Current and Future Demand and Operating Environment of the Hotel at Guildford - Coursework Example

Coursework Details

Module Name and Code

Hotel Investment (MAN3127)

Coursework Title

Study of a Hotel Project in Guildford

Deadline

31st MAY 2016

Student Details

Student URN(7 digit number on Uni card)

6259539

Student Name

Hoi Yu Lee

Programme

International Hospitality Management

• • • Student Declaration

To be agreed by Student

Please refer to the University of Surrey Regulations for the Conduct of Examinations and Other Forms of Assessments and your departmental Student Programme Handbook for more information on Academic Misconduct and Plagiarism.

Declaration:

I confirm that the submitted work is my own work and that I have clearly identified and fully acknowledged all material that is entitled to be attributed to others (whether published or unpublished) using the referencing system set out in the programme handbook. I agree that the University may submit my work to means of checking this, such as the plagiarism detection service Turnitin® UK. I confirm that I understand that assessed work that has been shown to have been plagiarised will be penalised.

By completing and submitting this form, I confirm that:

• I have read and fully understand the University’s Regulations and guidance on Academic Misconduct and Plagiarism
• This submission is my own work
• All quotes and sources have been fully and properly attributed and referenced
• This work has not been previously submitted, in full or in part, for the purpose of assessment at this or any other institution
• No effort has been made to subvert plagiarism detection processes of the University
• This submission may be transferred to and stored in the Turnitin Plagiarism Detection database for the purpose of plagiarism detection now and in the future
• I understand that all required work must be received within the published deadline
• I understand that work received after the published deadline will be penalised in line with University Regulations
• I understand that any request for mitigating circumstances must be made formally via the Student Liaison Officer, using the appropriate form and including evidence; the application and associated evidence must be received by the stipulated date

Student Declaration1

A. Site Appraisal3

B. Market and General Appraisal5

Competitive Hotel Stock in Guildford Town5

Competitive Hotels in Guildford5

Guildford Economy5

Transport Links in Guildford6

Basic Amenities in Guildford7

Tourism Statistics in Guildford7

Demand of Hotel Accommodation in Guildford7

C. Recommendation and Justification7

Hotel Brand Options in Guildford Town8

D. Future Operating Environment9

Site visit9

Competition analysis9

Hotel performance9

E. Current and future hotel demand in Guildford10

Financial Projection10

Reference15

• A. Site Appraisal

Setting up a hotel at Guildford town is advantageous compared to other towns. Firstly, there is a good record of the existing hotels in the town doing better. The hotels’ performances in the market are high. The town is in a central location making it reachable to many people across and outside the town. It has proper transportation links such as Heathrow and Gatwick airports hence, people travelling in and out of the town can resort to rest in an available hotel. The town receives a good number of visitors every year. This would make it easier for a hotel to make massive amounts of profits. Moreover, the town has a higher population. The people residing in this town can also opt to acquire recreational facilities in hotels with good names in the town. Therefore, setting up a hotel in the town and making it reputable would earn it profits. Guildford town has corporate sectors which are stronger and firm. Hence, a hotel can easily get investors willing to spend their money on it.

Guildford Town has various transport routes. The town is located thirty-five minutes away from the Waterloo in London by train. The transport routes are conveniently served using the M25 and A3.The town has airports such as Gatwick and Heathrow that are easily accessible. One can also use the South Coast in the exploration of South East as a whole. The town can also be accessed through cars in the shortest time possible.

Upon visiting Guildford, one will get an active market with good shopping as well as many places to drink and eat. It has cultures, arts, and heritages that date back to the times of Saxon. There are shops and entertainments. Theatres also exist as well as venues for entertainments. The town also has research parks like the Surrey. People do enjoy fantastic shopping at Guildford town. The markets in the town have various brands of designers. The Guildford Museum is a tourist attraction site. It has various collections of history and needle works. A famous past resident is known as Lewis Caroll, who was also buried at the Mount Cemetery of Guildford. Guildhall is yet another tourist site to visit. It was initially a courthouse but transformed into a venue hosting local events. The buildings history is fascinating to anyone who visits it. The town also has beautiful gardens that attract anyone visiting the town (New investment frontiers, 2003).

