Amount
Use of Capital
If we are fully capitalized, we hope to be profitable by (MM/DD/YYYY)
Our Clientele
Our Competition
Our Specific Marketing Plan
Operations plan.
Our Suppliers
Our Personnel
Expense Projection
We expect our monthly outlay of expenses to approximate to the following:
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Describe here
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[Client.FirstName] [Client.LastName]
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In over ten years of helping hotels to open and remodel successfully as a Hotel Revenue Management Consulting and Hotel Management Company , we have seen time and again at XOTELS how indispensable a hotel feasibility study is.
We have also seen how many would-be hoteliers simply assume that their vision will succeed, without conducting any notable research on building a hotel business that will be consistently profitable and competitive.
In this article, we look at the steps involved in carrying out an effective hotel feasibility study and provide practical examples on how to obtain one effectively.
As the name suggests, a feasibility study investigates your hotel, resort, or hostel proposal to see if it is feasible as a sustainable and profitable business model. It does so by considering its viability relating to market, location, costs and financing. Typically, hotel feasibility studies are completed by external consultants who review the overall value and quality of the proposed project from an independent third-party point of view.
Below you will find a template and plan of approach our team of expert hotel consultants takes to put together a comprehensive validation report, based on the financial and market analysis, to determine the viability of a new hospitality project or lodging concept.
A feasibility study and hotel business plan form the cornerstone of your preparations for your new or remodelled hotel. It shows investors how they will receive a return on their investment (ROI, and if you´re able to stand out by producing an innovative hotel concept . It is therefore ill-advised to proceed without carrying out this crucial investigatory and illuminatory step.
1. location analysis.
Studying proposed sites for your hotel or resort aims to answer a number of questions critical to the success of your hotel project.
Starting your own hotel business involves a large scope of expenses that have to be investigated including development and architectural costs that are incurred prior to opening.
Then there are the operating overheads which the hotel will incur, including:
This involves analyzing all competition in the local area according to your selected concept type (hotels, resorts, hostels, apartments). Chiefly, their competitiveness. Information can be found on tourist boards, tour operators and travel research groups. Knowing local hotel supply and demand helps in projecting occupancy levels and rates for your hotel, one of the key elements in establishing its economic feasibility. Ask questions about competitors such as: ¨What has their performance been like during the past years in terms of ADR, RevPAR, and occupancy levels?¨.
After establishing hotel supply and demand, your own hotel’s competitiveness, your projected operating costs, desired ROI, and crucially, benchmarking your competitor hotels, you can focus on room rates to see which ADRs (Average Daily Rate) you can anticipate. Year-round projections for demand will go a long way to informing your pricing decisions.
The main sources of revenue for your hotel will come from room stays, food and beverage, and events such as conferences and meetings. Using your projections for average year-round room rates and occupancy levels, you can project sales from different revenue sources, including food and beverage, leisure and events (learn everything about these subjects in our online Revenue Management eBook or pdf version of our Revenue Management Book ).
One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return ( IRR ), net present value ( NPV ), debt coverage ratios and discounted cash flow ( DCF ), as well as others. They help to show if the investment return is enough to proceed and if you will need to find financing from elsewhere.
If so, will the lenders of this capital be content with the projected ROI? If not, the hotel proposal can be abandoned altogether or it can be altered to make the return on investment attractive enough to proceed, such as changing site, tweaking room rates and reducing costs. A clear and comprehensive report is what banks, institutional or private investors (family offices) will be looking for.
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Assembling a well-written and thorough hotel feasibility study is a comprehensive and time-consuming process. For this reason, feasibility studies don’t come cheap but as they always say: you get what you pay for. Ultimately, cheap means expensive in the long term or can even prevent you from getting your project off the ground since it will be tough to convince banks and other stakeholders that your concept is worthwhile and carries value for them.
As you can see, a hotel feasibility study is extensive, and with good reason. It gives you and all interested stakeholders such as other investors a much clearer picture regarding the costs involved, whether the return on investment is desirable, and helps in deciding how to proceed.
