Rochester Institute of Technology RIT Scholar Works eses esis/Dissertation Collections 1994 A Feasibility study: e Conversion of the Krenzer house into a bed and breakfast Eric Sherrard Follow this and additional works at: hp://scholarworks.rit.edu/theses is esis is brought to you for free and open access by the esis/Dissertation Collections at RIT Scholar Works. It has been accepted for inclusion in eses by an authorized administrator of RIT Scholar Works. For more information, please contact [email protected]. Recommended Citation Sherrard, Eric, "A Feasibility study: e Conversion of the Krenzer house into a bed and breakfast" (1994). esis. Rochester Institute of Technology. Accessed from
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Rochester Institute of TechnologyRIT Scholar Works
Theses Thesis/Dissertation Collections
1994
A Feasibility study: The Conversion of the Krenzerhouse into a bed and breakfastEric Sherrard
Follow this and additional works at: http://scholarworks.rit.edu/theses
This Thesis is brought to you for free and open access by the Thesis/Dissertation Collections at RIT Scholar Works. It has been accepted for inclusionin Theses by an authorized administrator of RIT Scholar Works. For more information, please contact [email protected].
Recommended CitationSherrard, Eric, "A Feasibility study: The Conversion of the Krenzer house into a bed and breakfast" (1994). Thesis. Rochester Instituteof Technology. Accessed from
A FEASIBILITY STUDY:
THE CONVERSION OF THE KRENZER HOUSE
INTO A BED AND BREAKFAST
by
Eric R. Sherrard
A project submitted to the
Faculty of the School of Food, Hotel, and TravelMangement
at
Rochester Institute ofTechnology
in partial fullfillment of the requirements
for the degree of
Master of Science
September, 1994
FORMKROCHESTER INSTITUTE OF TECHNOLOGY
School of Food, Hotel and Travel ManagementDepartment or Graduate Studies
M.S. Hospitality-Tourism ManagementStatement Grantin2 or Denyin2 Pennission to Reproduce ThesislProject
The author of a thesis or project should complete one of the following statementsand include this statement as the page following the title page.
Title of thesis/project: _----'F'""e""'a....s.l...· b"".l".."l""i.....t::Ly.....S"""t""'u~dy::L....• ~K=.:re5O.!n~z.:lOe....r-'H~o~yiOi!s~e-'a...s"-"'a~ _
Bed & Breakfast
I, Eric Sherrard , hereby (grant,~ permission to the
Wallace Memorial library of R.I.T., to reproduce the document titled above in
whole or part. Any reproduction will not be for commercial use or profit.
OR
I, -', prefer to be contacted each time a
request for reproduction is made. I can be reached at the following address:
~Date Signature
FORM IROCHES1ER INSTITUlE OF 1ECHNOLOGY
School of Food, Hotel and Travel ManagementDepartment of Graduate Studies
M.S. Hospitality-Tourism ManagementPresentation of ThesislProject Findin&s
Name: Eric Sherrard Date: 6/29/94SS#: _
08 Credits
Committee Chairperson's Signature
Title of Research: A Feasibili ty Study: The Conversion of The Krenzer House
Into A Bed And Breakfast
Specific Recommendations: (Use other side if necessary.)
Thesis Committee: (1) Dr. Francis M. Domoy (Chairperson)
(2) Dr. Richard F. Marecki
OR (3)
Faculty Advisor: Dr. Francis M. DolllOY
;&pl Credits Approved:
:?~Z~.f------------------------Date
jI27/q~Date~ Department Chairperson's Signature
Note: This form will not be signed by the Department Chairperson until all corrections,as suggested in the specific recommendations (above) are completed.
cc: Departmental Student Record File - OriginalStudent
ABSTRACT
The Krenzer House is an old farm house located at 3000 East River Road
in Rochester, New York. The feasibility of the conversion of the Krenzer House
into a bed and breakfast is the focus of this project.
This report consists of four major sections. The first focuses on the costs
associated with the conversion. The second area examines the marketing that
is needed to develop the bed and breakfast. The third focus researches the
licenses and codes needed. While the final area develops an operational plan.
n
ACKNOWLEDGEMENTS
I would like to thank Louis Gagliano and Amynah Virani for helping
me develop the idea for this project.
Thank you also to Scott Osborne and Stacy McKenzie for helping me
put the final pieces together.
I would also like to thank the faculty at the School of Food, Hotel,
and Travel Management fot their help and guidance on not only this
project, but through my entire Master's degree studies.
Most importantly, I would like to thank my family for their
continued support and encouragement when times got difficult.
