Hotel Roanoke & Conference Center

Client

Hotel Roanoke, LLC & Hotel Roanoke Conference Center Commission
Roanoke, VA

Scope of Work

Senior management of R.M. Woodworth & Associates was engaged by Hotel Roanoke, LLC and the Hotel Roanoke Conference Center Commission to study the economic viability of an expansion of the Hotel Roanoke & Conference Center. 

Specific parameters of the engagement included the following:

• Conducting a local and regional market economic and demographic analysis.
• Examining and evaluating existing sources of demand at both transient and group levels.
• Examining hotel and conference center demand in the nation and in the Virginia/Mid-Atlantic region.
• Examining and evaluating hotel and conference center group demand within the Roanoke Valley region. This entailed a survey of approximately 200 regional meeting planners.
• Conducting a competitive set analysis with respect to both conference facilities and hotels within the local market.
• Conducting a regional competitive set analysis and conducting primary research to quantify new demand from the expanded facilities.
• Estimating the impact of 100 to 150 additional rooms on the hotel’s overall occupancy level and average daily rate.
• Analyzing construction cost estimates associated with the contemplated expansion.
• Analyzing and recommending the size, scope, and location of any proposed expansion of the hotel and conference center.
• Suggesting additional amenities, if any, that might improve the proposed expansion.

Timing

The analyses commenced in April 2019 and concluded in February 2020.