A feasibility study is largely seen as an indispensable step, and our hotel consultants recommend this vital step is carefully completed for serious hotel proposals and accompanies the business plan in forming a blueprint for success.
Wishing you the best of luck in preparing your hotel feasibility study.
Patrick Landman
PS. Need help writing a solid feasibility study or business plan? XOTELS offers help through a wide range of hotel revenue management consulting services to get your plans on the right track!
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July 6, 2023
Adam Hoeksema
The hospitality industry offers immense potential, while some might believe that operating a hotel is straightforward, involving only accommodations and foot traffic, careful planning and meticulous execution are essential for achieving success, hence a well-structured business plan is indispensable.
Our primary expertise lies in hotel financial projection models but we understand that some of our clients require comprehensive business plans. That's why we've taken the initiative to delve into this topic and cover the following:
How to select a location for a hotel, how to analyze the competition for a hotel, how to create financial projections for a hotel, example hotel business plan, hotel business plan faqs, why write a business plan for a hotel.
For Hoteliers seeking financial support from investors, banks, or financial institutions, a well-structured business plan is a fundamental prerequisite. Demonstrating a thorough evaluation of the market, a clear and strategic approach, and a thoughtful assessment of potential risks and rewards is paramount to attracting the necessary funding for your venture.'
A hotel business plan should provide investors and lenders with compelling reasons why guests will choose your hotel, demonstrate why you or your team are the ideal operators for the hotel, and present a financial projection that ensures their investment is secure. Below is a comprehensive outline of our complimentary hotel business plan template .
We suggest the following sections for your Hotel business plan
Executive Summary
Company Description
Market Analysis
Product and Service Offerings
Marketing Plan & Customer Acquisition
Operating Plan
Financial Plan
Choosing the right location for your hotel is a critical step in ensuring its success and captivating your target audience. To help you make the best decision, we present three essential points to consider when selecting a location for your hotel Local Demand and Visitor Profile: Assess the local demand for hotel accommodations in the area. Analyze the type of visitors who frequently visit the locality, such as tourists, business travelers, or event attendees. Understanding the local visitor profile will help you tailor your hotel's offerings to meet their needs and preferences.
Proximity to Key Points of Interest: Look for a location that is in close proximity to key points of interest within the local area. This could include popular tourist attractions, convention centers, business districts, or entertainment venues. Being near such attractions increases the chances of attracting more guests and ensures a steady flow of potential customers.
Accessibility and Transportation Links : Ensure that the location is easily accessible by various modes of transportation. Consider the distance from major transportation hubs like airports, train stations, and bus terminals. Also, evaluate the availability of public transportation options nearby, as this will make it convenient for guests to travel to and from your hotel.
By focusing on these three points, you can identify a suitable local location for your hotel that caters to the specific needs of the local market and maximizes its potential for success.
There are a couple of tools that I like to use when analyzing the competition in the hotel industry.
Ahrefs – Ahrefs will allow you to look up a competitor hotel's website, and you can see how much organic traffic they are getting and exactly what keywords are sending that traffic. For example, we can see that the Bottleworks Hotel in Indianapolis is receiving roughly 3,500 monthly visits from organic Google Search.
We can also see what keywords are sending the most traffic to that page below:
By understanding the SEO strategies and keywords that competitor hotels are targeting, you can develop your content and marketing strategies to compete in the same spaces or identify underserved areas to capitalize on. This can assist in improving your hotel's online presence and attracting more guests through search engines.
TripAdvisor – Although mainly known as a review site, TripAdvisor can be a free and powerful tool for analyzing competition within the hotel industry. You can see guest ratings, read reviews, and understand what customers appreciate or dislike about different hotels in your area. This qualitative information can help you identify where your competitors are succeeding or failing and where you might have an opportunity to differentiate your services.
Just like in any industry, the hotel business has its own unique factors that impact financial projections, such as occupancy rates, room pricing, seasonal demand, and guest service expenditures. Utilizing a hotel financial projection template can simplify the process and increase your confidence. Creating accurate financial projections goes beyond showcasing your hotel venture's ability to generate revenue; it's about illustrating the financial roadmap to profitability and the realization of your hospitality goals.
