The Caribbean House

The Caribbean House

Key West, Florida

HMGT 4650 Final Project
Sarah Durette
Cerise Motley
Mark Steinberger
Cameron Simmons
Briana Kelso

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EXECUTIVE SUMMARY ................................................................................................................. 4
SECTION 1: PROPERTY CONCEPT AND DEVELOPMENT ........................................................ 5
HOTEL CONCEPT & PROPERTY DECISIONS .............................................................................................. 5
PROPERTY DIAGRAM ............................................................................................................................... 7
SERVICES AND AMENITIES OFFERED ....................................................................................................... 8
DEPARTMENT AND STAFFING CONSIDERATIONS ................................................................................... 12
MARKETING PLAN ................................................................................................................................. 14
SITE SURVEY .......................................................................................................................................... 15
RENOVATION ......................................................................................................................................... 17
TABLE 1: RENOVATION COST DETAIL ....................................................................................................... 19
FURNITURE, FIXTURES & EQUIPMENT ................................................................................................... 20
TABLE 2: FF&E COST DETAIL ................................................................................................................ 22
SECTION 2: MARKET ANALYSIS ................................................................................................ 23
HISTORY OF KEY WEST ......................................................................................................................... 23
ATTRACTIONS AND ACTIVITIES ............................................................................................................. 24
AREA PROFILE AND DEMOGRAPHICS ..................................................................................................... 26
HOTEL MARKET PROFILE ....................................................................................................................... 27
BUSINESS CHALLENGES ......................................................................................................................... 28
KEY WEST TOURISM PROFILE ............................................................................................................... 30
SECTION 3: COMPETITOR ANALYSIS ....................................................................................... 31
SELECTION OF COMPETITIVE SET .......................................................................................................... 31
COMPETITOR DESCRIPTIONS AND REVIEWS .......................................................................................... 31
TABLE 3: COMPETITIVE SUPPLY TABLE ................................................................................................... 36
SECTION 4: MARKET GROWTH ANALYSIS ............................................................................. 37
ECONOMIC INDICATOR SELECTION & WEIGHTS .................................................................................... 37
TABLE 4: GROWTH OF ECONOMIC INDICATORS ....................................................................................... 39
MARKET GROWTH PROJECTIONS ........................................................................................................... 40
TABLE 5: GROWTH OF DEMAND FORECAST ............................................................................................. 41
SECTION 5: MARKET PENETRATION ANALYSIS .................................................................... 42
TABLE 6: COMPETITOR PENETRATION ANALYSIS ...................................................................................... 42
THE CARIBBEAN HOUSE MARKET PENETRATION .................................................................................. 43
TABLE 7: LGBT SEGMENT PENETRATION ................................................................................................ 45
TABLE 8: GROUP SEGMENT PENETRATION ............................................................................................... 45
TABLE 9: FOREIGN SEGMENT PENETRATION ............................................................................................ 46
TABLE 10: MARKET PENETRATION FOR FIRST 5 YEARS ............................................................................ 47
SECTION 6: RATE ANALYSIS ...................................................................................................... 49
RATE DETERMINATION USING ADR TABLE .......................................................................................... 49
TABLE 11: AVERAGE DAILY RATE CALCULATION ..................................................................................... 50
SECTION 7: ESTIMATED OPERATING RESULTS ..................................................................... 51
REVENUES AND EXPENSES ..................................................................................................................... 51
TABLE 12: PRO FORMA INCOME STATEMENT ........................................................................................... 54
CONCLUSION: PROJECT ASSESSMENT .................................................................................... 55
SOURCES CITED ............................................................................................................................ 56

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Executive Summary
The following is a report of a feasibility study for a brand new hotel in Key West Florida.
This project is taking an existing hotel that is for sale and renovating it into an entirely new hotel
concept. The project management team will be keeping the name; The Caribbean House for the
newly renovated hotel. The entire structure of the building will remain the same and only
cosmetic changes will be made. The entire budget for all renovations is $110,000 and the project
is expected to be complete under budget. The hotel will consist of ten bedrooms, two separate
lounges on both sides of the building, and a manager suite on the third floor. The Caribbean
House is only a two-minute drive to the beach, or a ten minute walk on foot. The new marketing
segments for this hotel will be foreign tourists, group tourists, and LGBT tourists. The Caribbean
House is children and pet friendly, which will give this hotel the upper hand when comparing
similar hotels due to the lack of children friendly hotels within the area. The Caribbean House
will open doors summer 2017 and is predicated to have a 98% of occupancy by the year 2020.

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Section 1: Property Concept and Development
Hotel Concept & Property Decisions
Hotel Name: The Caribbean House
The management team decided to the keep the name of the hotel because they thought it was
nice and wanted to build a theme around its name.
The Idea:
The Caribbean House will be an independent, limited service hotel, located in Key West, Florida.
The hotel will undergo a complete full renovation with the idea of bring the Caribbean to Key
West. The name of the hotel tells you the exact theme of the hotel, a Caribbean getaway. Each
room in the hotel will be name and themed after a Caribbean Island.
Value Proposition:
The renovated property will put the property in competition with new upscale competitors with
the addition of many new appliances and amenities.
Independent vs. Chain:
From looking at multiple surrounding properties management staff have chosen to stay and
Independent hotel rather than a chain.
Seasonal vs. Year-round:
The Caribbean House will be a year-round hotel due to the fact that Florida is a year-round
tourist destination.

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Food and Beverage:
The hotel will not a have a restaurant on-site because the hotel does not have enough space to
accommodate F&B service. The only food and beverage service provided to the guests are soda
and snack vending machines. Each room will have a single cup Keurig and mini fridge.
Room Mix:
To accommodate for the market and the sizes of the rooms, the hotel will have ten rooms in total.
Two rooms will have king size beds. Three rooms will have queens size beds and the last five
rooms will have double twin size beds in the rooms.