Guildford town has various strengths and weaknesses. It is in a central location thereby enabling many business opportunities and markets to flourish. Goods and services offered in this town are often successfully as many people can access and buy the things in town. It has excellent visibility. For instance, the South Coast can be used to view and explore the South East. One of its strengths is it has better links of transportation. It has airports and roads that are accessible (DeGreef, 2012). The town has high corporate sectors. Various visitors in large numbers visit that city. One of its high points is also that the existing hotels perform very well in the town. The town, however, has the following weaknesses. The presence of the corporate sector may be limited at times thereby reducing performances of a hotel. The town can also be affected by fluctuating economies that may hinder people from spending as much as they would, resulting in a reduction of hotels’ profit margins (Lambert, 2011). Rising inflations can influence people’s level of incomes in town hence low spending (Raleigh and Roginsky, 2012). From the above discussion the Guildford borough can be graphically represented as below

Diagram: The borough of Guildford

Source: getinvolved.guildford.gov.uk

• B. Market and General Appraisal
  • Competitive Hotel Stock in Guildford Town

In Guildford town, the hotels offer very competitive prices as they make attempts in providing their customers with outstanding services and quality services. The quality to price ratio of these hotels is quite high as compared to other hotels in the region. Most customers want to receive value for their money and as such, they do prefer services that are of high quality. In a bid to achieve this, the hotels aim to offer outstanding quality of services through the use of highly qualified personnel.

According to Coles (2014), the competitive stock of these hotels is relatively great as the customers are assured of the privacy of the information that they provide to the hotel. There is customer confidentiality that gives the hotels a competitive edge over their competitors especially for the tourists, both local and international.

• • Competitive Hotels in Guildford

Some of the competitive hotels in Guildford include but are not limited to Novotel Guildford and Mandolay Hotel & Conference Centre (extension). Both hotels are regionally located in the southern part of Guildford town. Novotel Guildford is a four-star hotel with a maximum of twenty four bedrooms for the guests. The hotel is a Novotel brand. Mandolay Hotel & Conference Centre (extension), on the other hand, is equally a four-star hotel. It is also an independent brand. However, unlike Novotel Guildford, it has one hundred and twenty five bedrooms for its guests.

• • Guildford Economy

In 2014, Lambert Smith Hampton published the UK Vitality Index which ranked Guildford first (Anon, 2014). The report identified that Guildford is currently the best in terms of economy ahead of Cambridge which was previously considered to be the top (Anon, 2014). Its local economy is strong as well as the most robust in the region. This is mainly due to its capacity to offer a number of business and the investors have an opportunity for growth, expansion and development. In order to further enhance its economy, Guildford town has proposed plans for redevelopment and investment (Anon, 2014). The main objective of these proposed plans is to enhance the residential, office and retail sector in Guildford. Therefore, the investors in this town have a further opportunity for growth and investment of their various business activities that they may be conducting.

The economy of Guildford is often attributed to its high degree of affluence. Its unemployment levels are very low as it offers an extremely high status of education. For instance, the university league table of Guardian ranked the University of Surrey, which is located in Guildford town, in sixth position in the country (Anon, 2014). As a result of the high levels of employment and education in the town, the residents benefit from high standards of living. This is also manifested in the rise of the economy as more revenues will be collected by the local government for the development of the town’s economy.

