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The Dream Hotel

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Executive Summary

The Dream Hotel that we are planning to establish at Queen Street, QEII squire in Auckland, New Zealand has to be an adult-marketed, 50-room “boutique style”. The hotel will specialize in a “gateway” for couples’ that will offer luxury and recreation in Auckland around the Westhaven Marina area. This hotel is necessary at this place because Auckland is a small town with several people, majorly tourists and business people who love using the Westhaven Marina that has hundreds of yachts and has more per capita than any other city in the world (Smith & Allen, 2009). Therefore, the area receives many visitors and tourists who need a luxurious boutique hotel where they can be satisfied in terms of foodstuff, accommodation and other luxurious activities like swimming, playing games like chess, pool, Poker as well as enjoying a wide variety of drinks.

The best place to establish the hotel is on Queen Elizabeth II square, which has several rooms that are large, approximately 15 square meters. The rooms available are around 30 and since we need 50 rooms, we have to rent them on Auckland Ferry building which is near the QEII square. The approximate cost of establishing the hotel is NZ$2million. The hotel has three major shareholders, Heidi, my aunt and I whereby my aunt is the greatest shareholder will fund NZ$1 million while the two of us raise NZ1million. The most important thing is that the business will definitely do well because there is a very big business opportunity with ready market. These business men and tourists love luxurious things and that is definitely what we want to deliver. Therefore, the most important benefits of establishing the hotel include ready market, high probability of making huge profits and expanding.

However, there are a number of disadvantages that we may encounter when we begin running the business. First, the business is very risky because it involves a lot of capital that we may not be able to achieve. Recently, we only have the NZ$2 million but there will be the need to have additional funds for decorating and buying other important equipments like luxurious tables, chairs, beds, televisions, boosters for DSTV services among other things. Therefore, we will have to either apply for a loan or add another shareholder. The other thing is that the business might not do well as we expect because all businesses are get or lose thus, we are only taking risk but being hopeful that it will do better. Moreover, getting experienced professional chefs and persons to run the ground business might be difficult.

After the business case is completed, we ought to be very careful in every step we will take towards its management. This is because if the management will be good then the probability of succeeding will be high and vice versa (Business Plan, 2010). Therefore, there will be the need to look for a professional business manager who has high experience in running hotels and restaurants. Since I am almost through with my studies and I have a five-year experience concerning the hotel industry, I can operate as the director of the Dream hotel where I can offer great advice to the management board as I work hand in hand with to-be manager to make sure everything is running efficiently.   

Aim of the business

The ultimate aim of establishing our dream hotel is to provide quality hospitality services to our guests in an inclusive, cost effective, and competitive way, issuing the finest accommodation in Auckland, New Zealand . 

Objectives of the Dream Hotel

The purpose of this business plan is to provide detailed directions, vision and planning to attain our targets for providing excellent and comprehensive hotel and lounge services. Therefore, the laid down plan objectives for the dream hotel are:

  • Securing $200, 000 bridge loan to attain the NZ$1.5M property mortgage
  • Focus ideas and establish short-term goals
  • Discover and enumerate long-term expansion objectives
  • Track and direct growth
  • Create benchmarks for gauging success
  • Employ technology to enhance business operation (computers, TVs and DSTVs)

The Dream Hotel will be able to fill the niche that is absent, namely an average priced (under NZ$130 per night, summer rate) resort. The resort involves an excellent lounge, an indoor and outdoor pool bar, a grilled food service and a morning continental breakfast offering. The most important thing is that we are going to be unique by becoming a “boutique style” hotel. With the aim of constructing an outdoor pool adjoining to the outdoor whirlpool/sauna in addition to our other refurbishment and modified facilities, the Dream Hotel will form the center of soaring profitable business enterprise set in a grassland style environment.

Most of the short-term objectives for the dream hotel have to be completed in the shortest time possible, probably 1 year. For example, the renovation of the rooms, tables, chairs and other equipments in the QEII will take two months only. Therefore, the number of decorators and technicians must be a bit high to enhance the process. The quality of these products is also considered because they need to be very attractive to the clients. The process of employing qualified personnel who will work in the hotel has to take no more than one month. Further training on the modes and ways of running this business will take one month. The rest of the processes should not take more than six months thus the time line should be approximately one year.  

Performance measurement

In order to measure the performance of the dream hotel, this business plan has two major phases; phase I and phase II for developmental growth

Phase I

This phase involves preparation and establishment of the dream hotel. Before the hotel is established, all the executive meetings that will prepare all the proceedings will be housed at my place here in Auckland since I will be one of the founders of this resort. All the shareholders must be present at all the meetings that will be held in the process of planning how to approach the task and develop an amazing resort. The property will develop its own Prairie style identity, capital and management. This means that the ‘image’ of the dream hotel itself will determine the type of management required and the techniques to be employed.