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Services and Amenities Offered
Enjoy Our Beautifully Renovated Property
• Lovely outdoor gazebo
• One outdoor grill available for the guests use
• Complimentary laundry facilities on-site
• Complimentary coffee and muffins from 8:00-10:00 AM daily
• Free on-site parking
• Vending machines
• Hammock friendly (guests can bring their own hammock or pick one up at the front desk)
• Pet friendly (under 65 pounds) with $100 security deposit
• Key Card Entry
• Universal phone chargers available upon request
• 24/7 security surveillance located around the entire property
Amenities for All of Your Needs
• Mini refrigerator
• Smart televisions with access to DirecTV premium channels
• Blu-Ray DVD player
• Complimentary Wi-Fi throughout the entire property
• Top-level suites include a private patio with outdoor table and chairs
• Air Conditioning
• In-room safe
• Hair Dryer included in all bathrooms
• Iron & Ironing Board included in room

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• In-room Keurig with coffee, teas and sweetener included
• 600 thread count sheets
• Pillow top mattresses
Take Advantage of Our Prestigious Location
• Over twenty different restaurants and bars within half a mile radius
• Walking distance to the beach
• Prime location for watching the sunset
• Located only four miles from Key West International Airport
Rationale for Amenities Chosen:
The outdoor property amenities are based upon specific criteria. The management team
wanted guests to have a tropical and cabana like environment when they are hanging out outside.
A gazebo has been incorporated as well as an outdoor grill for guests to use at their own
discretion since the rooms will not be including a kitchen or kitchenette. A complimentary (free-
of-use) laundry facility will be located on-site for guests’ convenience. The hotel will be pet
friendly, to all pets not exceeding sixty-five pounds. There will be on-site parking for guests, for
their convenience. The entire property will be ADA accessible and will include a ramp that
connects to the parking lot for guests in wheelchairs. There will also be 24/7 security
surveillance; one security guard will be on-site as well as the entire property will be under
security surveillance. This will ensure each guests’ safety and allow them to stay with us more
comfortably. For added security there will include safes in each room as well as electronic key
cards to enter the property and into each guest room. If a guest happens to misplace their keycard
they will be charged a non-refundable fee of $100. This fee will only be refunded if the guest

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happens to locate their keycard before checking out of the hotel. The front desk will be open
from 8am-10pm daily, guests’ rentals for the beach as well as hammock rentals. All of the rentals
the front desk offers will be free and will only cost if the guest happens to damage or misplace
the items. A contract will be signed by each guest prior to checking out the items to ensure that
they can and will be held liable if they misuse items. The front desk will also offer
complimentary coffee, doughnuts, and muffins 8-10am daily, universal phone chargers, and
hairdryers as well as straighteners incase a guest happened to forget to bring their own. These
items will also be checked out using a log and will be signed off on by each guest.
The rooms will also include some added amenities. There will be mini-refrigerators
located in each guestroom that are all pizza box friendly. There will also be complimentary zip-
lock bags to guests at the front desk in case they need to consolidate their food to fit it inside the
refrigerator. Each guestroom will have smart televisions that will have DirecTV premium
channels. This will ensure that no guest has to miss any of their favorite TV shows during their
stay. There will be complimentary Wi-Fi located across the entire property. There will be ironing
boards, irons, and a Keurig in each guestroom for each guest’s convenience. The beds will offer
guests a luxurious feel with pillow top mattresses and 600 thread count sheets for added comfort
to the guests stay.
Policies
• Check-in at 4 p.m. Check-out at 11 a.m.
• Late check-ins are allowed if notice is give the day of check-in with expected time of
arrival.

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• Pets are allowed in rooms on first floor rooms only. However, there is a 65-pound
minimum and a $100 security deposit at time of check-in. Refunded if no damages are
incurred.
• No persons under the age of 18 may reserve a room. Government issued I.D. must be
shown at time of check-in. If under 18, must be accompanied by an adult.
• No-smoking allowed in rooms. Must be 50 feet away from building to smoke.
• Two-night minimum stay on weekends (Friday-Sunday).
• Walk-ins welcome. If making a reservation, must secure with a valid credit card but will
not be charged until check-out. Accepted cards of Visa, MasterCard, American Express,
or Discover.
• Cancellation policy: No cancellation fee is incurred if notice is given to The Caribbean
House a week prior to check-in. If the inn is notified 24 hours or less, a cancellation fee
of 50% of the first night stay will be charged to the credit card on file. No shows will be
charged 100% of the first night stay.
• The Caribbean House reserves the right to cancel or modify reservations if a guest has
committed inappropriate activities in and on-site facilities.
Rationale for Policy Decisions
Due to the fact The Caribbean House is a small competitive inn in a large tourist district,
management wants to ensure guests are protected by giving them a specialized experience. The
Caribbean House will allow guests to bring pets for a security deposit and a small fee. The
security deposit will be returned to the guest at the time of their departure if no damages or extra

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cleaning are needed. The no smoking policy helps give other guests an enjoyable experience and
keeps facilities and common areas clean and smoke-free.

Department and Staffing Considerations
Management & Administration
An on-site, salaried General Manager, who will be the one responsible for the entire
hotel, will manage the Caribbean House. The manager will act as the human resource director, as
well as the sales manager. Since the Caribbean House is very small, having only 10 rooms, there
is no need to have separate managers for each department within this hotel. To lighten the
amount of work and stress toward the general manager, an assistant manager is needed. The
assistant manager will not be salaried base, but instead will get part time hours weekly. These
hours will most likely change week-to-week depending on the General Managers schedule.
Within these two positions, the daily operations that are needed each day to keep the hotel up and
running will and should be completed by the General Manager and/or the assistant manager. All
management will be in charge of the general accounting duties as well as doing the auditing.
There is no need for a night auditor to be employed at the Caribbean House since the General
Manager can simply do this task at the end of each work shift.
Front Desk & Guest Services
Having a twenty-four-hour front desk agent is a must when employing the Caribbean
House. Since having the front desk available all hours of the day, there will be at least three front
desk clerks that are needed to keep the guests happy. That being said, three front desk clerks will
work in three part shifts. The morning shift will be from about seven a.m. to three p.m., the
evening shift will be from three p.m. to about eleven p.m. and the late shift will be from eleven

