A business plan for hotel & serviced apartments in Chanthaburi, Thailand

Name: Pavaree Bunkhum

keyword: Feasibility study

; Expansion plan

; Accommodation

; Tourism

; Chanthaburi Province

Abstract: The Blue Water Vibe Hotel & Serviced Apartments Business Plan is intended to serve as a guideline for the expansion of the existing business, Water Vibe Hotel. Established in 2015, Water Vibe Hotel is located in Talat Subdistrict, Mueang Chanthaburi District, Chanthaburi province. With great location, architecture, service, and 7 years of experience, Water Vibe Hotel is now rated a 4-starhotel of Chanthaburi. However, the growth and expansion of the hotel is capped due to the limited number of available rooms of 40 and a 100 pax conference hall. This makes the hotel lose some of the potential customers due to insufficient accommodation and conference rooms to meet the needs of customers. On the other hand, when studying the demand for hotels and accommodation in Chanthaburi, it was found that the number of visitors and hotel occupancy rates in Chanthaburi have grown on a continuous basis, with an average growth of 9.93% and 9.29% per year, respectively. It is also likely to increase in the future as a result of the growth in the provincial agricultural industry and support from the government for both secondary city tourism projects, and the Eastern Economic Corridor (EEC) projects, etc. Considering the excessive demand and possible future growth of Chanthaburi’s hospitality industry, the Blue Water Vibe Hotel & Serviced Apartments project involves a newly built structure in the vicinity of the former Water Vibe Hotel building with the objective to expand the number of rooms and conference rooms to accommodate more users. The project will consist of 33 hotel rooms, 22 serviced apartments, and 3 conference rooms, in a 7-storey building, targeting Thais and foreign tourists and employees with middle to high income, who like to travel by themselves, as a couple, or in a group. Their objectives may be based on leisure or work-related. The Blue Water Vibe Hotel & Serviced Apartments business plan covers a comprehensive analysis of internal and external environment, industry trends, demands and needs of the guests, marketing strategies, accommodation management process, service control processes, human resource management, and financial strategies, in order to create a competitive advantage and to analyze the project’s feasibility. The feasibility study and financial plan of the Blue Water Vibe Hotel & Serviced Apartments revealed that the project requires an investment of 115,486,800 baht. In a base case, the net present value (NPV) was found to be 566,039,933 baht and the project's internal rate of return (IRR) was established at 48.62%, which is higher than the weighted average cost of capital (WACC) of 5.65% and a payback period of 5.7 years, thus, demonstrating the attractiveness and investment value of the project

Thammasat University. Thammasat University Library

Address: BANGKOK

Email: preserv@tu.ac.th

Name: Suthisak Kraisornsuthasinee

Role: advisor

Created: 2021

Modified: 2023-03-22

Issued: 2023-03-22

วิทยานิพนธ์/Thesis

application/pdf

DOI: 10.14457/TU.the.2021.303

eng

DegreeName: Master of Business Administration

Level: Master's Degree

Descipline: Global Business Management

Grantor: Thammasat University

©copyrights Thammasat University

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