This sheet allows you to identify all the available room nights in the subject market and the supply and demand. This will allow you to obtain your demand and occupancy projections.
This guide will cover using the Room Night Builder sheet in your Hospitality Workbook.
Step 1: Select Competitive Set One from the top of the Room Night Builder sheet.
Step 2: This will open the file explorer on your computer. Select the appropriate Competitive Set report file to import into the Room Night Builder sheet.
Step 3: Choose the appropriate dropdowns that best match your scenario.
Is the Subject Included in the Report - This question refers to whether the subject's information has been included in the Competitive Set One Report you will be relying on. Choose whether or not it is included in the data to be imported.
How Many Years of History to Report - Select the number of historical years you want to highlight.
Note: The default is three years, but you can choose a maximum of five years. When using the Competitive Set Report import, you will have access to five years by default.
Current Year - This is the year indicated in the Competitive Set Report and will populate automatically after importing. If the date was not included or did not fill in automatically, you can manually add the date here.
Number of Segments to Report - Select the number of segments you want to report. The default is three segments, but you can utilize a maximum of eight segments.
When you select Click Here to Show All Rows twice, you will see the Allocation for Subject’s Segments table update to the number selected in this field.
Segment Allocation Method
There are two methods for allocation for the segment:
General Estimate for all Periods - The standard method used most commonly
Use % estimates for each Period - This method allows you to allocate separately for each period's segments.
Example of using the % estimates for each Period: During reporting years where demand waivered significantly, you may need to make edits to the default settings. You can adjust your edits over time to resemble a more traditional allocation for the respective segment.
Include Submarket Data - Select Yes to include Submarket data. It will pull the information from the Market Profile sheet.
After importing the data and setting up, you will notice it has set up the years and pulled in the information provided in the Primary Competitive Set One Report.
Room Count - This field will populate with your Subject Property’s unit count
Days of the Year Open - This field defaults to 365 days. This can be changed as needed by clicking into the cell and making the update.
Annual Supply - This will automatically update to the correct number based on the Unit Count and Days of the Year Open input prior.
Annual Demand - This section is for reporting historical occupancy. Enter the Subject’s Occupied Room Nights manually.
The Annual Occupancy row below will be calculated based on the Annual Demand and Annual Supply.
Room Night Revenue - Manually enter your Room Night Revenue for each year
The Average Daily Rate and RevPAR rows will calculate automatically
When you navigate to the Datasets sheet, you will see that this report has brought in some of the data for the Current Market Statistics table.
This also affects the Set Trends sheet, where the tables are beginning to be set up.
Import an Additional Primary Set (Competitive Set Two Report)
This is optional and not necessary for the setup of the Hospitality workbook.
Step 1: Unhide rows 11-14 to add an asset and import an Additional Primary Set (Competitive Set Two)
Step 2: Update the Additional Primary Set dropdown to Yes and select Competitive Set Two to import an additional Competitive Set Report
Step 3: Select Click Here To Show all Rows twice to refresh the tables
Step 4: Complete the information for your Additional Primary Set
This section is beneficial if you are doing a dual-branded asset; you can use this section to add information for the second brand.
Enter the Room Count, Annual Demand, and Room Night Revenue for your additional asset
Import a Secondary Set Report
This is optional and not necessary for the setup of the Hospitality workbook.
Step 1: Unhide rows 17-22 to include a secondary set and import a Secondary Set report
Step 2: Update the Include Secondary Set dropdown to Yes and select Secondary Set to import your report
Step 3: Select Click Here to Show All Rows twice to unhide the Allocation for your Secondary Set
Step 4: Review the Allocation for Set2
This section is beneficial if you need to do a second set to identify additional trends for a hospitality property in an area with dense hotel development.
Once you have completed all necessary information in the Room Night Builder sheet, you can move on to the Datasetssheet in the Hospitality Workbook.
Additional Questions? Valcre Support is ready to help with all your Valcre product questions! You can connect to us via phone, email, or chat!
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