When can a competitive set be created in the hotel industry?

Creating a competitive set is an essential aspect of hotel market analysis, and it can be established even before a hotel officially opens. This means that a competitive set can indeed be created while the hotel is under construction. This allows hotel managers and owners to identify potential competitors in the market early on, evaluate their positioning, pricing strategies, and target audience before they begin operations.

Understanding the competitive landscape prior to opening helps in crafting effective marketing strategies and setting appropriate pricing models. By analyzing competitors' offerings, location, amenities, and guest loyalty programs, the hotel can refine its own unique value proposition to better compete once it opens.

This proactive approach ensures that the hotel is not only prepared to enter the market but also strategically positioned to attract guests from the outset, facilitating a smoother launch and a stronger foothold in the competitive environment. As a result, creating a competitive set during the construction phase is a forward-thinking strategy that reflects an understanding of the importance of market analysis in the hospitality industry.