Development of a Four Star Hotel in the Bavarian Altmühl Valley
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Development of a four star hotel in the Bavarian Altmühl Valley Bachelor Thesis for Obtaining the Degree Bachelor of Business Administration In Tourism & Hospitality Management Submitted to Gabriel Kacerovsky Anna-Lena Listl 1111577 Vienna, 15th May 2014 Declaration of authorship I hereby affirm that this Bachelor’s Thesis represents my own written work and that I have used no sources and aids other than those indicated. All passages quoted from publications or paraphrased from these sources are properly cited and attributed. The thesis was not submitted in the same or in a substantially similar version, not even partially, to another examination board and was not published elsewhere. 15.05.2014 Date Signature Page | 2 Table of contents Declaration of authorship ........................................................................................................ 2 Table of contents ..................................................................................................................... 3 List of charts ............................................................................................................................. 5 List of abbreviations ................................................................................................................. 7 Classification ............................................................................................................................ 8 1 Project Introduction ............................................................................................................ 10 1.1 Project .......................................................................................................................... 10 1.2 Assignment ................................................................................................................... 10 2 Location ............................................................................................................................... 11 2.1 Kapfelberg .................................................................................................................... 11 2.1.1 Location – macro ................................................................................................... 11 2.1.2 Location – micro .................................................................................................... 12 2.2 Nature Park Altmühl Valley .......................................................................................... 15 3 Market ................................................................................................................................. 17 3.1 General economic data ................................................................................................ 17 3.2 Culture and tourism ..................................................................................................... 17 3.3 Population and demographic growth .......................................................................... 18 3.4 Transportation ............................................................................................................. 18 3.4.1 Air traffic ............................................................................................................... 18 3.4.2 Shipping traffic ...................................................................................................... 19 3.4.3 Railway traffic and public transportation ............................................................. 19 3.4.4 Road traffic ............................................................................................................ 20 3.5 Project site ................................................................................................................... 20 3.5.1 Location and expanse ........................................................................................... 20 3.5.2 Visibility ................................................................................................................. 20 3.6 Existing & future supply of competitive facilities ........................................................ 22 3.6.1 Bad Gögging .......................................................................................................... 23 3.6.2 Bad Abbach ........................................................................................................... 26 3.6.3 Kelheim ................................................................................................................. 26 3.7 Assessment .................................................................................................................. 28 4 Hotel Project ....................................................................................................................... 30 Page | 3 4. 1 Idea and concept ......................................................................................................... 30 4.2 Space & function .......................................................................................................... 33 4.2.1 Spa & Wellness ...................................................................................................... 33 4.2.2 Conference Center ................................................................................................ 34 5 Financial Analysis ........................................................................................................... 34 5.1 Average Room Rate (ARR) ........................................................................................ 35 5.2 F&B revenue per room............................................................................................. 35 5.3 SPA revenue per room ............................................................................................. 35 5.4 Revenue details ........................................................................................................ 36 5.5 Staff planning ........................................................................................................... 38 5.6 Operating P&L statement ........................................................................................ 39 5.7 Investment structure ............................................................................................... 42 6 Outcome ............................................................................................................................. 42 Bibliography ........................................................................................................................... 44 Appendix ................................................................................................................................ 46 Interview ............................................................................................................................ 46 Page | 4 List of charts # Title Page Chart 1 Location within German 8 Chart 2 Location micro 9 Chart 3 Property as seen from street I 9 Chart 4 Property as seen from street II 10 Chart 5 Prospect of Eastern boundary 10 Chart 6 Prospect of Western boundary 11 Chart 7 Farm remains 11 Chart 8 Nature park Altmühl Valley and the district of Kelheim 12 Chart 9 Map nature park Altmühl Valley 12 Chart 10 Impressions Altmühl Valley 12 Chart 11 Overnights nature park Altmühl Valley 2011 13 Chart 12 Overnights district Kelheim 2011 14 Chart 13 Journey times from project site 14 Chart 14 Land development plan 16 Chart 15 Areal of competitors 17 Chart 16 Accommodation overview nature park Altmühl Valley 17 Chart 17 Accommodation nature park Altmühl Valley 2012 22 Chart 18 Bed division nature park Altmühl Valley 2012 22 Chart 19 Hotel Monarch 23 Chart 20 Hotel Marc Aurel 23 Chart 21 Hotel Eisvogel 24 Chart 22 Hotel Gut Deutenhof 25 Page | 5 Chart 23 Hotel Wittelsbacher Hof 26 Chart 24 Location of competitors 27 Chart 25 List of competitors 27 Chart 26 SWOT Analysis Kapfelberg 28 Chart 27 Suitability hotel type 29 Chart 28 Suitability guest segment 31 Chart 29 Overview golf courses 33 Page | 6 List of abbreviations Measures h Hour(s) km Kilometer(s) m Meter(s) mio Million sqm Square meter(s) Symbols/signs € Euro + More than Others BF Breakfast DR Double room MICE Meetings incentives conferences events MOF Multiple occupancy factor NA Not available p.P. Per person TA Tourist association Tab Table Page | 7 Classification The following classification description has been adopted from PKF hotelexperts: “The classification of hotels in this study is based on the internal hotel classification of PKF hotelexperts which is orientated towards the strict international parameters for the classification of hotels (maximum of five stars). Hotels in Germany are classified according to the Deutsche Hotelklassifizierung, which is a nationwide standardized classification system administered by the Deutsche Hotel- und Gaststättenverband (DEHOGA; German Hotel and Restaurant Association). The classification system was introduced in 1996 and largely reflects on objective criteria such as room equipment and range of services offered. According to information provided by the association, subjective impressions are generally not accounted for. The classification is only carried out upon application and awards one to five stars. Furthermore, the appendix superior is awarded to hotels which achieved extraordinarily good results within their respective category (e.g. four star superior). Overall, the German classification system applies less strict criteria than the internal classification of PKF