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p.m. to seven a.m. This will allow there to be at least one front desk clerk available at all times of
the day. Whoever is the front desk clerk that is working the late shift, they will be the one who is
responsible for the accounting duties and auditing. The General Manager or assistant manager,
whoever is working during that shift, will help perform the accounting duties needed by front
desk, and will be reviewed by management so no failures or mistakes happen.
Housekeeping
For the typical hotel with 200 plus rooms, there is a claim that the entire hotel should
have about twelve to fifteen housekeepers a day is a must. Since the Caribbean House has only
ten rooms, only two housekeepers will be employed to ensure that the quality and cleanliness
exceeds beyond guests expectations and wants. Housekeeping will be responsible for cleaning
each room before and after every stay, clean guest’s laundry (if offered), and to make sure that
the front of the house as well as back of the house is kept clean and presentable.
Maintenance
The maintenance department will consist of two full-time employees. This department
will include a director as well as an assistant. These employees will have the responsibility of
doing routine preventive maintenance including a wide range from changing HVAC filters to
kitchen equipment to regular boiler maintenance. They also will be responsible for all types of
scheduled inspections for electrical equipment as well as construction related repairs throughout
the premises. These two employees will have overlapping scheduled work shifts with alternating
nights for on-call after hours.
Security
Security will consist of two security officers, one who will work the morning shifts, and
one who will work the night shifts. Hotel security officers must watch for unusual, illegal or

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dangerous activities that may possibly occur on the premises of The Caribbean House. The
security officers will patrol the parking lot, lobby areas, and take numerous walk around the
property to ensure safety for all guests. Officers can and will escort guests to their vehicle if
parked in The Caribbean House’s parking lot. Security Officers will have the right to evict
guests, escort them off the property or detain them until the police arrives. Officers must respond
to calls for employees who are in need of assistance in dealing with belligerent guests,
trespassers or loiterers. The Caribbean House Security Officers take on the responsibility for
enforcing the rules, providing safety for guests and employees, and for reporting in journal logs
of all activities during their work shift.
Marketing Plan
Marketing will begin as soon as hotel property is purchased by creating buzz on social
media and having a press conference through local news outlets to build awareness in the
community. Vibrant and welcoming billboards will be put up along Flagler avenue and S.
Roosevelt boulevard to generate demand in people who are arriving from the airport or driving
from that direction. Upon completion of the renovations, The Caribbean House will be set to join
the Key West Chamber of Commerce to build relationships among other local businesses and to
make presence felt in the community.
With a solid ground work and the beginnings of a local network, negotiations will be
made with other businesses that will allow brochures to be placed in their properties. The
Caribbean House brochures will also be placed in the visitor center for tourists and visitors that
may be interested in staying at the property. This will give the hotel a deeper reach into the
market.

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Due to the heavy presence of tourists on the beach, aerial advertising will be used to
display a banner in the sky with The Caribbean House name and phone number. This will give
the hotel much more visibility due to the high volume of people it would reach.

Site Survey
Property
The Caribbean House is an existing guest property that will be renovated into an inn
equipped with updated services and amenities to create the perfect atmosphere for couples and
small families. It was built in 1989 and is located in Bahama Village, Old Town Key West
subdivision. The Caribbean House is located on 244 Petronia Street, which is a five-minute walk
from Duval Street and many of Key West’s tourist attractions. The lot is 2,850 square feet with a
10-bedroom inn and an on-site manager suite. The inn will be suitable for up to 30 people
depending on the room mix.
Although the property is not waterfront, it is located two blocks away from the beach,
restaurants, shopping and nightlife. There are four paved parking spaces on-site with ample
street parking nearby and an ADA accessible ramp near the entrance of the inn.
Property Detail
According to Conchland Realtors, basic features of The Caribbean House include:
• Four paved parking spots
• ADA accessible ramp
• One block from art galleries, retail shops and restaurants
• No history of flooding

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Descriptions and amenities of the 2,080 square foot property include but are not limited to:
• 10 guest rooms with 10 transient licenses
• Ductless A/C units
• Laundry Room
• On-site manager suite
• Shutters on all windows/doors
• Walk around covered balconies
• Open deck area on ground level
• Aluminum windows
Access and Visibility
From Duval Street, take Petronia (one-way street) for two blocks. The inn is located just
past the Blue Heaven on the left. The Caribbean House is ADA accessible and is equipped with
a ramp to the left side of the inn’s entrance. The Caribbean House is a 4-mile drive to Key West
International Airport and an 8.5-mile drive to Key West Naval Air Station.
Acquisition Cost
The list price of The Caribbean House is $2,800,000.

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Renovation
Due to the structurally sound foundation and outdated elements of The Caribbean House,
there will be no drastic renovations to this ten-bedroom inn. The main renovations taking place
at The Caribbean House will be cosmetic updates. The management team decided on a
renovation budget of $50,000 to cover all necessary costs.
The exterior will have minimal updates including an updated aluminum ramp leading
from the parking lot to the lobby and first floor suites. With the addition of the outdoor lounge
(discussed in the following section) the exterior will have an updated paint job with a Caribbean
style color palette.
In the minimalistic lobby, it will be painted a calm and neutral blue. There will be a
reception desk when the guests enter the lobby as well as a vending machine and storage room
for on-site laundering.
Each of the ten rooms in The Caribbean House are the same size at 200 square feet each
(150 sq. ft. for the bedroom and 50 sq. ft. for the individual bathroom) and will be named and
designed after a different Caribbean island. The walls and ceilings will be painted a neutral color
to match the desired color palette. Every room will be installed with an electronic room entry for
both safety and efficiency with key cards matching the Caribbean island special to that room. To
keep the bedrooms and bathrooms simple yet efficient, laminate flooring will be installed. All
rooms will also be installed with split air conditioners so every room can control the temperature
to the guest’s preference.
Every bathroom will have cosmetic updates including new paint on the walls and
ceilings. In addition, the bathroom will be fully renovated with a new dual-flush toilet and a

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standup shower. A 30” vanity set with lower cabinets, a detached mirror and upper vanity
lighting will give the bathroom a fresh and open feel.

