Entrepreneurship in Tourism and Hospitality

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Student secern Kalend arv Mikhail Student ID No. 22025713 whole reboot Entrepreneurship in Tourism and Hospitality Unit Code MNG00427 Tutors name Goh Chye Yeow Terence assignment No. 2 Assignment Title Opportunity abridgment cut back Due date December 14, 2012 booking submitted December 13, 2012 Declaration I turn over read and u nderstand the Rules relating to honors (Rule 3. 17) as contained in the University Handbook.I understand the penalties that apply for plagiarism and go for to be bound by these rules. The work I am submitting electronic completelyy is all in all my protest work. Signed Kalend bev Mikhail (please vitrine your name) day of the month 13/12/12 circumvent of contents decision maker Summary3 1. 0Introduction4 . 0 topic and disputation4 2. 1 rendering of the impale & suffice provision4 2. 3 wherefore it is mod4 2. 4 Location5 2. 5 Number of get on withncys and its legal injurys6 2. 5. 1 hurt determinants7 2. 6 disceptation8 2. 7 SWOT analysis9 3. 0 Target securities diligence and reasons for its selection11 3. 1 patience Analysis12 3. 1. 1 Demand sentinel dicker power of buyers12 3. 1. 2 try observatory bar realizeing power of suppliers13 3. 1. 3 Barriers to Entry13 3. 1. 4 Substitutes14 3. 2 grocery store Size & Trends14 3. 3 Estimated grocery Value17 3. 4 Estimated sales Forecasts for 3 courses17 . 0 Assessing my entrepreneurial capabilities17 4. 1 group Experience18 4. 2 HR Plan18 5. 0 Equipment needs20 7. 0 Conclusion22 REFERENCE LIST23 decision maker Summary This probability analysis report is aimed at assessing the feasibleness of bargon-ass hotel project with its important stance in Denmark. It covers intravenous feeding study sections. The introductory section describes the project mentation including wherefore it is innovative and identifies the enemys for the thought process. The innovatory idea is to build eco-friendly hotel with alteration of sustainable solutions integrated in it.The important foundation for the price is place- introductiond determine insurance constitution with the briny reason to contract unripened consumers value through environmentally-friendly hotel solutions. The criteria for analysing our competitors include approximate upmouthed topical anestheticisation of functi on to the airport as well as hotel star- place. This section ends by identifying the strengths, flunkes, opportunities and threats for our wise hotel venture. The secondment section assesses the commercialize place for the idea by recognizing the rank food commercialize and playing constancy and foodstuff analysis.The come in commercialise is sub-divided into third unlike comp geniusnts which ar shape up grocery stores (B2C), egression foodstuffs (B2C & B2B) and parking ara consumers. It contains more than little ex architectural externaliseation why these ingredients were chosen. To perform an constancy and marketplace analysis, some(prenominal) look into methods were utilize amongst which are primary and secondary methods. It is the ternary section that gives a reason for gracious resource activities and evaluates the team up members. This section explores on myself as an entrepreneur and provides HR plan with an assessment of arrive, award cate gories and hold place assigned to individually team member.Finally, the persist section produces sign organize-up costs regard for pertly venture creation. It includes equipment needs for equipping 50 hotels dwell and specifies timeframe for the purchase of all items. First categorys remuneration and loss table is as well as presented in this section. Introduction The paper presents fortune analysis report for a cutting cordial reception venture. The main purpose of this report is to correct the extent to which this project is feasible. Kalendarevs Skyscraper Copenhagen Hotel is sacking to be a overbold innovative hotel located in Denmark which pull up stakes confuse cl archean place goal to show green consumers.The sore-sprung(prenominal)-sprung(prenominal) hotel leave behind for grow a score of innovatory eco-friendly solutions which pass on profit green consumers who care rough the environment. 2. 0 Idea and Competition 2. 1 Description of the v enture & Service provision The idea of the project is to open a sassy innovatory 4-star hotel which is spillage to be environmentally-friendly. It leave behind be specially throwed and constructed for travelers who care about the environment (green consumers) and wish to produce impressive moving in trip or urban perfume flush it. The hotel lead be named Kalendarevs Skyscraper Copenhagen Hotel.The hotels central location is planned to be at a hot regulate Oresundsmotorvejen of Copenhagen city (Denmark) which go away earmark it to contract on the smallest details by providing a blend of S understructuredinavian comfort, sustainability and quality. Besides its sustainability efforts some(prenominal) for mankind and environment, Kalendarevs Skyscraper Copenhagen Hotel exit be generally known as the original hotel that get out deliver exceptional honorable experience for green travelers. This would be illustrated in equipment casualty of the world-wide standards provided inwardly the hotel which is rarefied in the area where the hotel is built. . 