CITY OF PINE CITY COMMISSIONS HOTEL FEASIBILITY STUDY
The City of Pine City 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 Pine City to determine the overall feasibility of a new greenfield hotel development. The purpose of this Market Study will be to estimate the perceived demand and to estimate financial performance of a new hotel in Pine City.
GSG will analyze market conditions, economic and demographic factors, and site conditions to determine their impact on a potential project. The study will utilize both primary and secondary data sources to determine the 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 be used to determine feasibility of the project today and will analyze the potential for future growth in demand in Pine City.
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 Carl Pederson, “It is important for the Pine City community to ascertain the needs of our local businesses to ensure we are providing the necessary accommodations to support their efforts.”
Pederson added that, from recent business visits, “I have learned that many of our larger employers in Pine City require sleeping accommodations to host out of town employees, vendors and customers as well as the need for additional meeting space for meetings or trainings.”
Pederson went on to say, “We believe there to be 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. If not, Pine City and the local merchants will lose hotel stays and subsequent guest spending to other communities.”
Once completed, the Feasibility Study will be used to evaluate market demand and attract new investments as necessary.