On September 18th the Mayor and City Council approved, and the City of Bethany has now retained 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 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 Bethany.
GSG will analyze market conditions, economic and demographic factors, and site conditions to determine their impact on a potential hotel 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.
In addition, 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 Jonne Slemons, Bethany City Administrator, “It is important for our community to identify the needs of our local businesses to ensure we are providing the necessary accommodations to support their efforts. Our employers require sleeping accommodations to host out of town recreationists, health-related visitors, employees, vendors and customers. There is also a need for additional meeting space for meetings, training, community events, etc. There is both ongoing and seasonal demands 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 community and the local merchants will lose hotel stays and subsequent guest spending to other communities.”
In addition, the City has commissioned a GSG Retail Market Study. GSG will analyze market conditions, economic and demographic factors, and site conditions to determine their impact on retail development. GSG will conduct an extensive retail analysis of the subject area including the 15 minute and 30 minute drive times. The analysis will focus on several areas including demographic findings, community survey findings and taxable retail sales findings. GSG will provide an in depth analysis of the area’s population, employment, income, housing, commuting patterns, traffic counts, trade area and actual/potential sales dollars for various retail segments.
Once completed, the Hotel Feasibility Study and the Retail Market Study will be used to evaluate market demand and attract new investments.