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This is the client’s initial entry into the hotel and hospitality market having established a significant presence globally with manufacturing electrical accessories and building related technology.
The company views the hotel and hospitality sector as an area for growth and a plan for the diversification of income.
The company acquired a convent on a hill top site outside of Florence in Tuscany, Italy which dates from the early twelfth century. The building is a unique historical monument with approved permission for conversion into a first class four star 66-room hotel.
To review the existing feasibility and business plans for the development. To prepare an updated business plan focusing on the market positioning and pricing, commenting on the design and operating concept. Suggestions on the hotel’s management, branding and a forecast of the likely financial performance of the hotel.
Scope of Work
Hotel Solutions Partnership (HSP) study comprises a market study review, design and concept review and financial projections. The business plan serves as a practical guide addressing the current approved plans and layout of the “Convento”.
The plan highlights the teams’ observations and recommendations as to the potential options available to the client, who are keen to understand the nature and depth of the target market and the extent to which the development is likely to be viable within the competitive hospitality market in Florence and Tuscany.
What did Hotel Solutions Partnership achieve for the client?
The plan is the first phase in analysing the market potential, existing and future trends in the provincial Florentine hospitality market. The plan outlines the potential next steps within the development and assisted the company proceed as recommended, a review of the operator options would be the logical next step.
The report recommends a number of appropriate development concepts for the proposed hotel, which HSP has considered as potential best use of the site supported by a recommended development of the concept brief for a four star superior hotel.