In the case of seeking institutional financing, a third-party market feasibility study may be a prerequisite. However, while a feasibility study is useful in determining the direction of a project at the beginning of the evaluation process, the final financing arrangements will only be achievable once the project parameters are in place, by which time the study will most likely be out of date. If there is a necessity for a review at the beginning and end of the evaluation process, ensure agreement in advance for the report revision costs to avoid full duplication.
The budget is a primary factor in influencing which hotel consultant to choose; however, it certainly should not be the defining factor and is more likely to be a reflection of the resources employed and the deliverables provided. If obtaining quotes from two or three relevant hotel consultants, then ensure they have a comparable scope of work, schedule, deliverables (such as reports, presentations, forecasts) and payment and expense terms including acceptance terms and future updates if required.
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What can a hotel consultant do for me?