Hospitality Experience

Market Study for Courtyard by Marriott Times Square

Horwath HTL was engaged by Kyungbang Co. Ltd. to conduct a market study to provide development recommendations and operating and financial projections for the hotel component of a proposed mixed-use project on a former factory site in Yeungdongpo.


Project Scope

Horwath HTL was engaged by Kyungbang Co. Ltd. to conduct a comprehensive market study for the development of a hotel component within a proposed mixed-use project on a former factory site in Yeongdeungpo. The study focused on providing actionable insights to guide the planning and execution of the hotel’s development in alignment with market demand and the overall project’s strategic goals.

The engagement began with an analysis of the local market, including a detailed review of demand generators such as business districts, retail hubs, and nearby transport links. This was supplemented with a competitive analysis to evaluate the performance and positioning of existing hotels in the area, identifying gaps and opportunities within the market. The insights from this analysis informed recommendations for the hotel’s market positioning, target audience, and service offering.

Horwath HTL provided tailored development recommendations, including the optimal room mix, public spaces, and facilities to ensure a competitive and attractive product for the intended audience. These recommendations considered the unique characteristics of the site and its integration within the larger mixed-use project, which was designed to appeal to both business and leisure travellers.

The study also included detailed operating and financial projections, modelling anticipated revenue streams, operational costs, and profitability metrics. Sensitivity analyses were performed to account for potential market fluctuations and operational challenges, ensuring that the projections provided a realistic framework for evaluating the hotel’s feasibility and financial viability.

The recommendations and projections provided by Horwath HTL enabled Kyungbang Co. Ltd. to move forward with confidence in developing the Courtyard by Marriott Times Square, positioning the hotel as a key component of a vibrant mixed-use destination in Yeongdeungpo.

Hospitality
Strategy and Planning
Assets

Project Location

Seoul, South Korea


Singapore Office

Singapore office


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