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Rainbow Bridge Hotel Planning for Year 4 - Example

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The paper "Rainbow Bridge Hotel Planning for Year 4" is an outstanding example of a business plan. Rainbow Bridge Hotel is among 3star hotels that are located near the rainbow bridge in Niagara Falls, New York. It falls in the mid-market segment of the hotel industry. The hotel provides services and products such as accommodation, event venues, food and beverages and health club facilities…
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Extract of sample "Rainbow Bridge Hotel Planning for Year 4"

A Report about Rainbow Bridge Hotel Plan for Year 4 Client inserts his/her name Client inserts tutor’s name Subject of Study Date Table of contents 1.0. Introduction 3 2.0. Business plan 4 2.1. SWOT analysis 4 2.1.1. Strength and weaknesses 4 2.1.2. Opportunities and threats 6 2.2. Objectives 9 2.3. Strategies 10 2.3.1. Corporate market 10 2.3.2. Leisure market 10 2.3.3. Other market segments 11 2.3.4. Food and beverages 11 2.3.5. Service quality 12 2.3.6. Staffing 12 2.3.7. Physical property condition 12 2.3.8. EMS 13 3.0. Financial targets 13 3.1. Ave Rooms’ occupancy% 13 3.2. Average Daily Rate
 13 3.3. Total Room Revenue
 13 3.4. Total Food & Bev Revenue 13 3.5. Total Revenue 14 3.6. Total Revenue 14 3.7. Total Income before tax 14 4.0. Reference list 15 5.0. Appendices 17 1.0. Introduction Rainbow Bridge Hotel is among 3star hotels that are located near the rainbow bridge in Niagara Falls, New York. It falls in the mid-market segment of hotel industry. The hotel provides services and products such as accommodation, event venues, food and beverages and health club facilities. Majorly, it caters for average foreign and domestic leisure travellers together with domestic business travellers as the hotel’s services are like of a premium hotel but the only different is that they are of low cost. The component of tax under this category of hotels is quite low as compared to that of premium and luxury hotels. Under this category of hotels located near the rainbow bridge, this hotel contributes close to thirty five percent (35%) of total rooms. During the third year of its operation, the hotel had various facilities. The facilities comprise of two hundred guest rooms, a sizeable restaurant, a bar, a small health club meant for fitness, a conference hall, several business services, an ample car park that accommodates close to hundred vehicles, a well-stocked shop and large grounds. Moreover, Rainbow Bridge Hotel has a standard refurbishment. Approximately eighty rooms (80) are refurbished after every two months whereas the restaurant, the front desk, conference rooms and the bar are refurbished after a period of three months. The staffs of the hotel are skilled, experienced and dedicated to deliver quality services to clients. There are four departmental heads, twenty employees for hotel services, a group of twelve staffs for the front desk, four workers who serve at the conference hall and other eight workers who are based in the grounds. The Rainbow Bridge Hotel’s vision statement is: Know your guest and build great memories. This report is meant draw a fourth year plan for the Rainbow Bridge Hotel basing on the third year performance and plan. In the analysis, the report will include a SWOT analysis, financial report or position of the hotel in year three, strategies to be implemented in year four, and financial targets for the year. 2.0. Business Plan for year 4 2.1. SWOT Analysis This SWOT analysis is meant to identify the key strengths, weaknesses, opportunities and threats of the Rainbow Bridge Hotel. The strengths and weaknesses are majorly internal whereas the opportunities and the threats of the organization are basically external. In addition, it will involve an analysis of the external and internal factors that are favorable and unfavorable in attaining the general objectives. This SWOT analysis would assist in making or drafting of the year four business plans that would comprise of several changes for the hotel to run successfully. 2.1.1. Strengths and Weaknesses of Rainbow Bridge Hotel Strengths: Rainbow Bridge Hotel’s products hold appropriate value between the quality received and the prices paid in by clients. The products include two hundred rooms for accommodation, four outlets meant for food and beverages, five conference venues and modern health club. These facilities are upgraded regularly as new ideas emerge. The hotel has a strong marketing strategy of its brand in the hotel industry as an elegant class among the 3star hotels. The concept is always spread through media. Social media such as Facebook and twitter are the major site where the hotel air its latest updates. This marketing is heavily monitored in order to increase awareness of the positive brand. Rainbow Bridge Hotel has multiple ethnicities of about fifty employees. This implies that communication is less problematic among the clients and the staff. Thus, the organization is using its vision, values and mission to create a better employee culture. The hotel hold a multiple accreditations which include the best hotel in New York scenic tours, World Award Travels and the innovation and sustainability awards from hotel USA hotel industry conference. The hotel has an excellent location as it just ten kilometers from the main highway and well connected by bus and boat terminals. The rainbow bridge its hotel has a sizeable reception area out of which a portion of it can be converted for other purposes. In addition, it has a full functioning kitchen with skilled staff that builds up the