Table 1: Renovation Cost Detail

Furniture, Fixtures & Equipment
The management team has budgeted $60,000 for all furniture, fixtures, and equipment.
Each bedroom will be designed around a specific island theme. The team has chosen ten
different islands; Aruba, Saint Martin, Grand Cayman, British Virgin Islands, Haiti, Puerto Rico,
Dominican Republic, Curacao, the Bahamas and Jamaica which is the country shown in the
example below. To differentiate each individual bedroom from one another there will be the
islands flag hanging over the bed. Every bedroom will include the same pillow top mattress, bed
frames, dressers, curtains, and blinds. The only thing different will be the decorations and
accessories that will give the guest a private island experience. The reasoning behind doing the
different island themes is to make every room have its own style. This makes the hotel have
more of a unique, boutique feeling and stand out from other competitors.
Each bedroom will consist of 48-inch plasma screen televisions that will be mounted onto
the wall above the dresser. The rooms will each have a ceiling fan as well as a $1,200
personalized air conditioning wall unit. There will be iPhone docks, a Blu-Ray DVD player and
an abundance of artwork strategically placed throughout each room. Another thing being
incorporated in the room is pizza friendly miniature refrigerators. These refrigerators will be
compact as there is not a lot of extra room in the bedrooms but large enough to accommodate an
entire pizza box. Having these top of the line amenities will make the guests feel more
comfortable during their stay.
The bathrooms will have a relaxing and spa like feel to them. The first task in renovating
the bathrooms will be to renovate the showers. The current shower systems will be demolished
and then be upgraded to a beautiful walk in glass door shower. The design concept for the
bathrooms will be very similar to the bedrooms so the themes can flow smoothly together. All of

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the shower heads will be upgraded to a rain shower head to give the bathrooms more of a spa
like feeling. All bathroom linens will be white and will be 100 percent genuine Turkish cotton.

Section 2: Market Analysis
History of Key West
Key West started out as a land covered by water. Its coral reef was its forest and the fish
its inhabitants. But all that changed when the polar ice caps reformed causing the water levels to
drop and land to form. After the water moved down and the land formed its first human
inhabitants were the Native Americans. European ships would dock at Key West to gather fresh
water and would become home to shipwrecked individuals. Until Florida became a United States
territory in 1821 no one ventured down there. Before the area was named Key West it was name
Cayo Hueso, which is Spanish for key bone. Key West gives credit to the Civil War for being
mainly responsible for them becoming Florida’s largest city. The Key’s was where the
blockading forces for the Union were and support base for Fort Jefferson.
The 1825 Federal Wrecking Act helped put Key West on the map. The act made it that all
wrecked ship found in United States waters would be taken to a port of entry. Key West became
a port of entry in 1828 and wrecking became a major industry. Around the 1840’s another
industry was formed, the sponge industry. Since many workers had nothing to do when waiting
for another wreck to come in, the sponge industry helped provide them with jobs. Due to its
population of Cubans the cigar industry was an up and coming industry in the keys. Though the
industry did not begin to dominate the market until the 19th
century. One of the first hotels built
in the Key’s was the La Concha hotel located on Duval Street in 1824. The hotel is currently still
in business and is a part of the Intercontinental Hotel Group.
Hard times fell on the Key’s during the Great Depression. Businesses around the area
gradually disappeared and tourism drastically decreased. World War II helped bring Key West

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out of their economic slump but not entirely. What really saved Key West was “Pink Gold”. Pink
Gold is a variety of shrimp that people considered large, pink, and had a unique flavoring making
them delicious.
Attractions and Activities
Key West is the most southern point of the United States. It is 165 miles south of Miami,
Florida and is 90 miles north of Cuba.
People visit Key West for many different
reasons but surprisingly the beaches
aren’t solely the reason or the most
popular reason for visiting. Key West has
a lot to offer from the local shops, to the
entertainment life, underwater
experiences, as well as above water
experiences. Key West is a major tourist destination. From the mile marketer buoy symbolizing
the end of i-95, to the tours and excursions they have to offer. Some attractions and activities that
Key West has to offer have been listed below.
Attractions
Duval Street: This Street is only 1.25 miles long running from the Gulf Coast of Mexico to the
Atlantic Ocean and is famously known for the commercial shopping it has throughout the road.
Ernest Hemingway Home & Museum: As many people know Ernest Hemingway is a very
famous author. He has written over 15 different books that have all been published. People are
able to tour Hemingway’s home at a rate of $13 for general adult admission. Children 12 and
Figure 1 "Florida City to Key West 204k RUSA Permanent - Route #1431."
Florida City to Key West 204k RUSA Permanent - Route #1431. N.p., n.d.
Web. 12 Sept. 2016.

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under are almost half the price at $6 and children under the age of 5 are free. Group rates are also
offered but for adults only and are $10.75 a person. People are able to tour his house all 365 days
of the year between 9am and 5pm.
Key West Butterfly and Nature Conservatory: This is a butterfly park, similar to a museum
that house around 50 to 60 different species of live butterflies. Hours of operation are 9am-5pm
and the last tickets are sold by 4pm. General admission is $12 and children with ages of 4-12
years old are $8.50. Children under the age of 4 are free. Discounts are offered for senior citizens
as well as military at a rate of $9. Group rates are also offered but reservations must be made in
advance.
Activities
Key West has many different activities that are able to meet anyone’s needs. Depending
on how much adventurous you are there are unlimited activities offered at Key West. You can
snorkel, scuba dive, dolphin watch, and even rent a very own kayak or sail boat. Here is just a
few of the activities Key West has to offer:
Key West Extreme Adventures: This is a sightseeing tour. Guests will ride on a catamaran
where they will have the chance to see sea turtles, dolphins, and sharks. With a 5-star review on
TripAdvisor and a rank of 25 out of 225 of the total boat tours listed on their website, this is
something guests should definitely partake in. Admission rates are pretty high at a rate of $79 for
adults, $39 for children 6-16 years old, and children under 6 are free; but the majority of the
reviews two hundred and eighty-four reviews all state that it was well worth the cost. After all,
where else will guests be able to see a shark, dolphin, and sea turtle right under them without
having to be concerned about safety? This definitely is a once in a lifetime experience.

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Danger Charters: Danger Charters offers sunset sails, snorkeling, power boating and kayaking.
The wind and wine sunset tour has been rated as the #1 thing to do when visiting the Keys on
TripAdvisor. The tour is two hours long and is $80 for adults and $60 for children. Guests are
able to taste from 8 different types of wine as well as 5 different types of craft beer. Appetizers
and non-alcoholic drinks are also provided for the ones who aren’t able to participate in the 21+
festivities. Power boat races are $85 for adults and $65 for children. This tour is a six-and-a-half-
hour tour so be prepared to come with lots of sunblock!
Furry Water Adventures Key West: Furrycat offers a large variety of different water activities
to choose from. They have para sailing, snorkeling, sail boating, eco tours, a sunset cruise, jet
skis, as well as rentals and even an in the water, water park. You can book a single tour or order
a package tour for a more well-rounded experience of fun! Packages range from $64.99 for two
tours to $134.95 for four tours. Single tours range from $35.95 all the way up to $99.95 so they
are certain to offer something within everybody’s budget.