To develop precise projections, consider the following key steps:
Estimate startup costs for your hotel business, including property acquisition or leasing, renovation or construction, furnishing and decoration, staff training, and initial marketing and branding expenses.
Forecast revenue based on projected occupancy rates, average room prices, ancillary service income (such as restaurants, spas, conference facilities), and potential growth in the customer base.
Project costs related to ongoing operations like housekeeping, food and beverage services, guest amenities, and maintenance.
Estimate operating expenses such as staff salaries, utility costs, property insurance, marketing expenses, guest support, and administrative costs.
Calculate the capital needed to launch and sustain your hotel business, covering initial expenses and providing working capital for continued growth, including funds for unforeseen challenges such as seasonal fluctuations.
While financial projections are a critical component of your hotel business plan, seek guidance from experienced professionals in the hotel industry. Adapt your projections based on real-world insights, leverage industry resources, and stay informed about hospitality trends and evolving consumer behavior to ensure your financial plan aligns with your goals and positions your hotel venture for long-term success.
Explore our Hotel Business Plan, presented below. If you prefer, you can access a downloadable Google Doc version of this hotel business plan template , allowing you to personalize and tailor it to your specific needs. Additionally, a helpful video walkthrough is available, guiding you through the process of customizing the business plan to perfectly align with your unique hotel concept.
1. executive summary.
1.1 Organization Overview
1.2. Objectives
1.3. Mission Statement
2. Organization Description
2.1. Organization History
2.2. Legal Structure
2.3. Unique Value Proposition
2.4. Target Beneficiaries
3.1. industry overview.
3.2. Collaborator and Competitor Identification
3.3. Target Beneficiaries
4. Marketing and Fundraising
4.1. Strategic Plan
4.2. Program or Service Offerings:
4.5. Promotions and Fundraising
5. Organizational Structure and Management
5.1. Organization’s Facility & Location
5.2. Staffing Plan and Volunteer Management
5.3. Governance, Financial Management, and Accountability
6. financial plan.
6.1. Startup Costs
6.4. profit and loss statement, 6.5. cash flow projections, 6.6. break-even analysis, 7. appendix.
7.1. Supporting Documents
7.2. Glossary of Term
7.3. References and Resources
1.1. company overview.
Briefly introduce the hotel's background, products or services, and target market.
- Example: Seaside Crest is a tropical-themed hotel located in Key West, Florida, offering a unique and luxurious experience for guests seeking a beachfront getaway.
Outlines the hotel's short-term and long-term goals.
- Example: Establish Seaside Crest as the premier destination for tropical hospitality in Key West, providing exceptional service and unforgettable experiences for our guests.
- Example: Long-term: Expand our presence in other tropical destinations while maintaining our commitment to quality and guest satisfaction.
Describes the hotel's purpose and core values.
- Example: At Seaside Crest, our mission is to create a haven of relaxation and tropical paradise for our guests. We are dedicated to delivering exceptional hospitality, breathtaking surroundings, and personalized service, ensuring that every guest's stay is a memorable one.
Highlights the factors that will contribute to the hotel's growth and success.
- Example: The success of Seaside Crest lies in our commitment to creating a tropical ambiance, offering top-notch amenities, providing outstanding customer service, and delivering a seamless guest experience.
2.1. company history.
Provides context on the hotel's background and founding story.
- Example: Seaside Crest is the brainchild of founder and hotelier, Emily Roberts, who envisioned creating a tropical paradise in Key West, Florida. With a passion for hospitality and a deep love for the coastal beauty of the region, Emily embarked on the journey of bringing Seaside Crest to life.
Describes the hotel's legal structure (e.g., sole proprietorship, partnership, LLC, corporation).
- Example: Seaside Crest operates as a limited liability corporation (LLC)
Emphasizes the hotel's competitive advantage or unique offerings.
- Example: Seaside Crest distinguishes itself by offering a one-of-a-kind tropical-themed experience, combining luxurious accommodations, breathtaking beachfront views, vibrant island-inspired decor, and personalized service.
Defines the hotel's ideal customer base.