1 1 1
TABLE OF CONTENTS
Abstract i i
Acknowledgements i i i
List of Tables vi
Chapter I
Introduction 1
Problem Statement 2
Background 2
Purpose Statement 2
Significance 3
Definition of Terms 3
Assumptions 4
Procedure 4
Long Range Consequences 5
Chapter II
Literature Review 6
Costs 6
Marketing 9
Licensing 1 4
IV
Chapter III
Methodology 1 7
Renovational Costs 17
Projected Income 22
Projected Expenses 36
Marketing 40
Licensing and Permits 45
Operational Plan 48
Chapter IV
Summary, Conclusions, and Recommendations 51
Reference List 53
LIST OF FIGURES
Figure
1 . Market Research of Sample Competition 1 2
2. Renovational Costs of the Krenzer House 21
3. Forecasting-Monthly Breakdown 24-27
4. Forecasting Summary 28
5. Hotels within 5 miles of RIT 33
6. Long Term Forecast of Occupancy and Income 35
7. Operating Expenses of the Krenzer House 37
8. Break Even Analysis 39
VI
CHAPTER I
INTRODUCTION
The Krenzer House, an old farm house located at 3000 East River Road
in Rochester, New York was purchased by RIT in 1989 from Fred and Marie
Krenzer. The house had been in the Krenzer family since 1861 . Currently, the
house serves as a study house for graduate students in the School of Food,
Hotel, and Travel Management, and is also used as a classroom meeting facility
once or twice a term.
To say that the house is beautiful is an understatement! As you enter
through the front door from a full porch that overlooks the Genesee River, you
cannot help but notice the oak hardwood floors throughout the house. A
fireplace with an accompanying bay window in the living room and an adjacent
sunroom are very impressive as well. The stairway leading to the second floor
is also finished in the beautiful hardwood.
The second floor consists of four very comfortably sized bedrooms. The
bedroom at the end of the hall is where the farm workers lived, and is separated
by two sets of doors. Coming down the back stairwell, you arrive in the kitchen
with additional stairs that go down to the basement. The remains of an old cider
chest, fruit cellar, and the farm workers bathroom are still intact. Then, as you
walk out the back door, you look right into a good sized apple orchard that just
sits and waits for someone to come pick its apples.
PROBLEM STATEMENT
Currently, RIT does not have any unique or specialized housing facilities
for important guests that visit the campus for short periods of time.
BACKGROUND
RIT is constantly looking for new learning models to help enhance
the education of its students. Within the School of Food, Hotel, and
Travel Management, the food management department has a student run
restaurant. Henry's restaurant provides a hands on learning
environment for a full service restaurant. The travel school accomodates
its students with a full functioning computer lab. SABRE computer
systems can be found in most travel agencies today. Therefore, students
learning the SABRE system are well equipped to function in the travel
industry. The hotel department, however, does not currently have a
"tangible"
educational tool or model to educate its students.
PURPOSE STATEMENT
The purpose of this study is to analyze the feasibility of the Krenzer
House to be converted into a bed and breakfast.
SIGNIFICANCE
The School of Food, Hotel, and Travel Management needs
something tangible to bring its students closer together and to attract
students and this is a golden opportunity. The development of a bed and
breakfast may attract students that may have gone to another university
to learn from their lodging facility. In addition, the project would bring
profit to the program through means of direct income from the property.
Furthermore, it would provide tremendous hands-on experience
for the students who run the bed and breakfast and create its
environment. The current image of RIT will also be enhanced. The
school would no longer be simply encompassed in an all-brick setting on
top of the hill. The university would now extend to a landmark site along
the Genesee River. The service RIT would provide to dignitaries,
parents, alumni, corporate VIP's, and other important visitors would also
be greatly upgraded.
DEFINITIONS OF TERMS
School of Food, Hotel, and Travel Mgm't. A program within RIT
that educates in Hotel/Resort Management, Food Preparation and
Management, Travel Management, and Nutrition and Dietetics.
Education occurs at both undergraduate and graduate levels.
Landmark Bed and Breakfast - A house that has been restored to
preserve its historical heritage. The house serves as host to overnight
guests and provides dining accomodations.
-3-
Landmark Bed and Breakfast - A house that has been restored to
preserve its historical heritage. The house serves as host to overnight
guests and provides dining accomodations.
Tangible -
Something that can be felt by touch.
Business Feasibility Study - A report produced by identifying market
opportunities and predictions of profitability based on research.
ASSUMPTIONS
This study will gather information on how to coordinate the
development of a bed and breakfast for a university program. It will
identify what steps and measures need to be carried out for the plan to
work. It will need the support of the University Board to be developed.
The study will focus on only one property in one specific area.
PROCEDURE
This study will only examine one property and its potential for
development into a bed and breakfast. Only one feasibility study will be
performed in this report, and presented to the faculty of The School of
Food, Hotel, and Travel Management.
The independent variable is the potential of the property. The
dependent variable in this study is the feasibility of the project. The
intervening variable is the school's desire to support the development.
LONG RANGE CONSEQUENCES
Should the information from this feasibility study be used in the
development of the Krenzer House as a bed and breakfast, the guideline
may be employed in other institutions or bed and breakfast
developments.
CHAPTER II
LITERATURE REVIEW
As this feasibility study attempts to identify the market opportunities and
profit breakdown of the potential of the bed and breakfast, four distinct areas are
examined. The costs section examines how and when profit will occur. The
marketing section will look into how and if the business is able to sell itself.
The legalities and codes section note what laws need to be adhered to in
order for the business to start and run. The operations breakdown examines
how the house will be run and maintained.
