CITY OF PARK HILLS COMMISSIONS HOTEL FEASIBILITY STUDY
Park Hills, Missouri – The City of Park Hills 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 in Park Hills TIF District 2 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 Park Hills, Missouri.
GSG will analyze market conditions, economic and demographic factors, and site conditions to forecast their impact on a potential project. GSG will utilize both primary and secondary data sources to analyze the subject area’s potential 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 the market conditions anticipated at the time of the study.
According to Matt Whitwell, City Administrator of Park Hills, “It is important for our community to ascertain the needs of our local businesses to ensure we are providing the necessary accommodations to support their efforts. Mayor David Easter added that “some of our 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”. Mr. Whitwell went on to say, “There is a 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, the communities and the local businesses 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