Resort Business Plan
You’ve come to the right place to create your Resort business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Resort companies.
Below is a template to help you create each section of your Resort business plan.
Executive Summary
Business Overview
Ocean View Hotel & Resort is a brand-new luxury resort located in beautiful Palm Beach, Florida. Our priority is to provide tourists and guests with a first-class luxurious vacation experience that they can’t find anywhere else in Palm Beach. We offer all the best amenities a resort could have including a full spa, a heated pool, a gym, a golf course, and tennis courts. We are also conveniently located right on the beach, so our guests can easily soak up the sun and enjoy the ocean at their leisure. We are also conveniently located near numerous shopping districts, nightclubs, and popular tourist destinations. Ocean View Hotel & Resort is the perfect resort for anyone looking for the ultimate Palm Beach vacation experience.
Ocean View Hotel & Resort is led by Jacob Ellis who has been in the resort industry for over 20 years. While Jacob has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management-level positions in the industry over the years. Jacob Ellis has a Master’s degree in Hospitality Management and will use his expertise and experience to start his own resort.
Product Offering
Ocean View Hotel & Resort will provide a full suite of luxury resort amenities, all featuring streamlined customer service and convenience.
Some of the amenities we offer include:
- Hotel
- Restaurants
- Bar
- Cafe
- Spa
- Golf course
- Tennis Courts
- Gym
- Heated Swimming Pool
- Sauna
Ocean View Hotel & Resort is located on the beach so guests can enjoy the sun and the ocean at their leisure. The resort is also located near shopping districts, nightclubs, and other popular destinations that our guests can easily access and enjoy.
Customer Focus
Ocean View Hotel & Resort will primarily serve tourists traveling to Palm Beach, Florida. We expect many of our guests to be affluent and have the disposable income needed to pay for the luxurious amenities we offer.
Management Team
Ocean View Hotel & Resort is led by Jacob Ellis who has been in the resort industry for over 20 years. While Jacob has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management-level positions in the industry over the years. Jacob Ellis has a Master’s degree in Hospitality Management and will use his expertise and experience to start his own resort.
Success Factors
Ocean View Hotel & Resort will be able to achieve success by offering the following competitive advantages:
- Location: Ocean View Hotel & Resort’s location provides the best access to the beach, shopping districts, nightclubs, and other amenities. The Company also offers adequate parking (along with valet parking), making it easy for customers to relax upon arrival.
- Luxurious Amenities: The resort will be full of luxurious amenities, including a full spa, gym, heated swimming pool, and golf course.
- Management: The management team has years of resort industry experience that allows the Company to market and serve customers in the same manner as its most sophisticated competitors.
- Relationships: Having visited the community for a number of years, Jacob Ellis knows all of the local leaders, newspapers, and other influences. As such, it will be relatively easy to build brand awareness of the resort.
Download the Resort business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Ocean View Hotel & Resort is currently seeking $7,000,000 to launch. Specifically, these funds will be used as follows:
- Resort design/build: $6,500,000
- Three months of overhead expenses (payroll, rent, utilities): $250,000
- Marketing costs: $100,000
- Working capital: $150,000
The following graph below outlines the pro forma financial projections for Ocean View Hotel & Resort.
Company Overview
Who is Ocean View Hotel & Resort?
Ocean View Hotel & Resort is a brand-new luxury resort located in beautiful Palm Beach, Florida. Our priority is to provide tourists and guests with a first-class luxurious vacation experience that they can’t find anywhere else in Palm Beach. We offer all the best amenities a resort could have including a full spa, a heated pool, a gym, a golf course, and tennis courts. We are also conveniently located right on the beach, so our guests can easily soak up the sun and enjoy the ocean at their leisure. We are also conveniently located near numerous shopping districts, nightclubs, and popular tourist destinations. Ocean View Hotel & Resort is the perfect resort for anyone looking for the ultimate Palm Beach vacation experience.
Ocean View Hotel & Resort is led by Jacob Ellis who has been in the resort industry for over 20 years. While Jacob has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management-level positions in the industry over the years. Jacob Ellis has a Master’s degree in Hospitality Management and will use his expertise and experience to start his own resort.
Ocean View Hotel & Resort History
After completing a market analysis, Jacob Ellis incorporated Ocean View Hotel & Resort as an S-Corporation on January 2023.
The resort development operations are currently being run out of Jacob Ellis’s home office. Once the land rights have been purchased, operations will be run from an on-site location.