- Example: Seaside Crest caters to discerning travelers and vacationers who seek an extraordinary beachside retreat in Key West, Florida.
Presents a general overview of the industry, its trends, and growth potential.
- Example: The tropical hotel industry in Key West, Florida, is a thriving sector driven by the city's popularity as a tourist destination, the allure of its tropical climate, and the abundance of natural beauty that surrounds it.
Evaluates the hotel's direct and indirect competitors, as well as their strengths and weaknesses.
- Example: Other hotels and resorts in Key West offering tropical-themed accommodations.
- Example: Vacation rentals, bed and breakfast establishments, and boutique hotels in the area.
Explores the hotel's target customers, their demographics, preferences, and pain points.
- Example: Seaside Crest targets vacationers and travelers seeking a tropical getaway in Key West. Our primary market includes couples, honeymooners, and families looking for luxurious accommodations with a distinct tropical ambiance and proximity to the beach.
Identifies potential opportunities for the hotel to grow within the market.
- Example: Seaside Crest can capitalize on market opportunities by offering unique amenities and experiences such as beachfront dining, spa services inspired by tropical traditions, and curated excursions to explore the natural wonders of Key West. Collaborations with local businesses for island-inspired dining and entertainment can further enhance the guest experience.
4.1. product or service offerings: .
Describes the hotel's products or services in detail.
- Example: Seaside Crest offers a range of tropical-themed accommodations and amenities, including luxury guest rooms, beachfront dining, spa services, and curated excursions.
Outlines the hotel's approach to pricing its products or services.
- Example: Seaside Crest adopts a competitive pricing strategy, providing value for money while maintaining the exclusivity and high-quality experience associated with a tropical-themed hotel.
Explains how the hotel plans to generate sales and build customer relationships.
- Seaside Crest will implement a comprehensive sales strategy that includes online booking platforms, direct marketing to travel agencies, and partnerships with local tour operators to attract and engage potential guests.
Describes the methods through which the hotel will deliver its products or services to customers.
- Example: Seaside Crest will primarily distribute its services through online travel agencies, direct bookings through its website, and collaborations with travel agencies specializing in tropical getaways.
Details the hotel's promotional efforts and advertising strategies.
- Example: Seaside Crest will employ targeted marketing initiatives, utilizing social media and search engine platforms, to enhance brand visibility and attract new guests seeking a tropical-themed hotel experience in Key West..
5.1. facility location and layout.
Specify the hotel's physical business location and refer to the internal arrangement and organization of the space.
- Example:Seaside Crest will secure a prime location in Key West, strategically positioned in close proximity to the beach and popular tourist attractions. The hotel's layout will be designed for optimal guest comfort and convenience, with thoughtfully arranged spaces and amenities.
Cover the hotel's comprehensive approach to safety and security, including surveillance systems, access control measures, etc.
- Example: Seaside Crest will prioritize the safety and security of our guests and staff. We will implement robust security measures, including surveillance systems, access control, and trained personnel to monitor and respond to any potential threats or emergencies.
Involves the hotel's procedures to ensure high standards of cleanliness, hygiene, etc.
- Example: Our dedicated housekeeping staff will maintain the highest standards of cleanliness throughout the hotel, including guest rooms, common areas, and amenities. We will follow strict protocols to ensure a hygienic and pleasant environment for our guests.
Involves energy-efficient practices and technologies to minimize energy consumption, reduce utility costs, and promote sustainability
- Example: As a responsible and sustainable hotel, Seaside Crest will strive to minimize energy consumption and reduce our environmental impact. We will implement energy-efficient practices, such as using energy-saving appliances, LED lighting, and smart systems for temperature control.
includes tracking and controlling supplies, equipment, and amenities to optimize operations.
- Example: Seaside Crest will employ an efficient inventory management system to track and manage hotel resources, including linens, toiletries, and other supplies. This system will ensure optimal inventory levels, minimize waste, and support smooth day-to-day operations.
All of the unique Hotel projections you see here were generated using ProjectionHub’s Hotel Financial Projection Template. Use PH20BP to enjoy a 20% discount on the template.
