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As budget pressures from the State of California continue to impact tourism promotion funds, many cities and counties have begun to investigate creating independent funding sources. One effective solution has been the creation of Hotel Business Improvement Districts (HBIDs) formed by lodging operators.
To assist tourism communities in assessing both the short-term and long-term effects of creating a HBID, the SMG HBID Prospectus™ identifies the potential challenges, opportunities and Return on Investment (ROI) a community may achieve with a HBID. This comprehensive service is designed to take your tourism community from the basic concept of a HBID to determining the projected ROI your community might realize from the increased tourism dollars a HBID is designed to generate.
SMG provides market feasibility studies for new projects and expansion projects including hotel, condo and interval ownership opportunities. Market supply and demand, analysis of occupancy, average rate, and REVPar levels within the existing competitive set are joined with internal financial analysis to provide counsel on the probable alternatives and success of capital investments.
Fair share and market share reviews reveal probable opportunities within specific competitive sets of geographic areas. SMG can also assist with the review of brand franchsise opportunities, strategic fit in specific brand alignments, and internal and external expenses related to branding opportunities.
Let SMG help you make better decisions and understand the supply and demand economics for your existing or proposed lodging/hotel project. SMG can provide a detailed supply and demand analysis that identifies what consumers demand and exisiting supply is and how your project can take advantage of existing and future trends
SMG sales and market planning services are market driven, designed to generate maximum returns over the long term. SMG uses extensive internal information guaranteed to provide comprehensive insight to the business flow, identify strengths and weaknesses, conduct competitive profiling and situation conclusions all of which become the backbone for the development of a property specific competitive strategy.
Segmentation of specific markets is developed and tied to directly to top line revenues. The identified segments are managed as part of an overall portfolio where they can be reviewed for specific performance levels compared to target objectives.
Based on the defined strategies, specific tactics are then developed. From media to sales management to effective measurement systems, SMG marketing plans and strategies are designed to bring your property guaranteed results.
If your community has already gained support for a HBID, the SMG Market Forward™ service will assist your community with the development of a marketing plan that outlines how to use the HBID funds to maximize tourism promotion efforts as well as projections for ROI.
Both the SMG HBID Prospectus™ and SMG Market Forward™ services are designed to anwer one key question, “If your community invests in the HBID tourism program, what will the Return on Investment be?”
