Hotel Development Services

Hotel Development

"Our emphasis is put on creating a work environment that fosters growth and appreciation of the person and their family. We endeavor to shine the brightest light on our people's strength."

We are experts in operating some of the most recognized brands worldwide, particularly Marriott, Hilton, Hyatt, and IHG products. Our background in these brands allows us to choose the right hotel brand for the market and the property. Both branded and independent hotel options have a place in a strong hotel investment portfolio.

When we work on a hotel development project for our clients, we offer an end-to-end service. We're experienced in every aspect of operating, developing, and acquiring hotel real estate. Prospera calls on relevant data and analytics to make an informed decision, all of the experts required to make these decisions, and all of the major brands in the US hospitality market. We provide feasibility analysis, including pro forma and investment analysis, that drives the choice of brand for the location. Our goal is to maximize the real estate value for the building and create a long-term plan for developers.

Once the brand is selected, we do the work to negotiate the franchise agreement. Our existing relationships with major hotel brands streamlines this process and provides our clients with access to favorable terms. Once the hotel development project starts, we're in close contact with the brand and the hotel developer to deliver functional and programming input from the ground up. In many cases, the projects we work on involve acquiring and re-positioning full-service hotels.

Real estate acquisition

Prospera has a reputation for developing high-profile projects in high-value markets over the past several decades, with transactions of more than $2 billion. We work with limited and full-service hotels and resorts, choosing the best fit for the market. Our acquisition services include:

• Concept development: We help our clients create a hotel concept that fills a need in the market and best fits the type of traveler coming into the area.
• Site selection and evaluation: Prospera can identify ideal construction locations and evaluate the existing property for real estate investors and hotel developers.
• Land acquisition: Our experience in acquiring land for hotels and resorts allows us to offer a streamlined and smooth experience.
• Securing incentives from the local area: Some regions have substantial incentives for businesses to encourage development in the area. Our knowledge of major and underserved markets allows us to identify these opportunities for our clients.
• Financial analysis: A thorough financial analysis determines the medium and long-term potential for a hotel project developed on that piece of real estate.
• Securing financing for the project: Our extensive relationships with financial institutions and commercial real estate lenders make this part of the process simple. Our clients receive favorable rates and access to a wide range of financing opportunities.
• Strict underwriting criteria: Our tried and tested underwriting criteria for real estate transactions allow us to qualify potential opportunities in a number of strategic markets.

ground up development

Our experienced management team recognizes valuable opportunities for development and redevelopment in markets that are primed for more hotels. We've worked with full-service and upscale hotels, resorts, extended stay, and limited-service hotels. Realizing the greatest value for real estate investment starts before the ground is broken or renovations begin. It requires a comprehensive plan that looks at market research, the potential for financial stability over the long-term, and how best to bring a hotel brand to that particular market. Our ground-up development services include:

• Concept development: Establishing the hotel's concept is an essential first step before breaking ground on a new project. Every part of the development should revolve around the type of hotel or resort selected, as well as the intended brand. By making the concept a core part of the plan from the very beginning, all of the decisions that follow afterward serve to strengthen the hotel as a whole.
• Site selection and evaluation: The site requirements for a beach resort versus a downtown, limited-service hotel are much different. Prospera's decades of experience in the hospitality market allow us to match the right site to the intended hotel concept. By marrying the concept of the site selection process, our clients can avoid the frustration that could develop from not having the right resources at the property to fully realize their vision.
• Financial analysis: Our clients go into a hotel development project knowing about the financial feasibility and potential success for their investment.
• Design and development: We provide expert input on the design and development processes throughout our clients' projects.
• Project planning and management: Our decades of hospitality experience allows us to oversee the planning and management stages.

Hotel repositioning

It's a common misconception that hotel repositioning only involves physical renovation. The truth is, it requires a complete plan that looks at the potential of the business, the current market needs, direct feedback from previous guests and the frontline employees who serve them, and ongoing analysis of the effectiveness of the plan. Here are the hotel repositioning services that we offer:

• Cost-benefit analysis: We help our clients find the best way forward with their hotel repositioning projects by conducting a thorough cost-benefit analysis of the potential options.
• Market research: Sometimes a good hotel is simply a bad match for the market. Our expertise in hotel development allows us to identify the right fit based on data-driven decision-making.
• Test marketing: Testing concepts to see if they resonate with the target market is another essential part of hotel repositioning. If a concept falls flat, it's important to know that before substantial changes have been made.
• Strategic planning: We help our clients develop a strategic plan for repositioning the hotel for long-term success.
• Concept development: Our suggestions for new concepts may include franchising with an established hospitality brand or changing the type of hotel offerings available to the target market.
• Project management: We can oversee the repositioning project to ensure that it goes smoothly, and to use our expertise to handle any unexpected challenges along the way.

Contact Prospera today to discuss your hotel development needs with our leadership team.