3 Why it is innovative Our plans include to receive several awards amongst which is Ecotourism award and to be the start-off danish pastry hotel in the category of the Worlds Greenest Hotel. The hotel should stand out for its remarkable upcountry and architecture which give be a rummy blend of classical S pratdinavian design and Paustian modern design. In addition, the hotel build get out be integrated with eco-friendly solutions and as to our plan our hotel expression should become the first CO-2 neural in Denmark.To achieve these, we exit be implementing concoction of green positioning strategies and entrust be participating at annual National demos to be know by green consumers. By sign the contract with UN Global Compact, Kalendarevs Skyscraper Copenhagen Hotel result evidence that the hotel aims at more than further quality and comfort. Its uniqueness volition be addressed in hotels innovations and riches of green technology solutions which will be show issued from the hotels exterior up to the get ons shampoo bottle. Likewise, the hotels antecedental will be integrated with the largest solar park in North Europe.With the use of innovatory groundwater- found cooling and heating system, Kalendarevs Skyscraper Copenhagen Hotel will be the first Danish hotel to go down vitality consumption by nearly 90 per cent. Consequently, hotel will be sustaining wakeless and safe environment indoors the venue and its dwell. In addition, the application of the variety of sustainable actions will result in diminish CO2-emissions and will tick off the hotel from its competition. All graduate(prenominal)er upmentioned could be achieved from the efficient use of organic fare in the hotels Scandinavian eatery as well as electricity conservation in the hotel hallways. 2. Location The location of Kalendarevs Skyscraper Copenhagen Hotel will be amidst Copenh agen airport and city centre which is genuinely convenient. The main reason is because choosing this location will allow visitors to r to each one the hotel in a couple of(prenominal) minute feats. Also, since airport is close to hotel, allow shuttle bus inspection and repair will give travellers opportunity to come to hotel like a shot from the airport. new(prenominal) typical advantage why this property was chosen is because metro institutionalize will be really close to Kalendarevs Skyscraper Copenhagen Hotel which will ease phaetons journey in exploring different attractions at bottom Copenhagen city.By and large, Kalendarevs Skyscraper Copenhagen Hotel will be a great plectrum for business plenty, leisure touring cars and green consumers in Copenhagen. The icon 1 downstairs shows the estimated location of Kalendarevs Skyscraper Copenhagen Hotel which is close to Copenhagen Airport and city centre. The thoroughfare name is Oresundsmotorvejen which is a new di strict. picPicture 1. reservoir Google Maps, 2012 2. 5 Number of board and itsprices The hotel will generate 50 rooms in impart. thither will be 30 standard rooms, 10 deluxe rooms and 10 family rooms. Our main price policy would be value- base pricing.The keystone attributes which differentiate the ingathering involve quality, physical attributes, style, brand and aid (Pricing for Profit, 2012). Our green consumers who care about the environment will appreciate the fact of cook uping spunky prices for the innovations and environmentally-friendly solutions integrated into our hotel. Hence, it is smart to tick off value- found pricing instead of cost-based pricing to capture that value. As look-alike 1 shows, Kalendarevs Skyscraper Copenhagen Hotel will be providing the following prices for their rooms listed down the stairs room Type appraise (US$) STANDARD ROOM $359. 97 luxe ROOM $359. 40 FAMILY ROOM $325. 09 range 1 The weekend rank will be higher(prenominal ) than week days. There would be no booking fees. We will be offering one unaffectionate dark if our rooms are offered for cheaper prices elsewhere.In addition, if the traveler changes his/her plans, hotel will allow a change or cancellation of the reservation with no worries. 2. 5. 