Costs
Starting a Bed and Breakfast will require three types of initial investment.
1 . Capital equipment and fixtures
2. Initial start up expenses
3. Working capital
A bed and breakfast is a business investment, and like all business
investments it is important to look realistically at the situation. The section on
Investment Requirements and Financial Analysis in Bed & Breakfast Lodging
Operations: A Business Planning Guide for NY State (1989). describes how to
determine initial investment requirements, how to develop a cash flow analysis,
income statement, balance sheet, and provides guidelines on how to evaluate a
Bed and Breakfast decision. The cash flow projection is one of the most
important financial planning tools to develop.
The cash flow analysis:
1 . Identifies the amount of working capital needed
2. When it will be needed
3. Where cash comes from
4. Where the cash goes
Once a cash flow analysis and capital equipment and fixtures list is
developed, a projected income statement and balance sheet can be built. To
evalute the bed & breakfast decision, the guide then introduces the Hubbards
formula and break even analysis formula. The Hubbards formula identifies :
initial investment requirements, operational costs for a projected level of activity,
and projected revenue. A Business Planning Guide for NY State (1989)
The break even point is the amount of sales at which expense costs
equal total revenues. Profit equals zero at the break even point. Determining
when a property makes a profit is the purpose of figuring the break even point.
In How to Purchase and Operate A Bed & Breakfast or Country Inn
(1993), Oates and Bredfeldt also discuss the importance of understanding the
financial needs of a bed & breakfast. They review the financial statement,
sources of financing, purchase expenses and start up costs, a regulatory
checklist, and some start up advantages and disadvantages. Some
disadvantages mentioned are no prior recognition, no track record, long, long
start up time, codes and licensing, financial complexity, and payback. Some of
the advantages are: do it your own way, wide range of choice, time frame
flexibility, and tax benefits.
-7-
Determining what needs to be included within the bed & breakfast (living
room, dining room, bedrooms, bathrooms,. . . ) was reviewed in Martha
Murphy's book Own and Operate Your Own Bed & Breakfast (1994).
Renovational costs should then be figured to assure the quality of rooms
meeting Murphy's requirements for rooms and furnishings are set.
Monica and Richard Taylor's book Start and Run a Profitable Bed &
Breakfast (1992) also provides guidance in the functional realm of starting a
bed & breakfast. Their book additionally provides information by discussing
renovations that need to be addressed. They are similar with other bed &
breakfast authors in reviewing financial records and financial planning. They
do, however, also provide helpful insight into "forecasting your business
success."
Forecasting entails several specific events that are used to project
income flows.
A first year forecast includes:
1 . average booking days available
2. state of the economy
3. aggressive advertising
4. uniqueness
5. tariff structure
6. vacations and days off
Ater the first year, the forecasting begins to look into patterns that occur, as well
as advanced and actual bookings of guests.
Once forecasting is complete, projections can be figured on the
occupancy rate for the year. This will enable the breakeven analysis to be
calculated and when an investment will turn to a profit.
Marketing
Once costs have been figured, marketing/advertising parameters need to
be developed. The Bed and Breakfast Business Planning Guide of NY State
(1989), discusses three factors that need to be addressed in determining
potential customers for marketing
1 . Categorize existing or potential customers
2. Evaluate potential customer groups and choose
one or more to focus your bed & breakfast on
3. Develop a marketing strategy that addresses the
needs of your selected target markets.
According to the guide, provided is a list of the most effective advertising forms.
- brochures
bed and breakfast guidebooks
- newspapers
- direct mail
magazines
Some other noted ideas include:
-
complimentary gifts
-
sending photos of your guests at your b & b
- special promotional packages
Importantly noted in the guide is "The costs of implementing a marketing
plan should be reflected in your room price so that adequete funds are
available to reach your marketingobjectives."
The marketing plan developed for Henry's restaurant at RIT in Rochester,
New York by Grieco, Menna, Pornchanok, and Virani (June, 1994) uses an
internal and external analysis in determining a marketing plan for their
customers. The external analysis looks at understanding the environment,
percentage of customers in different categories, competitors (primary and
secondary), and identifying the business opportunities and threats. The internal
analysis examines the restaurant's strengths and weaknesses, the location, the
pricing and service strategies, and thepromotional strategies that could be
used.
-10-
Monica and Richard Taylor also discuss marketing and advertising in
Start and Run a Profitable Bed & Breakfast (1992). They discuss the
importance of market research and what it will tell you. Survey nearby
competitors and their markets, and what makes customers come to their
properties (benchmark). Next, develop the bed and breakfast and its marketing
and advertising around these themes. Figure 1 is a copy of marketing research
on a sample competitor.
-11-
Figure 1.