• • Transport Links in Guildford

There are four main transport links in Guildford: taxis, buses, trains and cars. The taxis include A3 cars, ace cars, airport travel cars, five star cars, Guildford cars, city cabs & cars, Guildford premier cars, station cars & taxis and beeline cars (Anon, 2016). Some of the buses that serve in Guildford town are stagecoach, arriva, safeguard, carlone buses, buses excetera, national express, compass travel, repton’s coaches and Abellio Surrey (Anon, 2016). The trains in Guildford make use of the established train network. The train network connects Guildford town to other towns in the UK and hence, enabling its users to effectively move from one place to another with a lot of ease. More often than not, the cars used for transport belong to specific individuals and hence, used for private purposes unless hired to carry out commercial activities. The transport link within the town runs smoothly and enables the golden thread to operate within the new road in the town as shown in the figure below.

Diagram: Transport links of Guildford Town

Source: guildfordvisiongroup.com

• • Basic Amenities in Guildford

Guildford has amenities for shopping that encompass designer brands, outstanding independent outlets and luxury retailers. The shopping amenities cater for all age groups, budgets and styles. There are recreational facilities in the town such as Tynehead Regional Park, Surrey Bend Regional Park and Guildford and Fraser Heights Recreation Centres. In addition to this, there are residential houses, schools, libraries, hotels, adequate water and sports facilities like Surrey Sports Park.

• • Tourism Statistics in Guildford

According to statistics, it is indicated that Guildford has at least 296,000 visitors each year in which 70 percent are domestic visitors and the rest of the 30 percent are foreigners (BBC News, 2012). In 2011, this boosted the town’s economy by £211.5 million and created five thousand jobs for the people. The town has a wide range of tourism attraction sites such as Radisson Blu Edwardian and G Live which have helped to enhance the employment and trade levels of Guildford (BBC News, 2012). The town also has a tourist information centre and aids in the recording of the tourism statistics. The Tourist Network Awards has recently named Guildford’s Surrey town as the year’s tourist destination (Coles, 2014). In the world, Guildford is known as UK’s cultural and spiritual centre (Coles, 2014). This is probably the reason as to why it attracts a large group of visitors each year.

• • Demand of Hotel Accommodation in Guildford

Generally, the hotel accommodation in Guildford is composed of 4-star hotels, boutique hotels, budget hotels, serviced apartments, gold hotels, 2-star hotels and 3-star hotels. All these hotels have both market potential and hotel company interest. In Guildford, the demand for hotel accommodation differs depending on the type of hotel. Among the above mentioned types of hotels, the 4-star hotels, boutique hotels and gold hotels have the highest demand for purposes of prestige whereas the 2-star and 3-star hotels have the lowest demand. The budget hotels have a medium demand in all seasons especially because they are affordable.

• C. Recommendation and Justification

It is commendable to start a hotel in Guildford town for three main reasons. First and foremost, there is a customer satisfaction gap which needs to be filled. A lot of research has not been conducted in so far as the needs and wants of the customers are concerned. Establishing a new hotel, therefore, will ensure that proper market research has been conducted to meet the wants of the customers effectively and efficiently. With this strategy, customer satisfaction will be achieved and subsequently, customer loyalty. The new hotel will be in a position to attract a wider customer base and a wide market base that will earn the hotel a lot of revenue and hence, giving it a competitive advantage over similar players in the market. Customer fulfilment will give the customers the needed motivation to show their loyalty to the hotel and even help in giving referrals to other prospective customers.

Secondly, since Guildford is a major tourist attraction site in the United Kingdom, it means that the hotels are visited by diverse cultures in the world. This potentially means that the various customers for the hotel will have different interests that will need to be taken into account. This will be made possible through the establishment of a multi-cultural hotel that will attract all the cultural personalities that visit the town. In turn, the economy of the town will be further improved through the employment of such a strategy. This will be beneficial to the newly introduced hotel as well as the town in general.

Lastly, there is a gap in Guildford’s hotel industry in so far as innovation and creativity are concerned. Therefore, it is in the interests of the town that a new hotel is introduced that captures all elements of creativity and innovation. This is both in terms of the services that are offered to the customers and the brand of products that the hotel puts into the market. Creativity will aid in setting the hotel aside from its competitors. By offering unique services and products, it is possible that some of the unmet needs of the customers will be ultimately met. Being an outstanding tourist attraction centre, more foreigners will be willing to visit the town so as to benefit immensely from these creativity and innovation. Subsequently, this will improve the economy of the town as the hotel will be fetching a lot of revenue that will be subjected to taxation from the local authority. It will equally create job opportunities for the residents of the town and hence, enhancing their standards of living.