1 Price determinants FriedhelmTringas(2012) suggests that in case the demand or occupancy rate amplifys opus egress of hotel rooms cliffs, the hotel must file higher prices for its rooms. It is vital for hotel to cover its usable expenses. Therefore, it is not a close be have a bun in the oven to sell all rooms at the aforementioned(prenominal) rate since it rarely produces good occupancy and tot up rates (FriedhelmTringas, 2012).The key rate determinants for our hotel are identified as follows Location Demand Competition Hotel rating Aforementioned determinants set up the basis for rate scales and determine receipts focusing parameters (FriedhelmTringas, 2012). Additionally, it is the customer who is willing to pay accepted rate for hotel room and, therefore, customer willingness influences pricing decisions of the hotel (Hotel Traffic Builders, 2010). Accordingly, Kalendarevs Skyscraper Copenhagen Hotel will base their pricing decision considering the following aspects ground run outing solutions such as Solar jury parking area, groundwater-based heating and cooling system and first carbon-neutral hotel grammatical construction in Denmark will allow hotel to set higher prices for its products and military assistances state-of-the-art interior and comfortable location which is close to airport and city centre are great advantages that distinguish our hotel Statistics suggest that there is an adjoin demand for city break tourism in Copenhagen with an annual bonnie harvest-feast in bed nights among courses 2006-2010 existence 7% (VisitDenmark, 2012).Hence, higher demand in city break tourism sector gives Kalendarevs Skyscraper Copenhagen Hotel an opportunity to increase our prices within this sector. 2. 6 Competition pic ikon 2 Above fig 2 presents the main direct competitors of Kalendarevs Skyscraper Copenhagen Hotel. The reasons why these hotels are our future day competitors are 1) because of their close location to the airport its on bonnie 5-10 minutes drive away 2) these hotels are 3-4 star hotels. ? Competition in capableness. Hotel capacity has been significantly increasing in Copenhagen since 2009.The prefigure increase by up to 30% (VisitDenmark, 2012). The capacity increase will result in more challenges for Copenhagen city, but s property box it will be beneficial for travelers since hotels will provide give way advantages for cheaper prices. Compared to Kalendarevs Skyscraper Copenhagen Hotel which capacity will be equal to 50 rooms, rook Hotel Copenhagen has a preponderant capacity with the flesh of rooms which is more than double 162 bedrooms (VenueFinder, 2009). This gives palace Hotel Copenhag en a competitive advantage to gain larger market share. ? Price comparing pic Figure 3 Source Booking. com, 2012The price comparison is implemented in flipper different hotels with 2 room types. As the Figure 3 shows, the strength is showcased by Bella Sky Comwell Hotel Copenhagen and Park Inn by Raddison Copenhagen Airport in terms of the last(a) rates for their standard rooms. The prices are alike(p) between Quality Airport Hotel Dan and rook Hotel Copenhagen with the prices being $202. 75 and $233. 38 per night respectively. Its important to note that our Kalendarevs Skyscraper Copenhagen Hotel will be charging the highest prices at initial stages of start-up to cover its expenses and perform market-skimming pricing strategy.In family room type, the main competitor of Kalendarevs Skyscraper Copenhagen Hotel will be Quality Airport Hotel Dan. The smallest rates within both room types are supplied by Bella Sky Comwell Hotel Copenhagen. spell superposable room facilities, roo m sizes and almost the identical prices are offered by all hotels, Kalendarevs Skyscraper Copenhagen Hotel will be positioning itself as a luxury hotel with a set of innovative and creative solutions which will allow hotel to set really much higher prices for its rooms. Its main aim will be not to stir up the lowest prices, but beam as higher prices as possible. . 7 SWOT analysis Figure 4 ? Strengths Location angiotensin converting enzyme of the most distinctive advantages of Kalendarevs Skyscraper Copenhagen Hotel is its location which is at a walking distance to city c disgrace and metro stations. Internationalized service standards I finger that enhancing service experience at global service levels along with the friendly and complaisant provide will be greatly appreciated among our upcoming customers. In addition, such service experience will be new to our area. Clean & Spacious rooms we will sustain cleanliness and comfort within all hotel rooms.Our eco-friendly so lutions such as energy consumption, diminishing CO2-emissions and electricity conservation will bring pleasant experience to green consumers. ? Weaknesses gritty prices Many expenses would be incurred at start-up stage such as grammatical construction the hotel, integrating innovations, hiring and grooming employees and outsourcing other departments. Since it all will affect our cost of rooms, we will have to initially charge higher rates for our rooms to cover staple operational expenses and to gain some market share. This is the main weakness of our hotel. small(a) room type selection Offering limited choice of room types while our competitors have variety of choices can be another weakness of our hotel. ? Opportunities tender 10-floor lodgement building which is great(p)s project has been recently constructed in Copenhagen (Archinnovations, 2010). It has 8 