Assignment task:
Creating a Comp Set: When creating a comp set, you want to find five other hotels in the primary and secondary market area close to Hampton Inn's size, market category, and in general, someone you would compete in finding and attracting customers. The purpose of the comp set is to examine how well your hotel is doing in the market compared to the competitors and how effective your pricing strategy is compared to your market. Where there are not enough competing hotels in the primary market for the comp set, hotels are expected to choose a secondary market they would like to compete and attract guests to create more demand.
1. Start your research and search hotels in the primary and secondary market to Hampton Inn, Waynesburg, PA. What markets did you search or research and why?
2. Select five other hotels in the market area that should be included in your comp set.
3. After selecting your comp set, provide your research analysis and justification on why these five hotel properties should be included in your comp set.
NOTE: Remember, hotel sizes with similar amenities across comp sets are essential to compare apples to apples.
Hotel: Hilton