Since incorporation, the Company has achieved the following milestones:
- Found site location and signed the land deed purchasing rights to the land
- Developed the company’s name, logo, and website
- Hired an architecture firm to create a blueprint of the resort
- Started taking bids from construction crews and electrical engineering firms
- Determined equipment leasing and financing requirements
- Began recruiting key employees
Ocean View Hotel & Resort’s Services
Ocean View Hotel & Resort will provide a full suite of luxury resort amenities, all featuring streamlined customer service and convenience.
Some of the amenities we offer include:
- Hotel
- Restaurants
- Bar
- Cafe
- Spa
- Golf course
- Tennis Courts
- Gym
- Heated Swimming Pool
- Sauna
Ocean View Hotel & Resort is located on the beach so guests can enjoy the sun and the ocean at their leisure. The resort is also located near shopping districts, nightclubs, and other popular destinations that our guests can easily access and enjoy.
Industry Analysis
The global hotel and resort industry is valued at approximately $4.5T with more than 700,000 hotels and resorts operating worldwide. Even with the challenges of the recent pandemic, people are eager to travel and stay in luxury accommodations. According to PR Newswire, the industry is expected to grow substantially throughout the rest of the decade, growing at a CAGR of 17.4% until 2030. This shows that even though the pandemic halted travel temporarily, the industry is bouncing back and resorts are going to see a profitable decade.
Demand determinants for the hotel and resort industry include economic conditions, disposable income levels, and consumer preferences regarding hospitality and leisure spending. Over the past few years, consumer preferences have been shifting significantly. Customers are now looking for more personalized service, business-leisure opportunities, health and wellness accommodations, and digital guest experiences.
The hotel and resort industry is highly fragmented with intense competition from major players to single-location operators. Small resort businesses can compete in a variety of ways, however. Industry operators that offer a unique niche, affordable prices, in-demand locations, and amenities that appeal to the modern consumer can run a competitive resort business.
Download the Resort business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Ocean View Hotel & Resort will serve the tourists visiting Palm Beach and its surrounding areas. The community of Palm Beach is a very popular tourist destination. Many of the tourists that visit are affluent or have the disposable income to spend on a luxurious vacation.
Some of our guests may be residents in local communities looking for a great place for a staycation. The demographics of Palm Beach are as follows:
Customer Segmentation
Ocean View Hotel & Resort will primarily target the following customer profiles:
- Local residents
- International tourists
- Domestic tourists
Competitive Analysis
Direct and Indirect Competitors
Ocean View Hotel & Resort will face competition from other companies with similar business profiles. A description of each competitor company is below.
Shady Palms Resort
Shady Palms Resort is a hotel in Palm Beach. Shady Palms Resort is a leading hotel and has been in business for over 40 years. The hotel offers a wide array of services and amenities that you typically find at a hotel. Shady Palms Resort offers luxury accommodations and a five-star restaurant and lounge. Shady Palms Resort is the current most popular choice for tourists in the area because of its proximity to the airport and local attractions such as the Fine Art Museum and movie theater.
This hotel does not have full-service resort amenities, however. Nor does it have the latest digital technology for any of its services or room accommodations.
Super Adventure Resort
Super Adventure Resort is a family-oriented resort located 20 miles from Palm Beach. This resort specializes in providing wildlife adventure tours. The property also has a variety of amenities including a hotel, spa, pool, restaurant, bar, and gift shop.
Super Adventure Resort is far from any other local attractions, the airport, or any other modern conveniences such as grocery stores or gas stations, making it an out-of-the-way getaway, but not conveniently located.
Sunny Shores Hotel
Sunny Shores Hotel is a local hotel that has a few resort-style amenities such as a spa, salon, and fitness center in addition to its traditional hotel accommodations, restaurants, bar, lounge, pool, tennis courts, and free transportation to and from the airport. Sunny Shores Hotel is located close to a variety of local attractions and scenic areas. Guests can go hiking or bicycling on trails nearby or easily access public beaches.
While Sunny Shores Hotel has many appealing accommodations, it lacks the modern technology, full-service amenities, and additional attractions Ocean View Hotel & Resort will provide.
Download the Resort business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Ocean View Hotel & Resort will be able to offer the following advantages over the competition:
- Location: Ocean View Hotel & Resort’s location provides the best access to the beach, shopping districts, nightclubs, and other amenities. The Company also offers adequate parking (along with valet parking), making it easy for customers to relax upon arrival.
- Luxurious Amenities: The resort will be full of luxurious amenities, including a full spa, gym, heated swimming pool, and golf course.
- Management: The management team has years of resort industry experience that allows the Company to market and serve customers in the same manner as its most sophisticated competitors.