SAMPLE #7
HOSPITALITY RATING FORM
HnTKFNAMF. -nWW fr-/^ r/oo<>e. DATE VISITED ,4-5."-/ / 1 1* ?->
Poor Fair Good Pocir Fair Coca
EXTERIOR Signage >Q'
Q Q BATHROOM Fixtures G XParking q ja Q Lighting D G 71*
House condition Q Q EC Decoradon u G
Landscaping Q "L Q Cleanlinessr-* (-. s-
Trash & garbage Q Q "K Towels Q G
1Ext. guest areas Q }& Q Ventilation Q G
Neighborhood Q Q * Privacye-i G TS
c
CHECK IN Welcome Q K Q Convenience rj G d
Baggage a. q Q BREAKFAST Welcome tf Q G
Tariff payment Q Q al Time slot Q G >Check in routine Q X Q Presentation a Q
Tour of facilities *S]f Q Q Food varietyn n S*
House rules Q O j Food quality G G s
Advice offered * 2- Q Cleanliness a G '3Host attitude Q & a Host hygiene G G 3
BEDROOM Layout Q Q tf Host attitude G M G
Cleanliness Q Q * CHECK OUT Routine Q G ^L
Decoration Q Q s: Time slot GQ-
Comfortable chairs Q Q M Baggage X Q a
Clothes storage Q ^ Q Host attitude Q X Q
Bed comfort
A, Q
X Travel advice is Q Q
Readingmaterial QHOSPITALITY RAT1NC V Q a
Writing space Q O#*
Lighting Q Q *
Privacy Q Q
*Security Q Q
Room refreshments > Q a-
COMMENTS:rr
. ,
ViJ-HCjudl M loco.k kcu<> no </c*. Ho 7wr_
1
nf tan likes '. /70 1final adult? o-f-AsttL
XffMa\-h txdroor* oUcor annd ^e-cuni-w
Uo6t (i.tiihidUL DOOfi J r
'
erf break -fosJ-X w ft ft-
mare. )fix-hrud)Aa
/
UlfauJcL KjDT hzcotomend ^ihi<. Bfifi
12-
In Oates and Bredfeld's How to Purchase and Operate a Bed and
Breakfast (1993). they provide a list that they suggest should be used for
developing a marketing plan.
Developing a Marketing Plan
Who Are You
What The Inn Represents
Who should come To The Inn
Develop Profiles Of The Customers
Identify Those Customers
Talk To Them
Constant Devotion To Themes
Consistent Messages
-13-
Licensing
In Start and Run a Profitable Bed & Breakfast (1992), Monica and
Richard Taylor list a set of bylaws concerning bed & breakfast's that reflect
some or all of the following limitations.
- The dwelling is residential
- No more than one meal per day is served
No guest cooking facilities permitted
- Length of stay is limited
- The number of guest rooms is limited
- Off street parking is required
- Must be owner operated
Any building changes must be reversible to the
original residential use.
-14-
The Taylor's also discuss fire, building, and health inspection codes that
need to be adhered to in order for a bed & breakfast to be developed.
A fire inspection will concentrate on the following criteria:
Containment- is the ability of the structure to resist the spread of a fire so that
the occupants can escape. The building materials used in the floors, walls, and
ceilings need to have a specific rating of fire resistance. Typically, the local fire
code would require these materials to have a fire resistance rating of three-
quarters of an hour.
Egress- refers to the number and type of escape routes available to occupants
during a fire. The fire codes in your area will specify the number of stairways
and exit doors required in your home. In a b & b the interior stairway is usually
considered to be a fire exit.
Detection- specifies the number, location, and types of fire and smoke
detectors needed in the b & b to adequetely warn customers.
Suppression- refers to the number, locations, and types of fire extinguishers
needed to meet your local fire code. Typically coded call for five pound multi
purpose dry chemical extinguishers on all levels and at all exits.
A building inspection concentrates on the physical integrity of a house and its
general state of repair. Safety concerns include anything that could present a
hazard to the guests. Examples include, loose floor boards or unsafe electrical
-15-
wiring. The inspector will also review any regulations about signage for
advertising.
Health Inspections are concerned with the following.
- What is the availability and quality of water, light, and heat?
- Bathroom specifications cover the health and safety of guest bathrooms.
- Linen requirements deal with the availability of private towels and
washclothes and the minumum number of bed linen changes.
Proper storage must be considered, as well as preparation and
disposal of guest food.
-16-
CHAPTER III
METHODOLOGY
Within the feasibility study, four distinct areas of research were
developed. These concentrations included: costs, marketing, legalities, and
operations.
Costs
Costs were broken down into areas of renovations, projected
income and projected expenses. A break even analysis and
projected profit point were then determined. It is important to note that
within each section, costs and income were calculated very conservatively.
Renovational costs were first established. A general guideline for
renovations was examined in Monica and Richard Taylor's book Start and Run
a Profitable Bed & Breakfast. (1 992).This guideline consists of :
17-
Check the ceilings and walls for cracks, peeling
paint, and faded wallpaper
- Examine the current condition of electrical
wiring, switches, and outlets
- Consider installing high efficiency light fixtures
Install adequete room ventilation and room
circulation
The next step in determining renovational costs was to talk with RIT
builing assessors Scott Lawson and Kevin Buck. Installing new bathrooms,
creating an apartment in the basement, and converting the garage into a master
bedroom were discussed in part of the renovational plans.