Area Profile and Demographics
Key West is an island city located at the southernmost point of Florida and is part of
Monroe County. The island is about four miles long and a mile and a half wide. Located 152
miles southwest of Miami, Florida and 93 miles northwest of Havana, Cuba, the city occupies
the entire island and a portion of Stock Island.
The main motivation for traveling to Key West is tourism and the U.S. Navy and Coast
Guard. Due to the proximity of the Gulf Stream in Florida, daily temperatures throughout the
year range from 74 to 89 degrees.
According to the United States Census Bureau, the population for Key West in July 2014
was estimated to be around 25,704 with the majority of the population ranging from 25 to 44

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years old. The median household income in 2014 was $54,306 with a per capita income of
$31,566. With Key West’s overall cost of living index being 150.60 and housing cost of living
256, Key West is exceedingly more expensive than the U.S. average. These numbers compared
to the median household income implies that Key West is more of a tourist destination than a
residential location.
Hotel Market Profile
From the data that was found on the Smith Travel Research Trend Report it is reported
that in Key West there are about 110 hotel properties with a total of 5048 rooms (Smith Travel
Research, 2016). When looking at the market occupancy from 2011 to 2014 it was rising at a
steady rate although occupancy started to decrease beginning in August 2015. The market
occupancy has continued to decrease; the current markets occupancy is at 83.6 with a -4.3%
change. Even with the market occupancy decreasing the markets ADR is still doing quite well.
As of July 2016, Key West current ADR is $293.33 with a % change of around 1.7. Due to the
low occupancy RevPar is also quite low, as of July 2016 RevPar was at $245.36 with a -2.4%
change. Supply has a positive percentage change of 9.0% and demand has a positive percent
change of 4.5%. The report also shows that weekends have the highest rates of occupancy, ADR,
RevPar and revenues compared to week day rates. As stated in ADR section the high season are
the months March through May, there is a massive influx of visitors. During this period all
factors are at their highest. (Smith Travel Research, 2016).

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Business Challenges
Due to Key West, Florida being a prominently tourist area, there are many business
challenges that come to mind while talking about the Keys in Florida. The first challenge that
guests have to take into consideration while starting a business is the amount of animals that
roam free throughout the Keys. There are enormous iguanas all over Key West. It is known that
iguanas blend in with the environment, so unless they are heard or have them dart across the
walking path, most likely will not be able to see them. Another animal to keep an eye out for are
the Portuguese Man-o-Wars. It does not matter if they are washed up on the shore or still floating
around in the water, their tentacles can still alive and will cause a severe amount of pain. To
some people they look pretty with all their colors, but most would have to recommend staying
away at all costs. There are so many different levels of pain that can come from the venom of
the sting. The other animals most watch out for are the wild roosters and chickens around Key
West. Remember that these are wild animals; so if trying to chase or pet any of them, be
prepared for the roosters and chickens to attack back. “I watched a little kid crouch down to pet
a rooster, while the parents thought it was ok for their kid to touch the dirty bird, and the bird
jumped up and scratched the child on the arm with its sharp claws on its two feet”
(AprilandBones). This just proves that theses animals are not as friendly as they look. When it
comes to the beaches and swimming in the waters of Key West, always be careful of where to
swim. Do not go into water with barracudas. If swimming alone and there are barracudas within
near distance, move slowly and get out of the water as quickly as possible. Another problem that
Key West faces when it comes to businesses is the massive amount of partying that goes on
around the area. Obviously, lock the cars, doors, windows, and anything else that is worth being

29
taken. Although there are cops roaming the streets all the way up to the beach, they are unable to
completely stop all crime each night. People all over Key West go out drinking at night and can
get pretty rowdy and loud at times. Not everyone is the same, and not everyone can handle their
liquor so when walking around at night or home from the beach or bars, keep an eye out and stay
away from larger crowds that tend to seem belligerent. A post written a couple years ago on
virtual tourist stated
“…I just happened to look out the window at the sky and noticed a drunk man
standing by the fence of the house across the street yelling and cussing at people
that passed by. The windows were boarded up and there was a notice on the door.
The man stood there for a while and the hopped the fence. He tried to open the
door and we called the police. The man tried to pull the boards off the windows
just as the police arrived” (AprilandBones).
Another major business challenge that comes into play when starting a business in Key
West is parking. From personal experience of visiting Florida’s Key West, it is insanely
hard to find parking anywhere. Having trouble finding spaces during big events, or
during the high seasons tends to always be a problem in Key West. Like every place,
there are parking garages, meters, and free side-street parking, but in Key West, most
weekends there will be events going on, so parking will be expensive and very limited. A
recommendation for finding the best way to find parking is to arrive at Key West early,
or like what some people have done, is to offer a resident a sum of money to park on their
property.

30
Key West Tourism Profile
According to a recent visitor profile trend study, the average age of visitors traveling to
Key West is increasing. It has historically been around 41 and now it is about 45-46. Fewer 18-
25 year olds are visiting Key West but the number of Baby Boomers visiting are increasing. Key
West has also seen more gay visitors as of recently but fewer lesbian visitors. The state that most
visitors come from is New York, followed by Georgia, Michigan, and North Carolina
respectively. There has been an increase in international visitors with most coming from Canada,
followed by Germany, United Kingdom, and France. The new property will market to people
ages 25-35 to capture a market that is not decreasing in visitors.
One of the largest crowds that tend to flock toward Key West includes LGBT groups.
Internationally, Key West is known as one of the top gay and lesbian vacation spots, with strong
celebrating openness and pride. More than 200,000 gay and lesbian travel to Key West each
year, not just for a vacation, but to celebrate the LGBT annual events. LGBT is one of the
biggest factors for Florida’s Key West, having the record for the world’s longest commemorative
rainbow flag, stretching out 1.25 miles long. In the year of 2000, Key West “adopted One
Human Family as its official philosophy” and soon later the County of Monroe also followed this
philosophy which encompasses the entire Florida Keys island chains.