- Relationships: Having visited the community for a number of years, Jacob Ellis knows all of the local leaders, newspapers, and other influences. As such, it will be relatively easy to build brand awareness of the resort.
Marketing Plan
Brand & Value Proposition
Ocean View Hotel & Resort will offer a unique value proposition to its clientele:
- Convenient location close to local attractions and the beach
- Luxurious amenities
- Exceptional personalized customer service
Promotions Strategy
The promotions strategy for Ocean View Hotel & Resort is as follows:
Social Media
Ocean View Hotel & Resort will invest heavily in a social media advertising campaign. The brand manager will create the Company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.
Website/SEO
Ocean View Hotel & Resort will invest heavily in developing a professional website that displays all of the features and benefits of the resort. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.
Advertising
Ocean View Hotel & Resort will initially advertise on travel websites, which are frequently used to book travel due to their ease of use and reviews.
Ongoing Customer Communications
Ocean View Hotel & Resort will publish a monthly email newsletter to tell new and past customers about promotions and events.
Pricing
Ocean View Hotel & Resort’s pricing will fluctuate based on the season and occupancy percentages. However, we will typically charge similar rates as other luxury resorts in the area.
Operations Plan
The following will be the operations plan for Ocean View Hotel & Resort.
Operation Functions:
- Jacob Ellis will be the owner of the resort and hire the appropriate staff to manage it. He will also act as CEO and manage the overall operation and executive functions of the company.
- Rebecca Ellis will be the Administrative Assistant and assist Jacob with all the administrative tasks for the company.
- David Blyg will act as the Maintenance Engineer and attend to all mechanical and plumbing issues that may arise.
- Jacob will hire a General Manager and Assistant Manager to run the resort.
- Jacob will also hire a full staff of housekeepers, desk attendants, and other employees to run and manage all aspects of the resort (such as the bar, cafe, and spa).
Download the Resort business plan template (including a customizable financial model) to your computer here <–
Milestones:
Ocean View Hotel & Resort will have the following milestones completed in the next six months.
- 3/202X Finalize land purchase
- 4/202X Finalize blueprints for the resort
- 5/202X Hire and train initial staff
- 6/202X Kickoff of promotional campaign
- 7/202X Finish building the resort
- 8/202X Launch Ocean View Hotel & Resort
Management Team
Ocean View Hotel & Resort is led by Jacob Ellis who has been in the resort industry for over 20 years. While Jacob has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management-level positions in the industry over the years. Jacob Ellis has a Master’s degree in Hospitality Management and will use his expertise and experience to start his own resort.
Financial Plan
Key Revenue & Costs
Ocean View Hotel & Resort’s revenues will come primarily from booking fees for the resort’s many amenities. The company will charge varying rates per night based on demand and seasonality. Ocean View Hotel & Resort will also sell multiple packages to appeal to a range of guests, such as a health and wellness package and a staycation package.
The land purchase, equipment, supplies, and labor expenses will be the key cost drivers of Ocean View Hotel & Resort. Other cost drivers include marketing expenses, maintenance, and taxes.
Funding Requirements and Use of Funds
Ocean View Hotel & Resort is currently seeking $7,000,000 to launch. Specifically, these funds will be used as follows:
- Resort design/build: $6,500,000
- Three months of overhead expenses (payroll, rent, utilities): $250,000
- Marketing costs: $100,000
- Working capital: $150,000
Download the Resort business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Average nightly rate: $500
- Average daily guests:
- Year 1: 50
- Year 2: 75
- Year 3: 100
- Year 4: 125
- Year 5: 150
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Resort Business Plan FAQs
What Is a Resort Business Plan?
A resort business plan is a plan to start and/or grow your resort business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Resort business plan using our Resort Business Plan Template here.
What are the Main Types of Resort Businesses?
There are a number of different kinds of resort businesses, some examples include: Health Spa Resort, Ski Resort, Eco-tourism Resort, Destination Resort, and All-Inclusive Resort.
How Do You Get Funding for Your Resort Business Plan?
Resort businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Resort Business?
Starting a resort business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Resort Business Plan - The first step in starting a business is to create a detailed resort business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. Â
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your resort business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your resort business is in compliance with local laws.
3. Register Your Resort Business - Once you have chosen a legal structure, the next step is to register your resort business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.Â
4. Identify Financing Options - It’s likely that you’ll need some capital to start your resort business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.Â
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.Â
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.Â
7. Acquire Necessary Resort Equipment & Supplies - In order to start your resort business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.Â
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your resort business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.