The costs of renovations for this project researched the following areas
for remodeling:
Rooms and Bathrooms
Parlor/Living Room 5,000
Dining Room 5,000
Kitchen 5,000
4 Bedrooms 20,000
4 Bathrooms 25,000
Tntal 100,000
18-
Eguipment
Washer/Dryer, Furniture, Electronics, Kitchen equip.
Estimates through Davies (pg. 57-62), and confirmed with
Clare Lanzatella (Mt. Vernon Manor).
Total 100,000
Garage
Floors, Walls, and Door 10,000
Carpeting 1,000
Furniture 5,000
Plumbing/Bathroom 20,000
Contingency 4,000
Total 40,000
19-
Basement
Walls, Floors 10,000
Carpeting, Stairway 5,000
Furniture 5,000
Plumbing/Bathroom 5,000
Contingency 5,000
Total 30,000
Wiring
Currently, wiring exists throughout the house. Expenses will
occur in assuring that properwiring exists and costs incurred
from any re-wiring that needs to occur.
Total 10,000
Porch/Front Entrance
Estimated cost entails rebuilding front porch and archway.
Total 20,000
-20-
Figure 2.
Renovational Costs
Rooms & Bathrooms $100,000
Equipment 100,000
Garage 40,000
Basement 30,000
Wiring 10,000
Porch / Front Entrance 20,000
Contingency 10.000
Total Renovational Cost 310,000
-21-
Projected Income
Several steps were performed to project the annual income of the
property.
The projected occupancy rate was figured through forecasting the
occupancy of the bed & breakfast every day of the year. Forecasting was done,
in part, through implementing Taylor and Taylor's ideas in Start and Run a
Profitable Bed & Breakfast. (1992) The first year forecasting tips included:
- Estimate the booking days available
to your bed & breakfast
- Adjust the estimates to allow for various
market conditions
- Calculate your first-year booking forecast
The RIT calender of events was the main source used to project
occupacy at certain times of the year. The forecasting was broken down by
months and then every day within each month was forecasted. (Figure 3) After
forcasting was done, Dave Crumb, an advisor on this project and prior General
Manager of Marriott Hotels, and Bill Gunther, who specializes in forecasting at
the Radisson Plaza in Downtown Rochester, reviewed the forecasting
procedure and calculated numbers. Additional suggestions they mentioned
included:
-22-
When are high and low occupancy levels and why
What will be done for low occupancy levels
Will B&B close during low occupancy periods.
- Be conservative with initial forecasting estimates
Occupancy percentages will be lower at first because of
familiarity of property
Figure 3 lists the forecasting and is followed by a summary (Figure 4)
and suggestions of the forecasting results.
23-
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-27-
Figure 4.
1st YEAR FORECASTING SUMMARY
at $90/ Night
Income
$12,600
$10,800
$11,250
$7,200
$7,650
$7,200
$9,450
$7,650
$9,000
$11,700
$9,000
$6.750
$110,250
-28-
Rooms
August 140/155
September 120/150
October 125/155
November 80/155
December 85/155
January 80/155
February 105/140
March 85/155
April 100/150
May 130/155
June 100/150
July 75/155
TOTALS 1225/1825
Analysis of Monthly Forecasting
August - A very high expectancy month where students are looking
at RIT for enrollment and new students are arriving. Executive
leaders classes throughout the University also occur during the
beginning ofAugust.
September - Labor Day weekend is a big holiday for vacationers.
The rest of the month is expected to have average occupancy as the
autumn atmosphere develops throughout the house and its
surroundings will keep a steady flow of visitors.
October -
Steady occupancy is expected to continue with the autumn
themes. During ParentsWeekend, rates will increase and the house
will be at maximum occupancy.
November - This month will have high occupancy towards the end of
the quarter as parents come to Rochester to pick up students. A
Thanksgiving theme throughout the month will hope to attract
visitors. Between Thanksgiving and the return of students for winter
term, the house will be closed for break.
December - Christmas decorations throughout the housewill hope to
attract steady customers. With parents picking up their children for
Christmas break, occupancy is expected to be high. Between
Christmas and New Years the house will be closed.
29-
January - Lower occupancy is expected because of the winter
weather and it is the middle of the term. Winterweekend packages
are recommended.
February -
Occupancy will be slow until Valentine'sWeekend.
"RomancePackages"
will be used to increase occupancy. The end of
the term for classes which occurs at the end of the month will also
attract parents and is expected to be a higher occupancy period.
March - The return of students for spring term will attract parents.
The rest of the month, however, will be a slower period. "Getaway
Weekends"
or "Businessman'sSpecials"
may help attract guests.
April -
Occupancy is still expected to be a little slower due to the fact
it is the middle of the quarter and spring is not yet a factor. Possible
suggestions include business specials throughout the week.
Occupancy could pick up for spring specials towards the end of the
month.
May -
During graduation period, rates will increase as demand is at
its highest. Weekend packages are suggested for graduation
weekend for increased revenue and guaranteed occupancy. Parents
picking upunderclassmen during the week prior expects to be high
occupanacy as well. TheRochester spring festivals that occur after
graduation will bring high occupancy as well.