houses for mixed use within this building. Its a great opportunity to catch the flow of customers since this new housin g building is located close to our hotel. Another opportunity will be expanding the reckon of hotel durance and gaining larger market shares within Danish hotel assiduity.However, additional support will be call for for expansion purposes. ? Threats The major threat for our hotel is to get proper financing from the bank. This means that our hotel project and its innovations should be first ap evidenced by the local presidency and then credited by fiscal institutions. In addition, being a new establishment, our competitors will be eager to beat us by introducing lower prices and scratch line price war. It means that there is a threat for our hotel in terms of bitter competition and we have to be more alert in arrange rifle in such conditions. 3. Target Market and reasons for its selection Our primary behinds would be 3 different markets 1) Mature markets (B2C) demographically, these are women with their age ranging from 35 to 55 days old. It as well includes families w ith their main interests being shopping, eating and drinking, good atmosphere and different events. Geographically, this market part comes from Southern Sweden and Norway which is very close to Copenhagen (VisitDenmark, 2012). The main reasons to appeal to this share include high compass point of awareness of Copenhagen and ease of accessibility (proximity).In addition, as the study suggests that this pieces motivations for travelling include visit hotels and restaurants, enjoying the atmosphere, visiting different attractions, exhibitions and museums such as Tivoli and lanthanum (VisitDenmark, 2012). 2) Growth markets (B2C & B2B) here we would be intenting at high egesters (high income travelers) as well as women aged 35-55. The primary target gathering for B2B market would be Russia. The other geographic segments that we would be targeting at include UK, Germany, Holland, France, Spain and Italy.While this segments interests are similar to climb on market segment, women also tend to be more interested in local lifestyle and architecture and design (VisitDenmark, 2012). One of the main reasons to target this segment is because plurality within this segment have very limited noesis of Copenhagen city and our main aim would be to attract those people to our city as well as make them stay at our unique hotel. Moreover, it would be a great opportunity for our new hotel to showcase its innovative hotel building interior and exterior since this target market is inspired about architecture and design (VisitDenmark, 2012). 3) Green consumers.While it would be challenging for our new hotel, we would still be implementing green locating strategies to target green consumers. While guests are not always predictable, industry research showed that many guests had given a druthers to the hotels caring about the environment (environmental Leader, 2012). Since our hotel is going to be environmentally-friendly, we would appeal to green consumers as one of our pr imary target market. The reasons why green consumers choose to stay at environmentally-friendly hotel are because they are highly bear on about others and work towards the good of hunting lodge (Environmental Leader, 2012). . 1 Industry Analysis While there was a slowdown in Copenhagen hotel market demand in 2008-2009, Sadolin&Alb? k (2010) predicts that the market would recover and is anticipate to be going upwards from the family 2010, although at a slower pace. This view was back up by DTZ Research (2011). Particularly, for the fifteen-year period, Sadolin&Alb? k (2010) witnessed however one year in which city hotel demand was facing negative growth. This was the end of 2008. Still, Sadolin&Alb? k (2010) believes this segment to be an expanding segment longer term. 3. 1. Demand observation post bargaining power of buyers 35% of organic market demand with essential revenue of $794. 4 one thousand thousand is accounted on interior(prenominal) demand which Copenhagen hote l market heavily relies upon (Sadolin&Alb? k, 2010). much(prenominal) macroeconomic skips as GDp and consumer pass are highly interlinked with house servant demand. As a result, we should keep those trends in promontory when analysing the hotel market outlook. The demand of Scandinavian market in Copenhagen hotel demand accumulates to 17%. In 2009, Norway became the largest demand generator for Copenhagen exceeding Sweden (Sadolin&Alb? , 2010). From 2010 onwards, it is expected that Norwegian hotel demand would remain at high level. On the contrary, 17% dissolve in demand growth was encountered by Swedish demand which formerly scored the highest rank for Copenhagen hotel market. Study suggests that the economic outlook for Sweden resembles the outlook for Denmark (Sadolin&Alb? k, 2010). However, the holidays and business trips to Denmark are becoming dearly-won for Swedes because Danish krone and euro are much stronger than Swedish krona. Accordingly, Sadolin&Alb? (2010) belie ves that while there was a small demand decrease in Swedish segment in 2010, it will definitely recover starting from 2011 (Sadolin&Alb? k, 2010). In their market research, Sadolin&Alb? k (2010) forecasts that the annual growth of bed nights would be nearly 5% in age 2011-2014. Also, research predicts that domestic demand would be at around 37% of integral demand. 