Pre-Opening Assessment

Recent research show that more than 60% of ventures fail in the phase of pre-opening. There are three main reasons for this:

1. Missed deadlines – a result of various delays impacting pre-opening activities;
2. Changes in scope – sudden changes in goals, deliverables and tasks;
3. Deficient resources – lack of adequate tools to complete a specific task on time.

This demonstrates that paying no regard for pre-opening assessment, hoteliers risk to be self-defeating.

Ensuring a successful hotel opening relies on teamwork, organisation and preparation. The main measurement of success is that the scheduled opening date is met. Countless issues arise in the pre-opening stage that can lead to delays.

Typical challenges that delay an opening fall into three groups – physical, human and organisational. They often arise as a result of conflict or miscommunication between the hotel owner and the hotel operator.

Creating a Lasting First Impression

TFG Asset Management understands the importance of the pre-opening stage to the long-term success of your hotel. We have worked on many pre-opening hotel projects and understand the critical steps that must be taken before the hotel can officially open for business.

TFG Asset Management’s pre-opening services include:

• Assessment and supervision of pre-opening programme
• Support with appointment of key executives
• Pre-launch budget review and advice
• Help in marketing strategy development
• Overseeing development and implementation of operating guidelines, policies and procedures at the outset
• First year budget review and advice

A Formula for Success

Hotel operators and developers may have different priorities but they should be united by a common goal: ensuring a successful pre-opening phase that sets up the hotel for long-term success. Yet, many struggle to overcome issues during the pre-opening phase that threaten to derail these plans. Ultimately, delays will inflate pre-opening budgets, impact financial metrics and lead to missed sales opportunities. They could even damage the hotel’s brand reputation.

TFG Asset Management’s free Hotel Pre-opening Strategies White Paper provides key insights into the main challenges that arise during the pre-opening phase and offers innovative strategies for dealing with them.