Provide a detailed breakdown of the total startup costs requirements, and where you plan for those funds to come from. You will also want to break down how the startup costs will be used including working capital to cover losses before the business breaks even.
- Example: The total startup costs for Seaside Crest are estimated at $7,335,552. The owner plans to secure a business loan of $15,000, with $7,500,000 contributed through personal funds.
Provide an estimate of the hotel's future revenue based on market research and assumptions.
- Example: Seaside Crest projects increasing revenue over the next five years, with $3,282,587 in the first year and reaching $5,938,052 by the fifth year.
Estimates the hotel's future expenses, including fixed and variable costs.
- Example: Seaside Crest's expenses include cost of goods sold, operating expenses, and direct labor and supply costs for the hotel, restaurant, spa, and events.
Summarizes the hotel's revenue, expenses, and net income over a specific period.
- Example: Seaside Crest expects to achieve net income of $375,657 in the first year, growing to $1,845,652 by the fifth year, demonstrating a consistent increase in profitability.
Outlines the hotel's projected cash inflows and outflows.
- Example: Cash flow projections for Seaside Crest consider the seasonality of the hotel industry, ensuring effective financial management throughout the year.
Determines the point at which the hotel's revenue equals its expenses.
- Example: Seaside Crest anticipates reaching its break-even point within the first year of operation, indicating a strong potential for early profitability in the hotel industry.
Includes any relevant documentation that supports the information presented in the business plan, such as resumes, financial projections, market research data, and permits or licenses.
Provides definitions for industry-specific terms used throughout the business plan to ensure reader comprehension.
Lists any sources or resources referenced during the preparation of the business plan, including industry reports, market research data, and relevant publications.
How do I start a hotel business from scratch?
Starting a hotel business from scratch involves several key steps. Begin by conducting market research to identify a suitable location and target market. Develop a detailed business plan that outlines your hotel's concept, services, and financial projections. Secure funding through personal savings, loans, or investors. Obtain necessary permits and licenses and hire staff with hospitality experience.
What type of hotel should I open, and how do I choose a niche?
The type of hotel you open depends on your target market and location. Consider factors such as the level of service, amenities, and price range. Choose a niche that aligns with your interests and the demand in the local market. Options include boutique hotels, budget accommodations, luxury resorts, or themed hotels.
What marketing strategies can I use to promote my hotel?
Use a mix of digital marketing, social media, content marketing, and search engine optimization (SEO) to reach potential guests online. Collaborate with local tourism boards, travel agencies, and event planners to promote your hotel. Encourage positive reviews and testimonials to build credibility.
Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.
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Self Storage facilities seem to be popping up all over the place recently and there's no slow down in sight. Follow this step by step to understand the basics of how to get your self storage business started, how much it will cost, and how much you stand to make!
Yekaterinburg luxury hotels, property types, distance from, traveler rating, hotel class.
Eurohotel central hotel.
Premier by usta hotels.
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Enter a World of repose as you soak in the luxuries of our plush 5-star hotel in Agra. Just a ten-minute walk from the Eastern Gate of the Taj Mahal, at Taj Hotel & Convention Centre, Agra, Immerse yourself in a sensory banquet featuring excellent views, mouth-watering food and delightful comforts. ...
"Since COVID, they're expecting us to give five-star service with three-star staff," said Elena Duran, a server at Marriott's Palace Hotel, a Luxury Collection Hotel, in San Francisco for 33 years. "A couple weeks ago, we were at 98% occupancy, but they only put three servers when we used to be a team of four or five.
10 sections to include in your hotel business plan. Whether you're starting a small boutique hotel, a cozy B&B, or a 5-star resort, you will need to address the following sections in your hotel business plan. 1. Executive summary. An executive summary is the most essential part of your business plan.
PlanBuildr's hotel business plan template will help you to easily complete your hotel business plan and take your company to the next level. ... 360-room hotel with a five-star restaurant and bar, relaxing pool and spa, 20,00 square feet of meeting and event space, a spacious and fully-equipped fitness center, and a view of scenic Austin ...