3. 1. 2 Supply outlook bargaining power of suppliers With three new hotels opened in 2009 and one new four-star hotel opened by Arp-Hansen Hotel sort out named Tivoli Hotel (400 rooms), there would be 12% increase in the city hotel market supply (Sadolin&Alb? , 2010). Since there is slow upturn in demand, this would be unprecedented annual increase in supply and would cause challenging years for Copenhagen hotel market. Also, with the construction of new four-star hotel named Bella Center Hotel in 2011, the hotel will become the largest hotel in Copenhagen with total come in of 814 rooms and 23-floor towers (Nordic Hotel Consulting, n. a. ). With these projects accomplished, the hotel market riddance is that there would be 200-room increase each other year which is acceptable to consider.As inform by Statistics Denmark (2010), Copenhagen hotel market consists of 81 hotels and capacity is 12,500 rooms in total. Arp-Hansen and Scandic Hotels, with their smaller properties progressed under Choice brands, are the largest operators in this segment. 3. 1. 3 Barriers to Entry 1) High enthronisation on start-up One of the most challenging barriers for introduction the Danish hotel industry is high enthronement at initial stages of start-up. In addition, since our new hotel is going to be innovative, there would be many expenses and risks involved.With the use of secondary research, it was identified that Copenhagen hotel market has very few properties on focussing contracts. Instead, it is a lease operate market (Nordic Hotel Consulting, n. a. ). Because of the slowdown in Copenhagen hotel indu stry in 2008-2009, the significant proceeds of investors deprivation to invest into fixed leases was reduced (Nordic Hotel Consulting, n. a. ). Therefore, it can be concluded that high investment with no support from investors makes the opportunity to enter hotel industry in this area very challenging. 2) Brand identificationAs was antecedently mentioned, there are already established competitors (such as Park Inn by Raddison Copenhagen, rook Hotel Copenhagen and others) on the market who possess customer loyalty and brand identification. Therefore, it would be troublesome for our Kalendarevs Skyscraper Copenhagen Hotel to enter Copenhagen hotel market where we would need to spend time, money and efforts in order to differentiate our hotel products and get customer loyalty. 3. 1. 4 Substitutes In the hotel industry, there could be other hotels simply behind our corner.Compared to our new hotel, these substitute hotels can be similar in terms of pricing ranges and amenities off ered. However, our main efforts, anyhow quality product and amenities, would be enjoin towards service probity and innovatory eco-friendly solutions. Hence, it will be very surd for the substitute hotels to fence with us in terms of hearty eco-friendly responsibility. Fair enough that because of the environmentally-friendly solutions and splendid service in our hotel, the value-price ratio between our hotel and competitors should be relatively distinct. 3. 2 Market Size & TrendsSince our hotels target markets are mainly foreigners, the following selective information and statistics are presented based on tourists arriving to Denmark. As to the number of tourists coming to Denmark in 2012, the number accounts to 358,858 people (Statistics Denmark, 2012). Figure 5 below illustrates the number of people out of total tourists who fit the profile of one of our target market those from Norway and Sweden. Tourists from Sweden account for 2,748 people in three age categories which a re 30-39 years, 40-49 years and 50-59 years. In per cent, it is 0. 76% target market out of 358,858 total meter of tourists.As for Norwegian tourists, the number of tourists scores 3,218 people or approximately 0. 9% of target market. As we can see, tourists from Norway outweigh those from Sweden for 0. 14%. pic Figure 5. Source Statistics Denmark (2012) pic Figure 6. Source Statistics Denmark (2012) The in a higher place Figure 6 presents the statistical data on another target segment of our future hotel with countries like France, Italy, Netherlands, Spain, UK, Germany and main B2B market Russia. The age groups are 30-39 years, 40-49 years and 50-59 years and the figures are in thousands of people.As the chart shows, visitors from Germany set the highest ranking which is total 4,861 people for all age groups or 1. 35% based on 358,858 total numbers of tourists. The second largest tourist generating region is UK from where 0. 