backbone of its operations. The hotel possesses a successful laundry system which is also contracted by the organization’s staff uniforms thus ensuring fixed revenue. Weaknesses: The classic rooms at rainbow bridge hotel are yet to be updated. These rooms are the same size as those on the executive wing but the décor is outdated and it is not up to the level of a 3start hotel. The hotel does not provide a parking space for employees despite the fact that it has a sizeable car park. The only space provided is for senior managers and visitors or clients. Parking outside the hotel is somehow expensive since the public transport is limited. Rainbow Bridge hotel limits its market as it lacks the wireless internet around the hotel. Technology is an area that would improve satisfaction of guests and the entire productivity of the organization. The computer systems located in front of the hotel are obsolete and need a significant upgrading so as to be in line with entire company’s reservation system. Most of the facilities in the hotel are not marketing appropriately or rather successfully because of irregularities and poor coordination within the marketing department of the organization. The hotel lacks the regular preventive and maintenance of corridors such as internal painting and re-grouting of tiles. The restaurant of the hotel is not sizeable enough to handle main rush hours in peak seasons. In addition, the lunch time business is quite poor and the additional space of the restaurant in the garden side is not well publicized. The hotel has given departmental heads a responsibility to recruit and train the staff instead of establishing a proper human resource management department. This leads to inconsistence in approaches and quality. The health club (gymnasium) is not fully equipped and the hotel lacks a swimming pool in its compound. In case a client wants to refresh in a swimming pool, the hotel is forced to hire a public swimming pool in the neighborhood. 2.1.2. Opportunities and threats in the market Opportunities: The hotel has a strategic location thus it can easily pull up a chartered tourism. Backpackers and students from various institutions use Niagara Falls as a tourism base. Thus, attractive discounts from the hotel would promote or rather increase the number of clients. Competitors in the hotel industry lack quality grounds and garden for their clients. Thus, improving the standards of the hotel’s garden and grounds would increase the level of occupancy. A large reception area in the hotel provides an opportunity for the hotel to convert part of it into a coffee shop. The laundry business in the hotel can be improved through employment of more experienced and skilled staff. This would enable the organization to sign up many contracts on a revised price. Hiring of a more experienced body of staff and offering training to the existing body of staff will assist the hotel in upselling in F and B sections. There is a good opportunity in the market for the Rainbow Bridge Hotel to establish a buffet style type of menu in its restaurant through the Head chef since it has lots of advantages. Threats: The level of the hotel’s technology is not at per with the industry’s modern technology. This is a threat since the organization cannot engage in the latest methods of hotel management. Competition is quite high in the hotel industry in terms of quality of facility and the prices being offered for the facilities and services. Hence, the rate of occupancy sometimes goes down, which is not good enough for the hotel. The major competitor being Days Inn Niagara Hotel. The F and B staffs have a low level of skills thus it leaves the guest with a poor impression of a staff which lacks service orientation and the poor standards of the hotel as compared to other competitors in the market. The hotel has an inappropriate security system which might result to losses of items through theft. Storage of foods in the hotel is quite disorganized and sometimes there is no rotation of stock which might be dangerous and at times lead to food wastage. 2.2. Objectives The rainbow bridge hotel’s plan for year four is adopting a project management approach towards development and improvement of the available opportunities. The following are the objective of the plan: I. To establish a human resource department that would be dealing with staffing, general recruitment, orientation and training of employees. II. To create space for employees car park for convenience. III. To advance technologically through installation of the latest technological system that fits in the modern hotel industry. IV. To improve the marketing of the hotel’s brand so as to increase the rate of occupancy. V. To renovate all the old facilities and equip the areas that does not satisfy clients. VI. To construct a swimming pool within the compound of the hotel. 2.3. Strategies 2.3.1. Corporate market Product: The hotel will offer various products and services which will comprise of accommodation, bar and restaurant and internet services. Distribution: The services and products will be made available as from the first month (January) of the fourth year and throughout the year regardless of the season. Promotion: The hotel will promote these products and services through advertisements in televisions, radios, newspapers and social media across the globe. Pricing: The prices of rooms will range from $100 to $115 depending with seasons, the menu will cost $38 throughout the year whereas the internet services would be free of charge. 