The Hotel Project Life Cycle
Property development is that the development of land. The property development life cycle starts with the launch of a development project and ends with project exit and typically the sale of the property by the developer.
The property life cycle covers the whole life cycle of a property, from its development until the top of its economic useful life, including its operation:
Pre-construction- Conceptual planning, feasibility studies, operator selection, land acquisition, and entitlements;
Project construction– Execution of the project strategy, selection of the professional services and consultants by the developer for project implementation and realization; and
Post-construction– Operation and maintenance of facilities upon construction completion, commonly marking the developer’s exit from the project.
The hotel project life cycle is that the time span and therefore the phases of a hotel development project, from its original idea through to developer project exit and property operation. It defines the interrelated project development phases and final delivery of the facilities to its operator and asset manager.
Alternatively, the life cycle of a hotel development project are often distinguished in additional granular and sequential phases that parallel the project value chain. The worth chain follows a property’s life cycle and describes the activities within the production process that are needed to deliver a product and therefore the points within the process where value is made.
To perform the varied activities during the property’s extended life cycle, the roles and responsibilities are assumed or assigned by the developer to the various stakeholders in each phase of the event project. The acceptable level of integration depends on the respective stakeholder’s position and performance within the development process.
Hotel sustainability boosts profit margins throughout the hotel project life cycle for all stakeholders. Benefit and profit are realized through utility savings, future-proof investment strategies, meeting consumer preferences, and regulatory incentives.
Hotel Property Development
Hotel development can ask either hotel business development or hotel property development, but often both as interconnected requirements. The complete spectrum of hotel development starts with strategic business management and ends with the ultimate disposition and transfer of a newly built hotel to the operator.
Hotel business development is that the process of pursuing an organization’s strategic objectives and expanding the organization’s market exposure. This will be achieved through organizational mergers, existing hotel property purchases, marketing, branding and business repositioning, hotel extensions and new-builds.
Hotel property development is that the land development process that brings a thought or concept for a hotel with the associated hospitality services to successful realization through project construction. Like any property development project, it’s an interdisciplinary, complex business process that encompasses the entire economic and physical life cycle of developed land.
Property development is often viewed holistically because the delivery of complete solutions for land space, from project concept and implementation to the operation and disposition of the developed property. It leads to new builds and refits, including the renovation, rehabilitation and reconstruction, and re-lease of the constructed buildings.
Property development requires the talents and expertise of various professionals and repair providers. It calls on the developer to assemble a team of execs to deal with the varied economic, physical, environmental and political issues inherent during a project.
Integrated development involves the project developer acting in various professional capacities throughout the project development phases. It leads to the developer gaining benefit along the worth chain.
Sustainable development involves all stakeholders to know and adopt sustainability principles along a property’s life cycle.
Sustainable development is that the principled use of environmental resources to make sure long-term, viable economic operations that provides socio-economic benefits to all or any project stakeholders, without compromising the chance of future generations to satisfy their own needs.