54% (or 1,951) of tourists are coming. Similarly, the Russian tourists account for 0. 52% which is also our target market. The travellers from Spain and Italy represent almost the same smallest figures in target market, 0. 20% and 0. 18% respectively. Additional target markets include France and Netherlands. Tourists from Netherlands amount to 0. 1%, while those from France generate 0. 23% of target market. summarise % in target market is arrived by addition of all numbers in each segment which equals to 4. 99% for the year 2012. In order to determine the hotel market trend (upward or downward) in Denmark, below is the forecast for 3 upcoming years. To derive appropriate estimated numbers, we initially have to look at previous years records. According to Statistics Denmark (2012), the number of tourists from 2010 to 2011 increased by 16,106 soulfulnesss or 4. 8% (from 329,940 in 2010 to 346,046 in 2011).The same upward trend appeared between 2011 and 2012 with an increase of 12,812 travellers or 3. 7%. So the average increase number for the period from 2010 to 2012 is 4. 25%. While the total number of tourists was growing, the dowery of target market in period from 2010 to 2012 was gradually decreasing. In 2010, the total target market accounted for 5. 23% while the figure felt down to 5. 08% in 2011. As was previously stated, the circumstances in target market was 4. 99% for year 2012. Accordingly, the average decrease in target market between 2010 and 2012 was -0. 12%.As a result, the following forecast numbers (Figure 7) for years 2013, 2014 and 2015 will be predicted based on past years records. Y. 2013 Y. 2014 Y. 2015 Tourists center no. of tourists 374,109 390,008 406,583 % in target market 4. 7% 4. 75% 4. 63% meat market size (in number of tourists) 18,219 18,525 18,825 Figure 7 Based on the forecasts preceding(prenominal) for the chosen target markets, we can reserve that while the total number of tourists is growing, the percentage in target market for each substantial year is decreasi ng. 3. 3 Estimated Market Value The Figure 8 below shows the estimated hotel market value in selected target market. The average length of stay of international visitors to Denmark is determined as 4. 535 in 2013.This figure is arrived by surveying the average length of stay in 2011 which is 4. 42 nights and it is 4. 65 nights in 2010 (Bastis, 2011). Average hotel expenditure in Denmark per day is 58. 25 Euro per day (Carl Marcussen, 2008). It is resembling of $75. 6 (Oanda, 2012). Hence, using the data higher up the market value is estimated. Y. 2013 Y. 2014 Y. 2015 Tourists No. n target market 18,219 18,525 18,825 X average length of stay 4. 535 4. 535 4. 535 X average hotel expenditure per day $75. 6 $75. 6 $75. 6 Total market value $6,246,311 $6,351,222 $6,454,076 Figure 8 3. 4 Estimated sales Forecasts for 3 Years Y. 2013 Y. 2014 Y. 2015 Tourists Total market value $6,246,311 $6,351,222 $6,454,076 Your % share 7% 8% 10% Your sales projections $437,241. 7 $508,097. 76 $645,407. 6 4. 0 Assessing my entrepreneurial capabilities macrocosm motivated by the need for achievement, I am constantly searching for unwieldy projects and like to achieve my dreams. As a result, Ive chosen to open my own Kalendarevs Skyscraper Copenhagen Hotel even though it is difficult project to accomplish with much creative thinking and innovations required. Having background experience in hotel industry (particularly Dedeman Silk Road Hotel where I worked), I got invaluable knowledge and hands-on training from the tip experts in this case.Particularly, the departments I worked in include gross sales & merchandising, Reservation, Banqueting & Conference, F&B and also Front Office. In addition, I have been managing my own business from my early years which deals with beauty care products. These prove my entrepreneurial attitudes and aptitudes. I am very much confident that combination of my training in hotel industry as well as long-term background exp erience in my own business content will result in favored feasibility of my new project. . 1 group Experience For the successful implementation of new project, each new venture has to adequately make use of its human resources. For our new team to be effective each member of the team should have a clear understanding of why the team exists. Also, there must be dual-lane and meaningful purpose which will coalesce each team member. In case of our idea, our project is intended to launch new sustainable hotel with variety of eco-friendly innovations. 4. 2 HR PlanAccording to World Tourism Organization (cited in City-of-hotels. com, 2012), the reasonable number of staff required per each 10 rooms is 12 persons for 4-star hotel. Hence, since our hotel will have 50 rooms, the optimal number of staff required is 60 persons. These include faculty (no. of positions) Experience Award Categories Pay Rates per month Executive assistant (1 Interpersonal skills Leadership Award- for $15,60 8. 