-30-
Tune - As occupancy is lower, the house could work with the
Admissions department to bring prospective students looking at RIT
to stay at the house. The house could also re-introduce business
specials during the week, and market to summer festivals that occur
throughout the greater Rochester area.
luly- The house may continue to work with Admissions on bringing
student recruits to the house and promoting business specials
throughout the week for surrounding companies. Possible "Beat the
Heat"
weekend packages may increase occupancy as well.
31
The rate the bed and breakfast would charge per night was
also projected to figure annual income. First, the rate of a double
bedroom for each hotel within a 5 mile radius of RIT was determined
in order to estimate the cost of a room for the bed and breakfast.
A $75 rate was the average rate determined for these hotels,
which would be the Krenzer House's primary competitors, due to
their location near RIT. Figure 5 lists the hotels, their rates, and
number of rooms according to AAA.
Because of the unique features of the house, as well as a full
American breakfast in the morning, a $90 rate was determined as
the rate to charge per night at the Krenzer House. This rate is
comparable with the surrounding hotels, but is a little higher than
average due to the extra features it provides.
-32-
Figure 5.
Hotels Within 5 Mile Radius of RIT
Hotel Rate Rooms
Econolodge 49.95 102
Holidome 95.00 250
Howard Johnson 60.00 96
Marketplace Inn 65.00 145
Marriott Thruway 140.00 307
Microtel 40.95 99
Radisson Inn 69.00 171
Red Roof Inn 58.99 108
Residence Inn 1 1 0.00 112
Super 8 52.88 121
Average 75.17
-33-
151
The projected number of rooms expected to be occupied was
then multiplied by the room rate of $90 per night to get a projected
annual income. The formula looks as follows:
number of expected rooms annual x $90 night = projected
annual income
After determining first year projected occupancy (67%) each
following year was projected to determine a long term forecast and
break even point for the bed and breakfast. These numbers were
determined through discussing estimated percentage increases with
Dave Crumb, an advisor to this project, and Clare Lanzatella, who
owns and operates Mt. Vernon Manor Bed and Breakfast. They
determined the future estimates through the experiences they have
had in both forecasting and the bed and breakfast industry. Figure 7
lists the future outlook for occupancy and income until the bed and
breakfast is expected to break even.
-34-
Figure 6.
Long Term Forerraqt
Year Rooms Occupied % Occupancy income
1 1225/1825
2 1300/1825
3 1350/1825
4 1450/1825
5 1450/1825
6 1450/1825 79 130,500
7 1450/1825 79 130,500
67 110,250
71 1 1 7,000
74 121,500
79 1 30,500
79 1 30,500
-35-
Operating Expenses
Annual operating expenses for this project were figured using a
variety of sources.
First, a general expense guide sheet for small businesses was used
from a consulting guidebook developed by Dr. RichardMarecki to set
up the format for the expense report. Specific expense costs were
then researched from both the NY State Business Planning Guide
(1989) and Oates and Bredfeldt's publication How to Purchase and
Operate a Bed & Breakfast or Country Inn ( 1993). Actual expense
costs to operate the bed & breakfast were then guaged after
discussing costs with Claire Lanzatella ofMt. Vernon Manor Bed &
Breakfast in Rochester, NY and the figures used in the bed and
breakfast guidebooks. The expense report (Figure 7) lists the
projected annual operating expenses for the Krenzer House.
-36-
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-37-
The break even analysis was then developed using all three
cost factors ( renovations, income, and expenses). The projected
annual expenses were subtracted from the projected annual income.
The annual profit was then subtracted from the renovational costs of
the project. (Figure 8)
The formula used looks as follows:
annual income expenses = annual profit
renovational costs annual profit = new renovational costs
Profit from the bed and breakfast was then established when the
renovational costs were paid off from the annual profits over a set
number of years.
-38-
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-39-
Marketing
After a review of the literature on this subject, and speaking
with advisors Clyde Vollmers and Dave Crumb, the marketing plan
for the conversion of the Krezer House into a bed & breakfast
consists of three phases: internal analysis, external analysis,
and an action plan.
The internal and external analysis guidelines were developed
through the example of a marketing plan devised for Henry's
restaurant in Rochester, New York by Grieco, Menna, Pornchanok,
and Virani (1994). The action plan was then developed through the
help of advisors on this project. The action plan states how the
marketing will be done in staight and simple terms. After the
internal and external factors have been assessed, and all
marketing/advertising features are examined, the action plan is the
suggestion for how to go about advertising in the most effective way.
Advisors to this plan were Dr Francis Domoy, Mr. Dave Crumb, and
Dr. ClydeVollmers.
Considerations examined in this marketing segment consisted
of the budgetary aspects, who will be doing the advertising, what
exactly will be advertised, and who the advertisingwill be done to.