• • Hotel Brand Options in Guildford Town

There are various brand options found in Guildford town. The brand options differ depending on the status sought by the customer, the budgetary allocations and the location. For purposes of status, the hotels are relatively expensive and some of the brand options are as follows: 4-star hotels, serviced apartments, gold hotels and boutique hotels. Examples of the four-star hotels brand options in Guildford are Novotel Guildford and Mandolay Hotel & Conference Centre (extension). For purposes of budgetary allocations, the brand options available in Guildford are 3-star hotels and budget hotels. They usually service the middle class people in the town. There are also 2-star hotels that are most preferable to the financially challenged members of the society.

• D. Future Operating Environment

The development of the hotel in Guildford is very significant due to its advance possible for viable destination area (Shively, 1991). Based on the information gathered during the market research, the consideration of developing a hotel at Guildford will be capable of positively penetrating most of the luxury hotels sector and contest for the local and global demand markets with other hotels in the area. The development of the hotel at Guildford is not only owing to the outstanding location, but also due to its closeness of prosperous commuter system and various towns from which demand will be obtained, to boost the use of the housing properties, offices and car parking. The periodic trading performance of the major hotels in Guildford, records important performance due to the strength of the profitable sector in the local mark

• • Site visit

There exist upcoming development prospects for the creation of the hotel in Guildford, because, the region predicts more growth, Additionally, forecasts for development are good with a various of major infrastructure and home-grown expansion schemes, for instance, Guildford and the Woking station renovations is expected to encourage additional market progression (Titterington, 1995). Moreover, presently, lack of enough site is perceived to be compelling growth in the market. However, if sites can be provided, this response could be contented and would remain to grow.

• • Competition analysis

Some hotels in the area usually trade at to some extent below nationwide normal levels of room residence. This fluctuates between hotels because some are charging at high room amounts while others recounted much lower normal room charges. Moreover, residential seminars are their foremost source of the middle of the week business. Rest break hotels have continued to be strong. For instance, Surrey luxury country household hotels, and this has led to the increased for several other hotels (Titterington, 1995). The list of competitors for the hotel are

• • Hotel performance

In spite of the difficult trading circumstances, both recognized and new hotel trademarks have persistent to develop in Guildford. For instance, the budget hotel area which have a tendency to be stronger in times of economic recession has experienced incredible growth. Moreover, leisure operators into hotels have expanded extra tendency. For example, football grounds, golf courses and numerous nationwide and local bar operators and breweries are also intensifying their housings to provide excellence products with robust food contributions (Hankinson, 1999). The housing forum market has largely reduced or remained stagnant as corporations have reduced training and conference funds or some have established their own in house training services. Furthermore, struggle for residential conference commerce has also improved from management training centers (Hankinson, 1989). There are numerous number of hotels in Guilford that is controlled by 3 and 4 star hotels. The area has various non-inspected of close to a third of star hotels and equal hotels and non- rated and lesser grade non-inspected hotels.

• E. Current and future hotel demand in Guildford
  • Financial Projection

Many factors were considered during pricing of the rooms. Among the major factors included the pricing of the competitors, the target customers, the cost of setting up and the value placed by the market, being the level of the hotel. After these factors were scrutinized, the pricing was settled on. Being an area of high potential for the business, and considering these factors, the price set is fit for the market.

The expenses as estimated in the statement can be well catered for by the business. This includes the salaries and wages, management expenses and incentives. The expenses that have been forecasted do not eat up into the profits of the business and thus no losses are experienced. Therefore the business is able to manage the payroll obligations and other general expenses.