0 position) 5+ year experience musical accompaniment at the instruction execution leadership decision maker level practices in delivering quality service Personnel conductor (1 essential have BA in business domain with Leadership Award- for $9,371. 0 position) minimum of 5 years overall experience put to death leadership practices in delivering quality service Financial controller (1 Must have worked in hotel industry and have instauration Award for staff $8,665. 0 position) knowledge of standard costing and inventory members who certain new controls. innovative systems, approaches or methods adjuvant Financial Must be financially literate with 5+ years cosmos Award for staff $8,422. 0 ascendancy experience including inventory and product members who real new (1 position) costing experience innovative systems, approaches or methods Accounts works (4 Experienced in high volume data entry and alliance Award- successful$3,045. 0 per person positions) accounts due with minimum 2 year league with other team experience members care film director At least 5 years of experience in incarnate Safety Award for a staff $7,201. 0 (1 position) facilities, including 2 years of supervisory who demonstrates safety experience practices Maintenance garter (1 Qualified individual with high enlighten diplomaSafety Award for a staff $7,093. 00 position) or GED required.Preferably, one year who demonstrates safety experience of building and reason practices maintenance Maintenance faction (7 Preferably, 2 years technical foul tier partnership Award- successful$1,762. 0 per person positions) partnership with other team members Director Sales & MarketingMarketing experience positivistic graduated from Leadership Award- for $10,899. 00 4-year college with Bachelor Degree. executing leadership (1 position) Proficient in technical sales proving the practices in delivering annual growth with 5-10 years of experience. quality service Sales Co-Ordinator (2 Bachelors Degree in Hospitality, Marketing, Outstanding Newcomer $4,547. 00 per person position) business organisation Management or equivalent.New Award-for new comers graduates are welcomed demonstrating good results in the first 6 months of their logical argument Sales & Marketing handler Five year experience in hospitality industry. Sales Manager of the Year $8,648. 00 per person (5 positions) Particularly, sales & marketing management Award- for achieving experience is required brilliant results in sales & marketing Reservation Clerk Customer service experience for at least 2 Customer counsel Award $5,662. 0 per person (3 positions) years. High call volume experience electropositive multiunderstanding and phone lines. appreciating customer set Rooms Division Manager Must have worked as a front office manager Improving grooming processes $9,590. 00 (1 position) for at least 2 years. College degree or and practices Award for equivalent is preferred. excellent planning and implementation of relevant practices at workplace Rooms Division Assistants tenuous interpersonal skills with at least subject field Performance Award for $4,848. 00 per person Manager (5 positions) 5 years prior experience in Rooms Management. an employee who works above the average Front Office Crew (5 Previous experience is not mandatory. fusion Award- successful$4,748. 00 per person positions) Preferably, stable job history and some partnership with other team customer service background. members Executive Housekeeper (1 Worked as Housekeeping Director or Manager Performance and Quality $6,179. 00 position) with a minimum of 2-3 year experience in Improvement Award hospitality field Housekeeping crew former keep work experience in fusion Award- successful$4,724. per person (10positions) hospitality initiative is desired partnershi p with other team members Purchasing Manager (2 Minimum pentad years relevant experience. Planner of the Year Award $7,491. 00 per person positions) Bachelor or equivalent is required. for concise and centred leadership. F&B Manager (1 positions) Previous experience in the Food and beverage,Bright instigate Award $6,656. 00 culinary or other co-ordinated area. Number - for livery innovations in of years at least 2 year experience service experience excellence Assistant F&B Manager (3 Must have worked in low volume or multi-unit Bright Spark Award- for $4,101. 0 per person positions) Food and potable operations with minimum 1 bringing innovations in year experience service experience excellence Executive Chef (4 Prior minimum experience of 5 to 7 years The Award for Environment and$5. 739 per person positions) working as a chef. Preferably, degree from a Corporate Sustainability culinary institute. for being eco-friendly and performing operations in tender and environmental context. Figure 9. Source for pay rates Statistics Denmark (2011) Total Number of Staff 60 people Total work out needed for Salary per month $328,984. 00 5. 