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Hotel Business Plan Template

Written by Dave Lavinsky

Hotel Business Plan

If you want to start a new hotel business or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their hotel businesses.

You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each section of your hotel business plan template:

  1. Executive Summary – The Executive Summary is the most important section of your business plan. It should be clear, concise and provide an overview of your business plan.
  2. Company Overview – The company analysis should include your company name, business model, location, history, and a brief description of your hotel’s services. You can also include your company’s mission statement and/or a list of your key objectives.
  3. Industry Analysis – The Industry Analysis should include information on the size of the hospitality industry, trends, competition and growth potential.
  4. Customer Analysis – The Customer Analysis should include a description of your target market, customer needs and how you plan to attract and retain your target audience.
  5. Competitive Analysis – The Competitive Analysis should include a description of your local competition, their strengths and weaknesses and your unique selling point for how you plan to compete with them.
    6. You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.
  6. Marketing Plan – The Marketing Plan should include your sales and hotel marketing strategy, pricing strategy, and the promotion plan for your hotel. It should also include marketing efforts on third-party websites and online travel agencies.
  7. Operations Plan – The Operations Plan should include a description of your hotel operations, policies, and day-to-day procedures. It may also include your hotel business milestones.
  8. Management Team – The Management Team section should include biographies of the hotel owner, your hotel management staff, and their job descriptions.
  9. Financial Plan – The Financial Plan should include your hotel’s financial projections, funding requirements, and capital investment analysis.
  10. Appendix – The Appendix should include any supporting documents such as your hotel’s lease, contracts, permits, licenses, and complete financial statements including the income statement, balance sheet and cash flow statement.
You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.

Hotel Business Plan FAQs

Growthink's Ultimate Hotel Business Plan Template allows you to quickly and easily complete your own hotel business plan.

You can download our hotel business plan PDF template here. This is a business plan template you can use in PDF format.

A business plan provides a snapshot of your hotel as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes local market research to support your hotel business plans.

If you’re looking to start a hotel or grow your existing hotel you need a comprehensive business plan. A well-developed business plan will help you raise funding, if needed, and plan out the growth of your hotel in order to improve your chances of success. Your hotel business plan is a living document that should be updated annually as your company grows and changes.

Hotels are usually funded through business loans.

Often you'll have to use personal savings and/or angel investors to help with the down payment on the business loan.

In the financial model section of your plan, be sure to detail, among other things, how much it will cost to build your hotel and the key uses of funds (e.g., building the hotel, cost to furnish the hotel, staffing costs, working capital, etc.).

Note that if you already operate several hotels, private equity investors might be interested in helping to finance your expansion.

Starting a hotel business is easy with these 14 steps:

  1. Choose the Name for Your Hotel Business
  2. Create Your Hotel Business Plan
  3. Choose the Business Structure for Your Hotel Business
  4. Secure Startup Funding for Your Hotel Business (If Needed)
  5. Secure a Location for Your Business
  6. Register Your Hotel Business with the IRS
  7. Open a Business Bank Account
  8. Get a Business Credit Card
  9. Get the Required Business Licenses and Permits
  10. Get Business Insurance for Your Hotel Business
  11. Buy or Lease the Right Hotel Business Equipment
  12. Develop Your Hotel Business Marketing Materials
  13. Purchase and Setup the Software Needed to Run Your Hotel Business
  14. Open for Business

Learn more about how to start a hotel.


HOTEL BUSINESS PLAN OUTLINE

Start Your Hotel Plan Here

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