Hotel Roanoke & Conference Center
Hotel Roanoke, LLC & Hotel Roanoke Conference Center Commission
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.
The analyses commenced in April 2019 and concluded in February 2020.