The most resounding insight about the
industry is the magnitude of potential customers who utilize lodging facilities
on an annual basis. According to the
United States Travel Association, over 65 million people utilize lodging
facilities on an annual basis. The
industry exercises were relatively easy to find. While I am pleased with the results,
I am always open to suggestions.
Leonard, wearing my investor hat, I have to wonder what would prevent any and all of the major hotel chains from simply ripping off this idea, if you see any sort of success with it.
ReplyDeleteIs there any secret sauce? IP? Software? I'd want to see some sort of competitive advantage before I would invest in a hotel.
Alternatively, if you could develop software and other IP, you could try to just shop your concept to the various chains and use a licensing model. This might accelerate your rollout and minimize your costs.
Thanks for your comment. Unfortunately, there are no software to replicate the experience of staying in a guestroom. The goal is to roll out the concept and then sell it to a large chain. This is the common practice in the industry.
ReplyDelete