The statement also exhibits a projected rise in the net operating income over the years. This shows that the business can survive on its own, and the major aim of any business, which is profits, is achieved. The projected income from the business over the years is graphically represented below.

The projected cost of sales, the expenses and the forecasted sales are represented in the profit and loss statement.

The projected statements including the cash flow and the income statement depict how the business has a great potential of producing profits which are desired. The potential for the market is high as the market is also projected to rise. Keeping in mind the services and the level of the hotel, with the prices, in comparison to the existing competitors, the business shows a high potential of flourishing within the first years of establishment. The net operating income also is seen to be constantly rising, which means much returns. However, much effort has to be put on advertising so as to increase the market and to popularize the services offered.

The financial projection for the hotel is summarized in the table below. Hotel residence in Guildford differs by location and the type of the hotel. For instance, 3 to 4 star residences are usually just lower the national level (Burritt, 1991). Some hotels experience high occupancy levels charges due to the strength of demand for pre-flight breaks and sabbatical makers. Consequently, county club hotels also accomplish at higher levels due to their capability to appeal a good combination of business and leisure markets. Consequently, the design of demand are constantly very high mostly on Saturday night tenancies, but very low on Fridays and Sundays. Ordinary occupancies usually drop during school break periods and during Christmas when most of the commercial demand decreases. Moreover, November is also not foreseeable month for some hotels (Burritt, 1991). Midweek tenancies for budget hotels are however stable during the course of the year but falls during Christmas. Weekend occupancies are usually stronger during the seasonal period.