This involves the renovation of the rooms to suite the standards required. There will be the new construction of a bar room, extra parking lot built-out and an outdoor pool. There is enough space in the compound for such constructions.

The process encompasses a complete quality management approach and a guest appreciation program, the Dream Hotel will establish key repeat guests and lounge patrons. The patrons will be highly qualified personnel who have hospitality skills.

Phase II

This is where we consider the implementation of advertisement, sales and marketing strategies established in the first phase. The guests markets are discovered where there will be an internet room with guaranteed services. The hotel will be highly advertised through the word of mouth as an affordable boutique style resort in magazines, televisions, internet and yellow pages. This will definitely make sure the hotel grow. The dream hotel expects additional support staff would be required at appropriate time (Auckland's CBD Into the future).

Needs Assessment

Opportunities

Just as mentioned, the dream hotel has great opportunity of making great profits and expands because the environment where it will be located has tourists and businessmen who are the main anticipated customers in the area (A Guide to the Architecture of Central Auckland). There are as well several tourist attraction centers in the region other than the Westhaven Marina such as Auckland Town hall and Aotea centre that hosts cultural events like opera, theatre and kapa Haka; Auckland War Memorial Museum, National Maritime Museum and Museum of Transport and Technology (Auckland City History). The city also hosts movies and rock concerts such as the “Big Day Out” which attracts several people. Therefore, there is a massive opportunity of making profit and expanding.  

Acukland area is also known for having some of the best parks and nature. The area has an Auckland Domain which is among the greatest parks in the city located near the CBD containing a good view of the Hauraki Gulf and Rangitoto Island. This attracts up to 5000 people especially the tourists in a month. Most of them are from different nations thus must acquire the best boutique style resort where they can spend their time while in Auckland area for their tours. There are as well other small parks like the Western park, Victoria Park, Myers Park and Albert Park. Most of these parks contain volcanic cones that retain the most natural trait than the surrounding city. The parks also have numerous historic fortifications and earthworks including North Head, Mount Eden and One Tree Hill. The ferries in Westhaven Marina harbor have more than 135, 000 yachts and launches. The Auckland region contains around 60, 500 yachtsmen out of the country’s 149, 900 registered Yachtsmen. Note that the Queens Street is one of the streets surrounding the harbor thus indicating a great opportunity for the Dream hotel as far as business is concerned.

However, the dream hotel must concentrate on customer satisfaction and the advertisement of the resort. The hospitality in the hotel must soar high to attract most of these yachtsmen in the area. The customers suggestions and views must be taken into consideration to suite their needs and satisfaction. In general, there is no doubt that the hotel will do marvelously with a strong competitive advantage because it is unique with a boutique style that will attract most of these guests and tourists (Auckland City History).

Initiative work Plan

The main activities to be undertaken for the business initiative is planning and carrying out research concerning the dream hotel. Once we are familiar with all the opportunities, risks involved, challenges and advantages, we can come up with the best approach, which can enable us to be successful. One of the main activities to be undertaken is monitoring the performance of the business particularly the financial records. This is where the treasurer must be very keen in gauging the profits and losses encountered on a daily basis. Other major activities include supply of the ordered products mainly foodstuff and drinks. This will take place all over Auckland at first and after the business pick up, the process will be undertaken all over New Zealand. The transportation of the ordered products will be carried out either early in the morning or in the evening according to the wish of the customer. Another important activity is scheduling of the music concerts and dances in our bar. This will be taking place twice a month where we can invite an artist to entertain the customers while on the other days we just play normal music as a form of entertainment.

Most people love music therefore, they have to be given what they love. The entertainment sector will be mainly targeting the youths as a means of attracting them and popularizing the hotel. During the holidays, we shall be carrying out another form of entertainment for kids where we shall be organizing for dancing competitions, swimming, playing on the bouncing castles and face painting among other activities. This will be scheduled on a specific date say every 15th of April and or August and 24th of December. The best way to organize, manage and control such activities and events is through employing the Gantt chart, which can give us clear picture of how the events and activities may be managed. Therefore, the following is a Gantt chart showing three major activities; music concert for youths, entertainment for kids and romantic picnic for adults on dating or married.

Therefore, Dream Hotel will be a place for all types of people who love to party and have nice moments. The red words indicate the three main types of activities undertaken and the way they flow.