0 Equipment needs Item name measuring stick per each room Timeframe for items Cost per each hotel room Total cost (for 50 purchase hotel rooms) article of furniture -Bed frames 1pc $69. 00 $3,450. 00 -Desks 1pc $249. 8 $12,494. 00 -Chairs 2pc $79. 00*2=$158. 00 $7,900. 00 Total time frame for Hotel supplies purchase of all items Fitted Sheets 2 twelve approximately 5 months $72. 99*2=$145. 8 $7,299. 00 Towels 1 dozen $42. 99 $2,149. 50 Pillows 2pcs $5. 29*2=$10. 58 $529. 00 Mattresses 2pcs $3. 99*2=$7. 98 $399. 00 -Bathtub or shower in the 1pc $26. 99 $1,349. 0 room -Hair-dryer -Telephone 1pc $22. 99 $1,149. 50 -Safety deposit box for notebook and other 1pc $78. 6 $3,903. 00 valuables -Hangers -Compact refrigerator -Lig ht Bulbs (lighting) 5pcs $1. 25*5=$6. 25 $312. 0 -Air-conditioning 1pc $117. 99 $5,899. 50 -Electronic locks with magnetic key cards 12pcs $5. 95*12 = $71. 4 $3,570. 00 1pc $915. 0 $45,750. 00 1pc $329. 00 $16,450. 00 $112,604. 50 Figure 10. Source Midwest Hotel article of furniture Liquidators LLC (2011) The total pay required for the initial project start-up is $441,588. 0. Due to the lack of finance and inability to collect the funds at electric current period of time, the project will be on hold till the middle of Year 2013 until enough money is put together. pic Figure 11 Since our new hotel is start-up, there is a first year loss as Figure 11 shows. It could an alarm that we should decrease set-up costs and issue in order not to prospect the repeated losses in future years. 7. 0 Conclusion To conclude, this report analyze the opportunity of starting a new and innovative hospitality venture which is eco-friendly hotel in Denmark.It was ident ified that the main innovations would constitute of groundwater based cooling and heating system to decrease energy consumption, first CO-2 neutral hotel building in Denmark and the largest solar park in North Europe. The prices for hotel rooms were determined with the value-based pricing policy and various price determinants in mind. In addition, the main competitors were critically canvass and SWOT analysis provided. Three different target markets were found for our new venture and the reasons for its selection were explained.Supporting the feasibility of our project, there is an industry and market analysis which clearly detects the current market trends, estimated market value and four influential market forces. HR plan for our new venture was composed by detailing experience requirements, award categories and pay rates for certain occupations. Finally, set-up costs along with equipment needs were identified and firsts year profit-and-loss was produced. REFERENCE LIST 1) Archin novations, 2010. BIGs 8 House Mixed-Use development in Copenhagen online gettable at Accessed 18 November 2012. ) Bastis, 2011. Destination Denmark online available at Accessed 20 November 2012. 3) Booking. com, 2012. 253,034 hotels worldwide. 17+ million hotel reviews. online in stock(predicate) at Accessed 18 November 2012. 4) Carl Marcussen, 2008. A multiple regression approach to estimating tourist spending per person per night at Danish destinations pdf available at Accessed 21 November 2012. 5) City-of-hotels. com, 2012. Hotel Staff online Available at Accessed 25 November 2012. ) DTZ Research, 2011. Market Report Fall 2011 great Copenhagen pdf Available at Accessed 19 November 2012. 7) Environmental Leader, 2012. Analysis Hotels Must Use Targeted Marketing to Attract Green Consumers online Available at Accessed 19 November 2012. 8) FriedhelmTringas, 2012. How Do Hotels Determine Room Rates? online Available at Accessed 21 November 2012. 9) Google Maps, 2012. Street Oresu ndsmotorvejen, Kastrup, Denmark online Available at Accessed 17 November 2012. 10) Hotel Traffic Builders, 2010.Revenue Management for Dummies pdf Available at Accessed 17 November 2012. 11) Midwest Hotel Furniture Liquidators LLC, 2011 pdf Available at Accessed 26 November 2012. 12) Nordic Hotel Consulting, n. a. Hotel Market Report Copenhagen pdf Available at Accessed 19 November 2012. 13) Oanda, 2012. Currency Converteronline Available at Accessed 25 November 2012. 14) Pricing For Profit, 2012. Value-Based Pricing online Available at Accessed 27 November 2012. 5) Sadolin? k, 2010. Copenhagen Hotel Market Report 2010 pdf Available at Accessed 19 November 2012. 16) Statistics Denmark, 2010 online Available at Accessed 20 November 2012. 17) Statistics Denmark, 2011 online Available at Accessed 22 November 2012. 18) Statistics Denmark, 2012 online Available at Accessed 20 November 2012. 19) VenueFinder, 2009. Palace Hotel Copenhagen. online Available at Accessed 17 November 2012. 0) VisitDenmark, 2012. COPENHAGEN urban center BREAK STRATEGY 2012-2014. pdf Available at Accessed 17 November 2012. Strengths Weaknesses 1. Location 1. High prices 2. Internationalized 2. Small room type selection work standards 3. Clean & Spacious rooms Opportunities Threats 1. New housing development 1. financing issues 2. Expanding hotel chains 2. price war