Initial position

The client, an institutional investor, is the owner of a 4 star resort and conference hotel in a German low mountain region. Since the lease with the hotel operator had expired, several action alternatives for the further operation of the real estate were to be indicated and evaluated for the owner within the scope of an internal business plan. To be particularly worked out were the tasks necessary for the establishment of an operating company for the individual operation through the client and the opportunities and risks associated with it.


Our goal was to compile a fundamentally sound business plan for the client that addressed all topics relevant to the establishment of an operating company.  At the same time, alternative action options (e.g., sale, subsequent lease) were examined and evaluated. Moreover, the question of which investments the owner must calculate to move the hotel into a competitive state for the next 20 years and what effect this would have on the future profitability was to be answered.


In the initial step, HOTOUR analysed the current situation of the hotel (location, market, commercial model, present results and real estate). The concrete options were derived from the assessment of the status quo for the client.

In regard to the setting of tasks, the main focus of the business plan lay in the areas of in-house operation as well as the necessary real estate investment. In this situation, we worked together closely with a hotel-specialised architect (freelancer). In addition and in parallel, we calculated the economic efficiency and profitability of the different action options so that rather early, rough return indicators could be determined.


With the closing and presentation of the business plan, the client received a sound basis for decision-making in regard to their hotel real estate after the expiration of the existing lease.   This business plan indicated the strengths and weaknesses of all possible action options including their profitability. Moreover and as requested, the client received a detailed guide for the establishment of their own operating company (among other items, a time and measures plan as well as cost estimations), within the scope of the business plan that specifically detailed the critical success factors.