31
Section 3: Competitor Analysis
Selection of Competitive Set
The competitive set was chosen based on similar features such as location, amenities
offered and room size. All properties are located within the five-mile radius of Key West and
have access to the most popular tourist destinations such as Duval Street.
Competitor Descriptions and Reviews
Duval Gardens
Duval Gardens is a historic 12 room inn located in the heart of Old Town and walking
distance to all of Key West’s activities and attractions. Duval Gardens offers many amenities
including continental buffet breakfast on the porch each morning, HV/AC, alarm clock,
refrigerator, hairdryer, ironing board, pool, TV, and Wi-Fi. On-site activities include bicycles,
boating, fishing, kayaking, snorkeling, parasailing, jet skiing, sailing, water sports, and more.
There are four room options with rates ranging from $129-$389. King Jr. Suite, Queen
and King rooms come equipped with a private bathroom, mini refrigerator, flat screen TV, Wi-
Fi, and a romantic canopy net bed. While Queen rooms are located on the ground and second
floor, King rooms have the luxury of being located poolside on the ground floor. King Jr. Suites
and Double Queen rooms include newly remodeled marble bathrooms, a stove and a microwave.
Double Queen rooms are the only rooms that can sleep four people.
According to TripAdvisor, Duval Gardens is rated 4.5 stars out of 5 from a total of 409
reviews. Of those reviews, 269 came from couples; the highest ranking demographic group that
reviewed the inn. All of the reviews commented on the beautiful property, helpful staff, clean
rooms and location.

32
How the new hotel can compete: Although Duval Gardens has many amenities that appeal to
tourists, The Caribbean House is newly renovated with updated living spaces and competitive
pricing year-round. There will always be an employee or manager on-site to attend to any guests
needs.
La Pensione Hotel
The La Pensione Hotel is a small hotel located in the heart of Old Town Key West and is
one of the more favorable guesthouses for those who travel to Key West. La Pensione is
considered to be a “classic revival mansion” that dates back to the Victorian ages of Key West.
This small bed and breakfast hotel was built back in 1891 for Walter S. Lightbourn, the Vice-
President of the Cortez Cigar Company.
La Pensione has nine rooms with the typical Key West décor, with each room equipped
with ceiling fans, private modern baths and air conditioning. Eight of the nine rooms have a king
size bed while the other room has two double beds. Room one is a handicapped room with an
accessible bathtub and shower. Each room has a small sitting area included. Few of the rooms
located on the first and second floor have a pool side view. The biggest room in La Pensione is
located on the second floor and includes a king size bed, a sitting area that overlooks Truman
Avenue, and French doors opening to a wraparound balcony. This room is by far the most
requested room within this hotel.
Amenities that are included in the guests stay at the La Pensione are: outdoor pool and
lounge deck, free Wi-Fi, continental breakfast, and off the street parking; which is a huge plus
due to Key West having limited space for parking. Additionally, there is an option to receive a
daily newspaper by request. Another feature that drag guests to La Pensione is the beautiful
garden that they have. There are so many activities to do around Key West and within walking

33
distance of the La Pensione Hotel of Key West include, golf resorts, snorkeling tours, sailing
trips, and plenty of hiking and biking trails nearby.
There have been hundreds of reviews on TripAdvisor and plenty of other online review
websites. Most reviews have a four to five-star rating. For the ones that were rated relatively low,
focus on the negative aspects of this hotel. The reviews talk about how the furnishings are
outdated and cheap, the breakfast was not as luxurious as that of a hotel chain, and that the
location is not the best. Multiple reviews claim that due to being on Highway US1, it is noisy for
most of the day. On the other hand, the majority of the hotel ratings were that of four to five-star
ratings. These higher ratings were based more on how the hotel was run and how clean it was
kept. A review that was posted on June 5th
, 2016 titled fantastic & the best housekeeping stated
“The best surprise of our stay was Roland the groundskeeper. Incredible friends and so
thoughtful with cleaning our room” (TripAdvisor 2016). For the most part, La Pensione seems
to be doing relatively well within the hotel market of Key West.
How the new hotel can compete: Offer at least the same or more amenities, including free off-
the-street parking, free Wi-Fi, and allowing children to be able to stay at the new hotel. The La
Pensione does not allow adults under the age of 23 stay at their hotel, even if they are with
multiple adults with that person.
The Curry House
The Curry House is a historically home made into a bed and breakfast located in Old
Town Key West. It has nine uniquely charming room all accommodated with a porch or veranda
except for one room. The Curry House was originally made in Turtle Cay and brought to Key
West in 1889. This was after the great fire of 1886 that destroyed most of Key West. The home
has a rich and wonderful history as being a home for military officer’s wives.

34
Something interesting about this competition is that the Curry Home does not allow pets
or children under the age of 12 to say at the home. They provide their guest with wireless
internet, breakfast and a heated in-ground pool. The rooms in the Curry House differ from room
to room. Each room is a number. Room one and two are located on the second floor and has
queen bed and one bath. Room three and floor are also located on the second floor, each room
has a queen sized bed but the rooms share a bath. Rooms five and six are located on the ground
floor, each room has a king size bed and its own bath. Rooms seven, eight, and nine are all
located on the third floor of the house and each room has a king size bed and its own bath.
On the website for the Curry House there is a Holidays and Special events section which
informs possible guest about the minimum stay requirements for certain holiday and special
events. For example, for New Years the minimum requirement is five nights. For Christmas it is
three nights and it continues for some other major holidays and major events that happen in Key
West.
The room prices differ depending on the room that is stayed in and also the time of year
that a person decides to stay.
How the new hotel can compete: The Caribbean House allows both pets and children to stay in
the hotel. The outdoor lounges on both floors will be accessible to all guests giving them an
inviting environment to relax with friends, family, and other guests.
The Conch House Heritage Inn
The Conch House Heritage Inn is located in the heart of Old Town Key West, and 1.5
blocks from Duval street. There are a variety of room styles in this property including suites and
cabanas with all types of bed configurations. Each room is different and has its own theme. The

