Qualifications and experience:
The consultant will have experience in all facets of feasibility studies and in at least one project for a condo hotel. The study is required to evaluate historic trends and project the future competitive supply of and demand for lodging accommodations in the area and assist in pre-development of the subject site. The Feasibility Study will also comment on the overall viability of proceeding with the proposed development (currently designed as a residential condo) as a condo hotel.
The scope of the work will include, but is not necessarily limited to the following:
- An analysis and economic evaluation of the market area based on compilation of pertinent market data, and a review of economic indices which would be most relevant to the success of the proposed project.
- An assessment of the site and surrounding area to determine their suitability for the proposed condo hotel, taking into consideration such factors as accessibility, visibility, and proximity to demand generators.
- An analysis and forecast of the existing hotels as well as those under construction, planned, or rumored in the market area that would provide the primary competition to the proposed condo hotel.
- A determination of the current overall market demand and rooms in the subject area and the share of market demand that is generated by tourists, commercial travelers, and group meetings/convention delegates.
- A projection of growth rates for the various market segments based on the factors that should impact the future demand for hotel rooms.
- An evaluation of the projected hotel supply and demand relationship in the market area to reach conclusions regarding the market support for the proposed condo hotel.
- Comment on the proposed facilities in terms of number, mix, and type of guest rooms, and recreational amenities.
- Comment on the proposed facilities in terms of style and size.
- Projections of occupancy and average room rate for the proposed hotel, including projected market mix of guests.
- Projections of cash flow from operations before fixed charges for the first five years of operations.
- Identification and analysis of relevant benchmarks and peer case studies of projects sharing similar characteristics from around the globe
Logistics:
- Start date:As soon as possible
- Location: Ontario- Lead consultant can be located anywhere, but note specific requirements for local site review
- Rate: Budget to be finalised with short listed candidates based on experience
- Applications close: 5th November 5pm AEDT