2.3.2. Leisure market Product: The hotel will offer boat rides and picnics services for its clients. Swimming services will also be made available in the fourth year. Distribution: The boat rides and picnic services will be offered as from January of the fourth year whereas the swimming services will commence from August of the fourth year, immediately after construction of a swimming pool. Pricing: The boat rides and picnic services will range from $20 to $30 whereas the swimming services will be priced at $25. 2.3.3. Other marketing segment Product: The hotel will offer conference facilities for business meetings with drinks and light meals. Distribution: These services will be offered as from the beginning of the fourth year and throughout the year. Promotion: Promotion and sales of these services will be done through advertisements in the social media (internet), newspapers and televisions. Prices: The prices for conference facilities include drinks and meals thus it will range from $145 to $150 depending with and availability of space. 2.3.4. Food and beverages The hotel management is increasing the types of foods and beverages offered at the restaurant. This will be done by increasing the stock and replacing the old stock. In addition, various cuisines will be added to cater for clients from all races and culture. 2.3.5. Service quality The management alongside the human resource department will offer relevant training to the entire staff body so as to improve the skills of workers in various departments. Moreover, a number of repairs will be done in rooms, corridors, the kitchen, front desk and the health club so as to increase efficiency in delivery of service. This will improve the general quality of services being offered at the hotel. 2.3.6. Staffing The organization will employ four more experienced and skilled staffs in every department. This will be done by the recruiting body which will be established as a human resource department in January of the fourth year. The new staffs will be entitled to reasonable pay according to the level of education, experience and skills. 2.3.7. Physical condition of property So far 80% of the entire property is in good condition and in line with 3star hotel standards. However, the corridors and some of the rooms will be painted at the start of the year. Moreover, the hotel will construct a swimming pool which is scheduled to start operating by August of the fourth year. 2.3.8. EMS Waste recycling and reduction: level 2 Water usage: level 3 Water reduction: none Water usage- recycling and use: none Water usage reduction- showers and taps: none Energy usage reduction- lagging and insulation: level 2 Energy reduction-self generation: none Energy usage reduction- lighting: level 2 3.0. Financial status YEAR 3 AVERAGES/TOTALS YEAR 4 FORECASTS 3.1 Ave Rooms’ occupancy% 64.5% 70% 3.2 Average Daily Rate $85.2 $86.5 3.3 Total Room Revenue
 $5,129,312 $5,500,000 3.4 Total Food & Bev Revenue $3,875,588 $4,000,000 3.5 Total Revenue $9,646,661 $9,900,000 3.7 Total Income before tax $1,548,341 $1,700,000 4.0. References Brush, S.W. (1993). Developing a hotel business plan: A how-to manual. Energy efficiency and conservation in hotels journal. Vol.34.issue3 p60-83. Burnett, J. (2002). Energy use and management in hotels in Hong Kong. Energy efficiency and conservation in hotels journal vol. 21.Issue 4 p 370-390. Colin, H. (1994). ‘Internal marketing’ and human resource management in hotel consortia’ International journal of hospitality management.vol.13. Issue 4 p. 310-340. Dion, G. (2006). Human resource management and performance in the Barbados hotel industry. International journal of hospitality management vol.25.Issue 4 p.620-650. Enrique, C.C. (2010). Levels of quality and environmental management in the hotel industry: Their joint influence on firm performance. International journal of hospitality management vol.25 p.20-46.  Lokman, M.(2001). The use of management accounting systems in hotels: Energy efficiency and environmental news: Hotel industry, University of Florida, Cooperative Extension Service, Institute of Food and Agricultural Sciences, Paul, A. P. (1996). Strategic planning and business performance in UK hotel sector: results of an exploratory study. White paper. Sigala, M. (2005). integrating customer relations management in hotel operations: Managerial and operational implications. Lund institute of Technology, Lund, Sweden. Wilco, C. (2012). Energy benchmarking in support of low carbon in hotels: Developments, challenges, and approaches in China. International Journal of Hospitality management vol.31 p 20-75. 5.0. Appendices 5.1. Balance sheet Rainbow Bridge Hotel Balance sheet as at December year 3 $ Currents assets Cash ate bank 3,926,661 Accounts receivable 344,348 Inventories 44,980 Total 4,315,989 Property & equipment Net property and equipment 8,068,402 Total assets 12,384,391 Current liabilities Accounts payable 988,847 Carbon offset receipts 0 Income tax payable 226,384 Dividend owed 0 Current maturity of long-term debt 215,033 Total 1,430,264 Long-term liabilities Long term debt 1,075,166 Owner’s equity Share capital 8,950,000 Retained earnings 928,961 Total liabilities & owner’s equity 12,384,391 5.2. Statement of Income for Year 3 Rainbow bridge hotel Statement of income for year 3 $ Revenue Room 5,129,312 F&B 3,875,588 Other departments 641,761 Total revenue 9,646,661 Expenditure Rooms 1,479,298 F&B 1,896,676 Other departments 377,947 Administrative 396,811 Sales and marketing 736,446 Property maintenance 1,653,038 Utilities 403,946 Property taxes and insurance 207,181 Bank charges 36,001 Interest expenses 69,987 Depreciation 850,989 Total expenses 8,098,320 Income before taxes 1,548,341 Income taxes 226,384 Net income 1,321,957 Read More
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