HOW LONG WILL THE STUDY TAKE TO COMPLETE?
Core Distinction typically will have your first draft, in your hands for review with-in 30 days. If there is any delay on the part of interview phase of the project, your Core Distinction Group representative will be in constant communication of any delays. In some cases the study can take 45 days but we like to under promise and over deliver.
WILL THE STUDY HAVE A PROFORMA?
Easy one! YES! Our Hotel Feasibility Studies are accompanied with a brand specific, month by month, year by year financial proforma. If in the future (12 months from the completion of the study) there is a change in brand, we will edit this to be brand specific. Our other studies (meeting space, retail, restaurant and so on) come with expected revenue or recommendations. Take minute to request more information if you would like to see a sample of our work.
WHAT IF MY COMMUNITY DOES NOT NEED A HOTEL AT THIS TIME?
There is a small percentage of communities we work with that end up not having enough need to justify a new hotel. When this happens, Core Distinction takes two steps:
1. We contact you ASAP, explain the reasoning behind our determination and check for errors on our part. If both parties agree that we have come to the correct conclusion, we do not move forward and the community is not responsible for the remaining 50% of our total fee ( the first 50% is paid at the time of contracting ).
2. Core Distinction will reach out to the said community in 9 to 12 months to see if there has been any additional change or growth. If there has been enough growth to determine additional need, Core Distinction will move forward with the complete study for only the remaining 50% of our fee.
If at this time there is still not enough need, there are always other options for a community to consider.
Unfortunately, due to travel costs and time needs, we would not be able to say on your website how much you would be charged for a study. We can tell you that if you contact us today with a few specifics, we can give you a price over the phone. We can tell you that with all our projects, you are charge a 50% retainer. This retainer covers our travel costs and other reporting costs. The second payment of 50% is do prior to you receiving your report. Contact us today for a detailed quote.
One thing we pride ourselves in is our easy to understand, highly detailed and advanced reports. In fact, over 10% of our yearly business is clients of our competitors coming to us to redo their work. Our studies can be used in every aspect of the development process. They are used to attract brands to your market, attract banks and investors to your project and bring corporate interest to your community.
WE HAVE A HOTEL FEASIBILITY STUDY BUT CAN'T GET THE PROJECT DONE. WHAT CAN WE DO?
Core Distinction Group can help! We would highly recommend checking out our online course, HOW TO DEVELOP A HOTEL IN YOUR COMMUNITY to get you through the process but there are other options as well. We offer a Hotel Development RFP Service to get your study in front of the developers, builders, investors or brands that are looking to expand into your area or you can take our online course that walks you through the process. You can even choose to purchase our Contact List. Give us a call and we discuss the best options for you. Keep in mind that if your study is 2 or more years old, you will need a new one!
Hospitality Consulting Services. Our Strength is in our Difference
Frequently Asked Questions
In order to help you better make your decision, we have complied a list of questions that we are asked during the process of vetting a feasibility study company like ours. Here they are and if you think we are missing any, give us a call or shoot us an email and let us know!