IDA Commissions Hotel Feasibility Study for the Marceline area
Marceline, MO – The Industrial Development Authority (IDA) of the City of Marceline, Missouri has retained the Growth Services Group (GSG), a national workforce intelligence and consulting firm, to conduct a Hotel Feasibility Study for the community. This Market Study provides a demographic and economic overview of the subject area to determine the overall feasibility of a new Greenfield Hotel Development. The purpose of this Market Study is to estimate the perceived demand and to estimate financial performance of a new hotel in the Marceline area.
GSG will analyze market conditions, economic and demographic factors, and site conditions to determine their impact on a potential project. GSG will utilize both primary and secondary data sources to analyze the subject area’s demand for additional rooms. Research will also include local interviews with area representatives from a variety of public and private sector organizations. The Report will include primary data and input regarding the overall feasibility of the project today and will analyze the potential for future growth in demand in the subject area.
The GSG Market Feasibility Study Report will address the estimated operating performance of a potential project and will provide recommendations as to the size and scope of the potential development. The report provides prospective owners, investors, operators and lenders with a snapshot of the overall feasibility of the potential project based on market conditions at the time of the study.
According to Darrell Gardner, Executive Director of the Marceline IDA, It is important for the community to ascertain the needs of the local businesses and to ensure the necessary accommodations available to support their efforts. Gardner added that many of the community's larger employers require sleeping accommodations to host out of town employees, vendors and customers as well as the need for additional meeting space for meetings or training etc.
“There is a high level of corporate and commercial demand in our area and it is important that our hotels provide safe and clean accommodations that include the necessary technology to meet these needs,” said Gardner. “If not, the communities and the local merchants will lose hotel stays and subsequent guest spending to other communities.”
The study is being funded as a joint effort by the IDA and the City of Marceline through its economic development budget.
Once completed, the Feasibility Study will be used to evaluate market demand and attract new investments as necessary.