(s) specific to your hotel. You need to use the real address of your chosen hotel so you are able to assess the marketplace. 4. Discuss a non-geographic category(s) specific to your hotel. You need to explain your logic. 5. Create the comp set. Explain why you have the specific number of hotels that you do in your created comp set. 6. We discussed key considerations for creating comp sets. Investigate three Ps (i.e., proximity, price, product) for each competitor hotel to ensure your comp set is reasonable. The information for these three Ps can be found online. Fyi, you are able to disregard “Participation” this time since you do not have access to this data. You do if you work as a GM in the real world though. 7. Investigate what type of customer each of your competitors are targeting. You need to show your logic in your application and why you believe each hotel is targeting this specific type of customer. Application 2 is based on the case study: The Ritz-Carlton Seattle Smither Tower. This is how you can best understand the given project: 1. Application 2: You will imagine you work for Marriott corporate based in Washington, DC. You have been asked to look over all of the financial information you have about a hotel: The Ritz-Carlton Seattle Smith Tower. This is not a real hotel. Maybe it should be though! You will be assessing the marketplace and valuing this hotel in Application 2. All you need to do is read the case study and fill in the blank spaces. These are the questions you need to answer (I outline them here so you do not accidentally miss something): 1. Table 1: Fill in all blank spaces (ADR, RevPAR, Occupancy) 2. Write 2-3 paragraphs that compare the Ritz-Carlton to the comp set based on Table 1 3. Explain how fixed and variable costs affect flow thru in 1-2 paragraphs 4. Complete Table 2 (this is copy/paste from Table 1) 5. Complete Table 3. Table 3 is a detailed assessment of line-item revenue (e.g., banquets, bar, F&B, valet parking) and associated costs 6. Complete Table 4 .
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