Again, this is for a lifestyle full-service hotel so it's not the cost of a 10 room bed and breakfast, for example. That figure breaks out into 5 buckets: Land : $33,900 (10%); this includes real estate cost. Building/Construction : $221,500 (66%); naturally building and construction is the largest budget item.
Steps of your Hotel Business Plan. Let's dive into the step-by-step checklist of what your hotel business plan should look like. Infographic by Xotels. 1. Executive Summary. This first part should consist of two main parts, being: Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a ...
Open for Business. 1. Choose the Name for Your Hotel. The first step to starting a successful hotel business is to choose your hotel's name. This is a very important choice since your hotel name is your brand and will last for the lifetime of your hotel. Ideally, you choose a name that is meaningful and memorable.
If you have never made a hotel business plan before, check out these tips for some ideas on your design. 1. Add Executive Summary. Place the executive summary in your business plan's introduction. Your mission statement serves as an introduction to your design. It's typically a one-line statement that describes the essence of your company.
While writing a comprehensive business plan, you should include the following 10 key components in your hotel business plan: 1. Executive Summary. An executive summary is the first and foremost section of a hotel business plan, providing a high-level overview of your entire business strategy. Generally, it would be written at the end once all ...
This guide provides in-depth knowledge about creating a hotel business plan with step by step instructions, templates and more.
The Total Fee for Registering the Business in Las Vegas, Nevada: $750. Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580. Cost for hiring Consultant - $5,000. Insurance (general liability, workers' compensation, and property casualty) coverage at a total premium - $30,800.
This document is a business plan for the proposed Eco-Central Pacific Resort, a 5-star eco-friendly resort located in Nadi, Fiji. The business plan outlines the resort's executive summary, business description, statement on sustainability, marketing strategy, operations, sustainable development measures, management structure, financial plan, and critical risks. The resort aims to attract ...
Hotel Business Plan. If you want to start a new hotel business or expand your current one, you need a business plan. Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their hotel businesses.
The executive summary of a hotel business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan. Start with a one-line description of your hotel company. Provide a short summary of the key points in each section of your business ...
In this article we go through, step-by-step, all the different sections you need in the business plan of your boutique hotel. Use this template to create a complete, clear and solid business plan that get you funded. 1. Boutique Hotel Executive Summary. Though the executive summary is the first and the most important section, it should normally ...
Create a detailed plan that covers staff, operating processes, suppliers and inventory management - everything involved in operating your hotel business. Financial plan. Start talking money. Start-up costs followed by ongoing expenses (payroll, purchases, rent and utilities), forecasts and profit potential.
Let's explore the critical components of the business plan for a hotel: 1. Executive Summary. An executive summary is a quick and concise part of a business plan that provides a complete roadmap of your hotel business. A concise business overview encapsulating visionary business goals is a strategic compass, providing a snapshot of a company ...
5-Star Hotel Business Plan. I. Executive Summary A. Overview [Your Company Name] is set to redefine luxury hospitality in downtown [City] with a new 5-star hotel that combines modern elegance with exceptional service. Our hotel will offer 150 meticulously designed rooms and suites, state-of-the-art conference facilities, a world-class spa, and ...
EXECUTIVE SUMMARY. Your first step in creating a hotel business plan is to create the Executive Summary, which is a few paragraphs that give a broad strokes overview of your business. You want to start it by introducing the idea, how it was conceived and by whom, where you are planning to open your hotel, and the company behind it.
6. Hotel Feasibility Study Projected ROI. One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return (IRR), net present value (NPV), debt coverage ratios and discounted cash flow (DCF), as well as others.
A hotel business plan should provide investors and lenders with compelling reasons why guests will choose your hotel, demonstrate why you or your team are the ideal operators for the hotel, and present a financial projection that ensures their investment is secure. Below is a comprehensive outline of our complimentary hotel business plan template.
Gold 1905, Boutique Hotel is located in the city center in the building of the cultural heritage. In the immediate vicinity of the hotel is The square of 1905 and the metro station of the same name, the administration of Yekaterinburg and shopping centers-Passage, TSUM and Uspensky, and after a couple of blocks - you can walk along the embankment of the river Iset.
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