Starting up a Hotel, a Motel or a Resort is something that requires quite a lot of work. But if you were to ask anyone working in the hospitality field, it is probably the ease boring thing you can ever imagine.
Amongst the hustle and the bustle of making sure that local and foreign guests have the best time while they are away on their holiday, individuals in the hospitality trade are also exposed to a various number of incidents that keep them on their toes on a daily basis.
Investing in real estate today is one of the smartest things that one can do. This is simply because taking today’s economy into account the risk is much less that how much the value of a plot of land going down is comparatively less than with any other asset you can be interested in purchasing that is available in the market today like choosing to set up a Hong Kong company for example.
Having said that, purchasing a property and converting it into a hotel, motel or a resort is something that will make sure that you will have a reasonable, if not good influx of profit all year round.
Therefore here are something’s that you will need to look into which will finally decide on whether the hotel or resort is successful or not.
What is the service you are willing to provide?
This refers to whether or not you are planning to provide a full service or not. This will typically depend on your own preference.
What is the cost you are willing to spend?
It is important to keep in mind that there is a number of red tape that has to be cut through. This includes Hong Kong business formation fees, any and all licensing that needs to be done etc.
This cost not only includes all the formalities but is also the other costs that include branding, purchasing linen, training staff members etc.,
Where is it located?
The next thing that you will need to look into is location. Is it easily accessible if not; is it close by to any attractions that may catch the attention of a traveller? Taking these things into consideration, you will soon find a large number of foreign as well as locals flocking for a night’s stay at your motel.
And finally price your room’s right. This requires you to do your research and find out what there hotels are offering in the same are for the same kind of room and the same kind of service. Knowing this will give you the competitive edge you are looking for.