Inflation

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

1

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1.04

1

1.04000

1.08160

1.12486

1.16986

1.21665

1.26532

1.31593

1.36857

1.42331

1.48024

1.53945

1.60103

Exhibit 2

Proposed Hotel Development, Guildford

Statement of Estimated Profit and Loss

Actual Year Values

126

Letting Units

2018

2019

2020

2021

2022

Number of Rooms

126

126

126

126

126

Rooms Available

45,990

45,990

45,990

45,990

45,990

Rooms Sold

14,194

22,627

35,231

35,231

35,231

Rooms Sold Mvmt %

59.4%

55.7%

0.0%

0.0%

Average Room Occupancy %

30.9%

49.2%

76.6%

76.6%

76.6%

Average Room Rate £

69.69

72.84

76.01

79.05

82.21

RevPAR £

21.51

35.84

58.22

60.55

62.98

Per Occupied Room

£000s

%

£000s

%

£000s

%

£000s

%

£000s

%

2018

2019

2020

2021

2022

Average

REVENUES

Rooms

989.2

33.8

1,648.1

30.8

2,677.8

27.8

2,784.9

27.8

2,896.3

27.8

£ 69.69

£ 72.84

£ 76.01

£ 79.05

£ 82.21

£ 75.96

Food and Beverage

573.6

19.6

1,155.8

21.6

2,273.2

23.6

2,364.1

23.6

2,458.7

23.6

£ 40.41

£ 51.08

£ 64.52

£ 67.10

£ 69.79

£ 58.58

Rental & Other Income

576.6

19.7

1,107.6

20.7

2,090.2

21.7

2,173.8

21.7

2,260.7

21.7

MOD

787.3

26.9

1,439.4

26.9

2,591.1

26.9

2,694.7

26.9

2,802.5

26.9

£ 55.47

£ 63.61

£ 73.54

£ 76.49

£ 79.55

£ 69.73

Total

2,926.7

100.0

5,350.9

100.0

9,632.2

100.0

10,017.5

100.0

10,418.2

100.0

£ 206.20

£ 236.49

£ 273.40

£ 284.34

£ 295.71

£ 259.23

COST OF SALES

Food and Beverage

44.2

7.7

77.4

6.7

129.6

5.7

134.8

5.7

140.1

5.7

£ 3.11

£ 3.42

£ 3.68

£ 3.82

£ 3.98

£ 3.51

MOD

236.2

30.0

431.8

30.0

178.8

6.9

185.9

6.9

193.4

6.9

£ 16.64

£ 19.08

£ 5.07

£ 5.28

£ 5.49

£ 11.52

Total

280.4

9.6

509.3

9.5

308.4

3.2

320.7

3.2

333.5

3.2

£ 19.75

£ 22.51

£ 8.75

£ 9.10

£ 9.47

£ 15.03

DIRECT PAYROLL

Rooms

96.0

9.7

151.6

9.2

233.0

8.7

242.3

8.7

252.0

8.7

£ 6.76

£ 6.70

£ 6.61

£ 6.88

£ 7.15

£ 6.74

Food & Beverage

45.3

7.9

85.5

7.4

156.9

6.9

163.1

6.9

169.6

6.9

£ 3.19

£ 3.78

£ 4.45

£ 4.63

£ 4.82

£ 4.01

Total

141.3

4.8

237.2

4.4

389.8

4.0

405.4

4.0

421.6

4.0

£ 9.95

£ 10.48

£ 11.06

£ 11.51

£ 11.97

£ 10.75

OTHER EXPENSES

Rooms

58.4

5.9

93.9

5.7

147.3

5.5

153.2

5.5

159.3

5.5

£ 4.11

£ 4.15

£ 4.18

£ 4.35

£ 4.52

£ 4.20

Food & Beverage

37.9

6.6

74.0

6.4

140.9

6.2

146.6

6.2

152.4

6.2

£ 2.67

£ 3.27

£ 4.00

£ 4.16

£ 4.33

£ 3.52

MOD

50.4

6.4

92.1

6.4

165.8

6.4

172.5

6.4

179.4

6.4

£ 3.55

£ 4.07

£ 4.71

£ 4.90

£ 5.09

£ 4.31

Total

146.6

5.0

260.0

4.9

454.0

4.7

472.2

4.7

491.1

4.7

£ 10.33

£ 11.49

£ 12.89

£ 13.40

£ 13.94

£ 12.03

DEPARTMENTAL OPERATING PROFITS

Rooms

834.9

84.4

1,402.5

85.1

2,297.5

85.8

2,389.4

85.8

2,485.0

85.8

£ 58.82

£ 61.98

£ 65.21

£ 67.82

£ 70.53

£ 63.46

Food & Beverage

446.3

77.8

918.9

79.5

1,845.8

81.2

1,919.7

81.2

1,996.5

81.2

£ 31.44

£ 40.61

£ 52.39

£ 54.49

£ 56.67

£ 44.73

Rental & Other Income

576.6

100.0

1,107.6

100.0

2,090.2

100.0

2,173.8

100.0

2,260.7

100.0

MOD Spend

500.7

63.6

915.5

63.6

2,246.4

86.7

2,336.3

86.7

2,429.8

86.7

£ 35.28

£ 40.46

£ 63.76

£ 66.31

£ 68.97

£ 51.45

Total

2,358.5

80.6

4,344.5

81.2

8,480.0

88.0

8,819.2

88.0

9,172.0

88.0

£ 166.16

£ 192.01

£ 240.70

£ 250.32

£ 260.34

£ 212.30

UNDISTRIBUTED OPERATING EXPENSES

Payroll & Related

Admin & General

667.9

22.8

694.6

13.0

722.4

7.5

751.3

7.5

781.4

7.5

£ 47.06

£ 30.70

£ 20.51

£ 21.33

£ 22.18

£ 29.90

Marketing

605.6

20.7

629.8

11.8

655.0

6.8

681.2

6.8

708.4

6.8

£ 42.66

£ 27.83

£ 18.59

£ 19.33

£ 20.11

£ 27.11

Property Ops.