-40-
MARKETING PI AN
External Analysis
1. Demographics
- River Road
- On Campus
- Shuttle Bus Accessible
- Population of RIT is 16,507
- Enrolled students from all 50 states and 80 nations
- Real business opportunity
2. Customer Analysis
- Parents
-
Visiting guests to RIT (alumni)
- Corporate VIP's
Vacationers
- Community
3. Competitor Analysis
Primary Competitor:
Surrounding Hotels
Strengths
name recognition
larger
familiarity
price
distance to RIT
Weaknesses
atmosphere
repetitive
no uniqueness
-41.
Secondary Competitor:
Nearby B & B's
Strengths Weaknesses
elegance (history) distance from RIT
duration of business not run by students
Internal Analysis
1. Strengths
It is vital to acknowledge the strengths and uniqueness of the
Krenzer House could have upon the RIT community.
Learning Environment: can easily change and adapt to unmet
needs of the customer
Minimal labor cost: operations and advertising done by students
- Unique setting: history of house and Henrietta farmlands
Ties RIT and community closer together
Handicap accessible
Unifier of the school
- On the Genesee River
- On the RIT shuttle route
-
neighboring apple and pear orchard
- Red barn
- Parking
- Easy access to shopping
-42-
2. Weaknesses
Size of the rooms: relatively small compared to some other b & b's
in Rochester
East River Road: cars separate house from the river, and create
noise
- Lack of bed and breakfast training students may have
- When beginning a new quarter/ or year, students are not as
experienced
3. Pricing Strategies
Pricing will be done by the student managers when the students begin to
run the bed and breakfast. Under current application, and for future outlook, the
average rate for a double bedroom was calculated. For this study, the average
rate of $90 for rooms was used. The explanation for this rate can be found in
chapter 3 of the report. Pricing will vary at this property as some months have a
higher forecasted occupancy than other months. Pricing will remain high during
high expected occupancy, but will remain on a competitive basis within the
Rochester area.
-43-
Action Plan
One advantage of the bed and breakfast is its operation through The
School of Food, Hotel, and Travel Management. The house gives the sales and
marketing classes a golden opportunity for sales experience with a property.
The bed and breakfast also has a projected first year budget of $5,000 for
advertising to our target markets. The advertising will have to be overseen by
the director of the property as there is no plan for a sales and marketing
director.
This is how the advertising will work:
1 . The bed & breakfast will have approximately 5,000 color brochures
made up and sent out over a period of time to our target markets.
This will be our original marketing.
2. Calls will also be made to local businesses who may use the bed
and breakfast for meeting purposes.
3. Advertising will stress the convenience of meeting right on RIT's
campus in a relaxed setting without having to worry about extra time
of travel or finding a place to eat for breakfast for the visiting guests
to RIT. Breakfast will be available at no cost to the RIT
representatives who bring their groups who are visiting RIT to the
Krenzer House.
-44-
Licensins and Permits
The areas of occupancy permits, health permits, fire
safety permits, and handicap accessibility were studied in this
report.
Monica and Richard Taylor's book Start and Run a Profitable
Bed & Breakfast (1992) provided valuable insight as far as fire
safety regulations and how to obtain a health permit, and was used
as the guide for this project. Occupancy permits and handicap
accessibility was then discussed with a building inspector from the
town ofHenrietta and also through discussions with a handicap
qualifications representative of NY State who is located in Albany.
The discussions pertained to the Public Law of New York section
101-336, title HI "Public Accomodations and Services Operated By
Private Entities". The handicap information in this section of the law
was discussed in detail as it directly affects the possible development
of the Krenzor House into a bed & breakfast.
-45-
LICENSING AND PERMITS
Occupancy Permits
In order for the bed and breakfast to open, it must obtain
occupancy permits. These permits are granted from the county and
state, and require inspection. The country and state inspection is
usually combined. Safety and general appearance of the propertyare the main focus of the building inspection. When advertising is
done properly and the house appears safe for guests, the business
may obtain its permit.
Health Permit
The property must also pass health inspection codes. The main
focuswith this inspection is the sanitary conditions of the kitchen
and bathrooms. Cleanliness and overall good sanitation must exist in
order for the property to obtain its health permit.
Fire Safety License
As stated in the literature review, a fire inspection will
concentrate on: containment, egress, detection, and suppression. The
Krenzer House will have a fire resistance rating of three-quarters of
an hour. This is the standard requirement of containment for a bed
and breakfast. The Krenzer House also has four exits and two
stairways in case of a fire. The number of exits required for a bed
and breakfast in New York is two, while the number of stairways
(interior or exterior) is two as well. Therefore, the house has
efficient means of egress already in place.
In regard to detection, the state of New York requires a
hard wired fire alarm system. The alarms that run on batteries are
not sufficient. The alarm must be set through the wiring system and
also have locations throughout each floor of the house.
-46-
Before the Krenzer Housewere to open, a hard wired fire alarm
system would be installed. Although the local fire code does not
require fire extinguishers within a bed and breakfast property, the
Krenzer House will have them at both levels of the house and at all
exits. For safety precautions, extinguishers will be checked regularly
for proper suppression.
