The City of Centralia 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 Centralia, Missouri.
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 hotel 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 Mayor, Tim Grenke of Centralia, Missouri, “It is important for our community to learn the needs of our local businesses to ensure we are providing the necessary accommodations to support their efforts.” Grenke noted that Hubbell Power Systems and our other larger employers require sleeping accommodations to host out of town employees, vendors and customers as well as the need for additional conference space for meetings or training. City Administrator, Matt Harline added, “We are also seeing more and more youth sports tournaments and camps, in addition to our annual Anchor Festival and BBQ Cook Off that are attracting out of town guests. It is important that we pursue the possibility of a hotel to provide safe and clean accommodations that include the necessary technology to meet these needs. If not, the communities and the local merchants will continue to lose hotel stays and other spending to neighboring communities.”
Once completed, the Feasibility Study will be used to evaluate market demand and attract new investments as necessary.