Sample interview questions: How do you approach conducting a comprehensive feasibility study for a hotel expansion or renovation?
Sample answer:
- Define the Project Scope and Goals:
- Clearly outline the objectives of the expansion or renovation, including the target market, desired amenities, and estimated budget.
- Conduct Thorough Market Research:
- Gather data on local demographics, tourist trends, and competitive analysis.
- Assess demand and supply dynamics to determine market potential and identify gaps in the market.
- Analyze Site and Property Conditions:
- Evaluate the existing property and surrounding area for suitability, zoning restrictions, and potential constraints.
- Consider factors such as proximity to attractions, transportation hubs, and local infrastructure.
- Develop a Comprehensive Concept and Design:
- Create a detailed design plan that aligns with the project goals and market demand.
- Collaborate with architects, interior designers, and engineers to ensure functional and aesthetically pleasing spaces.
- Financial Analysis and Pro Forma Preparation:
- Estimate project costs, including construction, renovation, and operating expenses.
- Develop a pro forma financial statement that projects revenue, expenses, and profitability over a specified period.
- Legal and Regulatory Compliance Assessment:
- Review local building codes, zoning regulations, and environmental impact requirements.
- Ensure compliance with all relevant laws and regulations to avoid potential delays or legal issues.
- Environmental and Sustainability Considerations:
- Evaluate the environmental impact of the expansion or renovation and identify opportunities for sustainable practices.
- Incorporate energy-efficient … Read full answer