35
furniture in the rooms are all hand picked and some are antiques. Amenities include: ceiling fans,
private baths, Sealy Posturepedic bedding, air-conditioning, off-street parking, pool, cable TV,
in-room refrigerators, free wireless internet access. A complimentary breakfast in provided daily
and served buffet style, including fresh fruit and bakery items. The rates for this property in the
low season (July 1 – October 31) are $138-$208; and in the high season (December 22 – April
30) they are $228-$348. There is a strict policy that prohibits children under 12 and pets from the
property (The Conch House, 2016).
Reviews on Trip Advisor showed that 475 people posted reviews about this property. Out of
those posts, 421 people left “excellent” reviews, with most praising the cleanliness, the friendly
staff, the optimal location, and the complimentary breakfast. Forty-three people left “very good”
reviews, with some saying it was clean but not enough parking, and problems with air
conditioning units. Seven people left “average” reviews stating that the furnishings and rooms
were outdated, and ant problems. Three people left “poor” reviews saying that the owner was
very unfriendly and the bathrooms were hot and made it difficult to put on make up while
perspiring (TripAdvisor, 2016).
How the new hotel can compete: With similar amenities except for a pool and complimentary
breakfast, The Caribbean House allows pets and children to stay in the hotel while offering
competitive year-round pricing. The new hotel will also be installed with brand new laundry
services and personal HVAC units in every room.

Table 3: Competitive Supply Table

Section 4: Market Growth Analysis
Economic Indicator Selection & Weights

Foreign Segment
Foreign visitors account for a large portion of total annual visitors to Key West and are
used as a metric for measuring growth in Key West’s tourism market. Key West International
airport provides visitor counts based on country of origin that travel annually to Key West. The
two main economic indicators used for measuring the foreign segment are Canadian and German
visitors. Canadian visitor count is given the largest weight in this segment at 40%. Canadians
travel to Key West in higher volumes than any other foreign country in this segment, bringing in
approximately 130,000 visitors annually. German visitors were given the second largest weight
in this segment at 30%. German visitors travel to Key West in high volumes as well, attracting
approximately 85,000 visitors annually. The United Kingdom visitor count was also another
indicator used in this segment. Although the United Kingdom attracts about 50,000 people to
Key West a year, that number seems to be gradually decreasing from 54,100 visitors in 2009 to
50,100 in 2013. Due to the decreasing year-over-year change, this metric is weighted at 20%.
France was given the smallest weight in this segment at 10%. Key West attracts about 40,000
people a year from France, and that number seems to be gradually increasing from 34,600 in
2009 to 49,800 in 2013 (Key West Travel Guide, 2016).
Group Segment
The group segment represents people visiting with one or more people, which include
couples, families, or friends. Cruise ship passenger arrival data and ferry boat arrivals are two
indicators used to measure this segment, which are both weighted at 40%. Although cruise ships

38
are bringing in a larger amount of people compared to ferry boats, cruise ship arrivals have been
gradually declining. Alternatively, ferry boat visitor arrivals have been increasing drastically,
which is why both metrics received equal weights (Key West Travel Guide, 2016). The
population of Key West is another indicator used in this segment weighted at 20%. This metric is
used to show that while the population year-over-year remains at about 25,000 people, cruise
ships and ferry boat arrivals still fluctuate. This shows that most people arriving on cruise ships
and ferry boats are visitors and not residents of Key West (Key West Chamber of Commerce,
2015).
LGBT Segment
LGBT visitors are another huge part of the tourism in Key West and it is important to
observe the growing number of visitors. LGBT visitor count was the largest weighted indicator
at 60%. The LGBT visitor count for this segment increased drastically from 114,488 visitors in
2011 to 178,388 visitors in 2015. Annual LGBT event attendance was also an indicator for the
LGBT segment, which was weighed at 40%. From 2011 to 2015 annual attendance at LGBT
events have increased, which shows that this segment is rapidly growing.
Market Growth Rates
The table below shows the calculation of market growth rates for each segment. The
growth rate for the foreign segment is 3.89%, which represents four country’s visitor counts. The
growth rate for the group segment is 3.25%, and the growth rate for the LGBT segment is 7.97%,
which reflects the growing number of LGBT visitors to Key West.

39
Table 4: Growth of Economic Indicators

40
Market Growth Projections
The Growth of Demand table applies the growth rates calculated in the Growth Trends
table to the Caribbean House’s competitive market demand figures through the year 2021. Since
the segments are all based on tourism, the year-over-year numbers may be influenced by outside
factors such as a recession. If market conditions stay the same there will be steady growth in
each segment as forecasted. Assuming no major changes in the market’s demand occur, these
rates provide a good idea of the future of the market. The calculated average growth factors for
each segment are as follows: foreign segment - 3.89%, group segment - 3.25%, LGBT segment –
7.97%. The high rate of growth in the LGBT segment is due to the increasing visitor count year-
over-year that has been observed (Visitor Profile Survey, 2016). With the hotel opening in 2017
and the cumulative growth rate being 5.127% for that year, the property should be prepared for a
rise in demand.

Table 5: Growth of Demand Forecast

Section 5: Market Penetration Analysis

Table 6: Competitor Penetration Analysis

43
The Caribbean House Market Penetration
Rather than comparing The Caribbean House to a particular competitor, the qualitative
assessment for market penetration factors are compared to the entire competitive set. The factors
chosen for each market segment penetration were based off of specific attributes important to the
LGBT, group, and foreign tourists. Varying points were given based off its importance to each
segment. Some segments do not have the same factors based on the demand in each category.
Location, breakfast, atmosphere, parking, free wireless internet, spa, amenities, guest
services and rentals seemed most important to all segments and were rated accordingly.
Additional factors included pets and the allowance of children.
The LGBT segment was rated 89/100 with high rankings in location, pets, and
atmosphere. The Group segment was rated 83/100 with high rankings in pets and children due to
competitor policies. Lastly, the Foreign segment was rated 84/100 with high rankings in
location, atmosphere and the allowance of children. Due to The Caribbean House not having an
on-site spa, ample parking and beyond-average amenities, the overall qualitative assessments are
average to that of the competitive set.
For the new hotel, as compared to that of the current market leader, is what is being used
for the estimated penetration rates for The Caribbean House in each market segment. Having a
score of 89 for the LGBT segment equals the estimated penetration rate of 104.16% for the year
of 2020, which is The Caribbean House’ fourth year in the market. The same calculations are
resulted in estimated penetration rates for the Foreign segment, as well as the Group segment.
The Foreign segment’s estimated penetration rate calculated to 94.02% while the Group
segment’s estimated penetration rate calculated to 93.75%, both for the year of 2020. Bringing in
a new hotel into such a market, expecting this penetration rate to be reached instantaneously is

44
far beyond reasonable. The five-year penetration plan shows the projected market penetration
rates for the first five years from the start of the operation. To get as close as possible for
expectations to be realistic, The Caribbean House is projected to reach the calculated penetration
rates by the fourth year with the total penetration rate being that of 98.08%.