 

Financial Plan/ Budget of the Dream Hotel

Profit Assumption

The Dream hotel is anticipated to produce huge profits after it is well known and preferred in the whole of Auckland. This might take like one year to completely catch up and become very competitive. However, after the first year, we expect the revenue to be around 30 to 40 percent . This is because Auckland area is a place of many visitors who love cool things and they will definitely prefer the Dream Hotel thus, no doubt, the revenue of the resort will be as mentioned and I believe through commitment, dedication and great ideas, the Dream Hotel will be increasing this revenue by five percent of more every year. The second year of Dream hotel operation will be the expense year where we shall have noticed what is required and gauged the number of attendance per week or month thus able to figure out the anticipated profit and the best way to expand or modify the business. There is no doubt that most of the expenses that will be undertaken will involve addition of equipments such as tables and chairs as well as expansion of the lounge because the business will have picked up and doing wonderfully.  

The gross profit of the business will be calculated on the third year in order to gauge the annual profit for those three years. By then, the business will be much far ahead where the revenue will have begun to increase by 10 percent and more annually. After calculating the gross profit is when we can gauge if to open a branch in another state in New Zealand or not. In other words, the gross profit will determine if the business can be expanded or not. If it will be enough for running the initial business and opening a new branch then it will be fantastic, if not then we shall figure out what to do next. In order to achieve all these, it is important to consider the performance statement for the resort.

Financial Plan Assumption

The performance statements of the Dream Hotel will encompass the following assumptions.

  • All the operating costs will be centered on Dream Hotel management research of similar operating enterprises.
  • The bar control systems and automated information will minimize the requirements of staff at the resort.
  • The start-up costs for the development of the hotel are amortized over a period of five years.
  • The rate of room occupancy will be at 57 percent where the G and A operations and overhead costs are gauged on a yearly basis .
  • The founder and property manager salaries are centered on a fixed salary expense system
  • Both the constant and variable costs of labor should increase yearly at 2.5 percent per year.
  • All the revenues are expected to increase yearly at the rate of 5 percent.

Loss Assumptions

It is clear that if the business will not have picked, there might be some losses encountered. For example, in the first one month, there must be some losses especially in terms of foodstuff where they can spoil when not finished in a day or so. Moreover, the business might not do well on that same month because the customers will not be too many thus paying the employees might be slightly difficult. Alternatively, the extra investment money may pay the employees but to recover it may take several days. However, the best strategy is to calculate all the losses encountered in a day or per week in specific items or fields so that we can come up with the right measures to minimize those profits.

 

The Capital Asset Management Plan

The hotel management is a crucial sub-class of asset management industry. This is because hotel asset associates well with tourism, entertainment and travelling (Hotel Asset Management Info). The dream hotel must have a powerful asset management from the owners who are the shareholders and founders to control the financial operations, transactions and other financial processes.  We can also appoint an asset management company or manager specialized in this kind of operations to ensure efficient management. The process of asset management involves the hotel property and capital evaluation, refinancing ideas and risks analysis among other issues. Such a company must ensure that everything changes and every day new and creative ideas concerning the Dream Hotel arise to ensure it has a strong competitive advantage. Most of these asset management companies involve technology in their operations whereby the computers simplify their work.

The best option is involving the asset management company in the running of the Dream hotel specifically in competency aspect. Their main function will be to help us with evaluation of capital expenditures, negotiating contracts, analyze expenses and to minimize them effectively. The asset management company that we will select must be aware of all the market tendencies and can help us avoid risks regarding negative market conditions in order to achieve the utmost profits of new tendencies and opportunities. Therefore, through employing the best capital asset management plan, we will definitely have a strong competitive advantage and perform well in the market field (Auckland's CBD Into the future).

Partner Profile

The following table shows the partners of the dream hotel and their interest in the business

Name of Partner

Interest in initiative

Contribution/role

Experience

capabilities

Leo (myself)

Very dedicated and serious about the implementation of the initiative

offer NZ$ 260, 000 for the project and actively participate in implementation

Five year experience in hotel industry

 

Operate as the director for the hotel

Heidi

Interested in the business as a shareholder

offer NZ$ 260, 000 for the project

Five year experience as a lawyer/advocate

Ensure the licensing process is well undertaken without any form of corruption

Demarco (my aunt)

Highly interested in the business

Issue out more than NZ$700, 000

Two-years partnership in Excel hotel in China. Good at accounting and financial issues

Operate as the treasurer of the hotel and take care of all the financial processes

Through good partnership and collaboration in many issues concerning the hotel, we will be able to make it. Since I have enough experience in hotel management, I will be able to look for skilled professionals who will help us in the management of the hotel. My aunt will also be very active in the whole process since she has a two-year experience as a dormant partner since she only participates in the meetings for the hotel’s shareholders. Heidi on the other hand will be a dormant participant since he has no experience concerning the operations of hotel .

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