552.1

18.9

574.2

10.7

597.2

6.2

621.1

6.2

645.9

6.2

£ 38.90

£ 25.38

£ 16.95

£ 17.63

£ 18.33

£ 24.71

Sub Total

1,825.6

62.4

1,898.7

35.5

1,974.6

20.5

2,053.6

20.5

2,135.7

20.5

£ 128.62

£ 83.91

£ 56.05

£ 58.29

£ 60.62

£ 81.72

Other Expenses

Admin & General

79.0

2.7

133.8

2.5

221.5

2.3

230.4

2.3

239.6

2.3

£ 5.57

£ 5.91

£ 6.29

£ 6.54

£ 6.80

£ 6.08

Marketing

84.9

2.9

144.5

2.7

240.8

2.5

250.4

2.5

260.5

2.5

£ 5.98

£ 6.39

£ 6.84

£ 7.11

£ 7.39

£ 6.58

Energy Costs

90.7

3.1

165.9

3.1

298.6

3.1

310.5

3.1

323.0

3.1

£ 6.39

£ 7.33

£ 8.48

£ 8.81

£ 9.17

£ 7.75

Property Ops.

58.5

2.0

112.4

2.1

211.9

2.2

220.4

2.2

229.2

2.2

£ 4.12

£ 4.97

£ 6.01

£ 6.26

£ 6.51

£ 5.34

Sub Total

313.2

10.7

556.5

10.4

972.9

10.1

1,011.8

10.1

1,052.2

10.1

£ 22.06

£ 24.59

£ 27.61

£ 28.72

£ 29.87

£ 25.75

Total

2,138.8

73.1

2,455.2

45.9

2,947.5

30.6

3,065.4

30.6

3,188.0

30.6

£ 150.68

£ 108.51

£ 83.66

£ 87.01

£ 90.49

£ 107.46

GROSS OPERATING PROFIT

219.7

7.5

1,889.3

35.3

5,532.5

57.4

5,753.8

57.4

5,984.0

57.4

£ 15.48

£ 83.50

£ 157.04

£ 163.32

£ 169.85

£ 104.83

• Reference

Anon, (2014). Surrey: LSH names Guildford as best town or city for growth - The Business Magazine. [online] The Business Magazine. Available at: http://www.businessmag.co.uk/surrey-lsh-names-guildford-best-town-city-growth/ [Accessed 27 May 2016].

Anon, (2016). All About Guildford Public Transport in Guildford - Taxis in Guildford, Buses in Guildford. [online] Allaboutguildford.org. Available at: http://www.allaboutguildford.org/AAG%20Public%20Transport.html [Accessed 27 May 2016].

BBC News, (2012). Guildford tourism brings £211m local economy boost - BBC News. [online]

BBC News. Available at: http://www.bbc.com/news/uk-england-surrey-20005082 [Accessed 27 May 2016].

Burritt, M. (1991). Japanese Investment in U.S. Hotels and Resorts. Cornell Hotel and Restaurant Administration Quarterly, 32(3), pp.60-66.

Coles, S. (2014). Guildford named the UK's tourist destination of the year - AOL Travel UK. [online] AOL Travel UK. Available at: http://travel.aol.co.uk/2014/02/05/guildford-named-uk-tourist-destination-of-the-year-2014/ [Accessed 27 May 2016].

DeGreef, A. (2012). Hotel investments & developments. Saarbrücken, Germany: LAP LAMBERT Academic Publishing.

Hankinson, A. (1999). Small Hotels in Britain: Investment and Survival. Cornell Hotel and Restaurant Administration Quarterly, 30(3), pp.80-82.

Lambert, R. (2011). Finance & accounting. Philadelphia: Wharton Digital Press.

New investment frontiers. (2003). [Sydney]: [Property Council of Australia].

Raleigh, L. and Roginsky, R. (2012). Hotel investments. Lansing (Mich.): American Hotel & Lodging Educational Institute.

Shively, M. (1991). The Retirement Hotel: What factors should management consider before converting a hotel into housing for the growing number of retired persons?. Cornell Hotel and Restaurant Administration Quarterly, 1(4), pp.29-33.

Titterington, A. (1995). Northern Ireland: Prospects for hotel investment and tourism recovery. The Cornell Hotel and Restaurant Administration Quarterly, 36(5), pp.87-94.