45
Table 7: LGBT Segment Penetration

Table 8: Group Segment Penetration

46
Table 9: Foreign Segment Penetration

Table 10: Market Penetration for First 5 Years

Section 6: Rate Analysis
Rate Determination Using ADR Table
On the ADR table the management team has chosen to split up our room rates by
seasonality and between weekday and weekend rates. The three categories for seasonality
include low, mid, and high. The low season are the months from June through October. During
these months Key West consists of many rainy days with temperatures ranging in the high 80’s
to low 90’s. During the months of September through November are hurricane season, therefore
most tourists tend to head for higher ground. But what attracts people to visit Key West are the
cheap room nights. The mid-season months are November through February. November is the
end of hurricane season and leads into the holidays. Who would not want to spend the holidays
by the ocean in 70-degree weather? During this time there is an influx of visitors but not enough
to be classified as a high season. During the high season that are the months March through May,
there is a massive influx of visitors. There are clear blue skies and climbing temperatures that
make it prime time for tourists. Key West is not a very collegiate spring break destination so
many groups take advantage of the city and its hotel rates (Key West Travel Guide).

Table 11: Average Daily Rate Calculation

Section 7: Estimated Operating Results
Revenues and Expenses
Based on the ADR table and 2015 Smith Travel Research (STR) Host Report, the
following Pro Forma Income Statement to calculate revenues, expenses, and overall operating
results. The STR report contains information for different hotel classifications based on location,
price, size, and type (independent vs. chain). The Caribbean house is an independent, limited-
service inn in the South Atlantic region. Using those classifications, the following numbers in
Table 12 were calculated.
Revenue
The total room revenue figure ($785,779.75) was transferred into the income statement
from the ADR table. The main source of revenue for The Caribbean House is room rentals per
night due to the size and location of the hotel. There are no additional meeting rooms or food
and beverage that drive revenue up for the limited-service hotel. However, the management
team at the hotel partnered with a local rental shop, Lazy Dog, and will be making a profit from
that. Lazy Dog agreed to give The Caribbean House 10% of sales from guests that are
recommended by the hotel. This is not only convenient for guests but is beneficial for both the
rental company and the hotel.
Expenses
Departmental expenses were calculated by multiplying total U.S. Summary per-occupied-
room night by total occupied rooms.
Undistributed operating expenses consists of administrative and general, marketing,
utility costs, and property operations and maintenance. These factors were calculated based on

52
per-occupied-room night and per-available-room on the limited-service summary table. The
management team based the ratios off of geographic location on the STR report because it was a
more accurate depiction of the following expenses.
Administrative and General expenses pertain to expenses of any goods or services such
as rent, utilities and payroll. Marketing expenses will be adjusted on an as needed basis. The
first year of opening the newly renovated inn marketing expenses will be higher than the
following year if the hotel is successful. Utility expenses cover general utilities and have the
potential to change due to seasonality. However, the price will not change based on occupancy
since utilities will be expensed the same no matter the occupancy rate. Property operations and
maintenance expenses cover maintenance costs based on per-available-room figures.
Taxes and insurance expenses were based off of the South Atlantic statistics and ratio-to-
sales column. Using the geographic location allows the management staff to make an educated
projected expense. Within our insurance policy the following three types of insurance will be
included in the insurance expense line item.
Commercial Liability Insurance also known as General Liability Insurance
Commercial liability insurance is not required to have by the state of Florida (einsure,
2011). This is a basic insurance for commercial businesses that will be purchased for The
Caribbean House. This insurance will cover any claims of accidents, injury, or negligence. These
policies protect against payments as the result of bodily injury, personal injury, property damage,
medical expenses and the cost of defending lawsuits, and settlement bonds or judgments required
during an appeal procedure (Types of Business Insurance).

53
Hotel and Motel Property Insurance
This insurance protects the hotel against any damages to the property caused by fire,
floods, the weather; natural disasters, vandalism, and civil disobedience. “The definition of
"property" is broad, and includes lost income, business interruption, buildings, computers,
company papers and money” (Types of Business Insurance) There are two different policies
under this insurance plan; all risk policies and peril-specific policies (Types of Business
Insurance). This policy can also be extended to cover the costs of living expenses (Insurance for
Hotel & Motel Businesses, 2016). The policy being purchased for the Caribbean House will be
all risk policies so that there will be less loop holes in what the Hotel is covered for which will
ensure The Caribbean House is more protected.
Workers Compensation
In the state of Florida it is required by law to offer employees workers compensation if
there are four or more employees employed (Einsure, 2011). There will be seven employees in
total; two maintenance technicians, two security guards, two housekeepers and one front desk
manager. By having 7 employees the Caribbean House will offer workers compensation to
employees by law.
The overall estimated operating results are listed below in Table 12.

54
Table 12: Pro Forma Income Statement

55
Conclusion: Project Assessment
The choice to renovate rather than construct a new hotel from scratch proved to be a good
choice. Since the decision was to buy a property there will not be any construction or renovation
cost. There will only be a renovation cost of $50,000 and a furniture, fixture and equipment cost
of around $60,000. The Caribbean House is projected to generate $796,839.26 before expenses,
taxes, insurance and other fees are calculated in. The payback period has been greatly reduced to
due to the decision on purchasing an existing property rather than building it from scratch.
Although the payback period time is shortened it will take the hotel a few years to recover from
its initial investment. The only concept that was changed during the process of the project was
the market segments. The market segments had to be altered to match current visitor variety.
Overall the management’s decision to renovate The Caribbean House should prove to be a
decent investment opportunity. When guests stay at this hotel they will receive a flavor of
Caribbean culture that is seen in the history of Key West.

56
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