Additionally, the fire code states that reflective numbers must
be put on the doors of each room 1 foot off the floor. The stairways
must also be properly indicated 1 foot off the floor to allow firemen
who are crawling on the ground to know where they are. This will
be installed within the Krenzer House to ensure proper fire safety
codes.
Handicap Accessibility
Although the Krenzer House does not meet state requirements
for a property to be handicap accessible, the forecasted plans look to
have one room that is handicap accessible. State requirements say
that properties that have at least 5 rooms and more than 15
employees must have at least 25% handicap accessibility. The first
floor that will be built at the back of the house will be handicap
accessible.
-47-
OPERATIONAL PLAN
In order to maintain service, these elements of operation need to be
covered:
Reservations
The area of reservations will be the responsibility of the house manager
and students. Part of the course requirements will be the reservations
department. Because of the low number of rooms, a detailed reservation
system is not needed. The reservation system should include being able to
enter what day and what month of arrival. Also, how many rooms are needed
for a particular day and how many are already occupied. Any special requests
a guest may have will also be included.
Housekeeping
The cleaning of the house will be the responsibility of the manager and
the students. Part of the requirements of the course in running a bed and
breakfast include housekeeping, and every student in the course will
participate.
Grounds
Maintenance and repairs done on the house will be done by RIT
maintenance and these costs are figured within the institutional costs section of
the expense report.
-48-
Educational
Classes will be organized and taught by the House Manager.
Students will learn:
Business aspects of the lodging facility
- Managerial aspects of the lodging facility
- Operational aspects ( reservations, cooking, housekeeping, ...)
Management
House Manager- will serve as adjunct faculty status, live at the house,
and is projected a $25,000 annual salary.
Graduate Assistant- $5,000 assistantship
Student Manager - Upperclassman who has prior experience working in
the house.
-49-
While students are away (holidays / summer), the house will be
maintained by the manager / and or graduate student if guests are in house.
The manager will reside at the house (basement as apartment). He or she will
be at the house for emergencies, liabilities, or problems that arise. A manager
will always be on property if guests are at the house.
-50-
CHAPTER IV
SUMMARY. CONCLUSIONS. AND RECOMMENDATIONS
The feasibility of the Krenzer House to be converted into a bed
and breakfast was broken down into four distinct areas for this
project. The costs section was first studied extensively. After
figuring renovational and operating expenses, and forecasting the
potential income, it was determined that the break even point would
occur near the 6 1/2 year point. Profit would then begin to grow by
the seventh year the house is in operation.
Additionally, it is important to remember that income to RIT
would not only come from the direct income from the property. The
development of the house as a bed and breakfastwould also enhance
the image of the school and increase student enrollment.
How the house would be marketed was also examined in detail.
After internally and externally analyzing the house's competitors,
qualities, and potential, an action plan was developed. The
recommendations of the action plan zero in on the targetmarkets,
and how to best attract guests to the property. Sending brochures,
calling corporate accounts,and encouraging incentives to those RIT
employees who bring their guests to the house is the final
recommendations of how to market the house in best estimation.
-51-
License and operating codes were also important to research if
the house was to be developed into a bed and breakfast. How to
obtain fire, occupancy, and health permits was established, and will
be implemented if and when the conversion of the house occurs.
An operational plan was also developed. After it was
determined what services needed to be provided in order for the bed
and breakfast to properly operate, the management structure was
developed. The three areas ofmanagement (manager, graduate
assistant, and student) give a strong backbone to ensure the overall
goals and objectives of the business will be maintained. The
operational plan also projects that the education of the students (in
regard to learning cost, managerial, and operational aspects of a
lodging facility) will occur.
This project concludes that the conversion of the Krenzer House
into a bed and breakfast is a feasible task. The study indicates that
the operational, licensing, and marketing aspects are all very
attainable. The study also shows that the development of this
project would be amoney maker. Not onlywould the property make
a profit in seven years, but the image and enrollment of RIT would
also be enhanced.
It is therefore recommended that RTT instill an overseer of the
renovations that need to take place and extend the school to the
banks of the Genesee with a bed and breakfast called "The Krenzer
House".
-52-
REFERENCES
American Automobile Association. (1995). Tour Book: New York.
A48-A49.
Bed and Breakfast Lodging Operations: A Business Planning Guide
for New York State. Publ. by NY State Small Business
Development Center. Jefferson Community College. Watertown,
New York. December 1989.
Davies, Mary E. So You Want to be an Inkeeper. Chronicle Books,
San Francisco. 1990.
Garrison, Davidson and Davidson. Financial Forecasting and Planning.
Quorum Books, New York. 1988.
Grieco, Menna, Pornchanok, Virani. (June, 1994) Strategic Marketing
for Henry's Restaurant.
Kravitt, Gregory. Creating a Winning Business Plan. Probus Publ. Co.
Chicago. 1993.
Marecki, Richard F.,Ph.D. (Dec. 1991) Consulting Guide for Travel
Agencies.
Murphy, Martha W. How to Own and Operate Your Own Bed and
Breakfast. Henry Holt and Co., New York. 1994.
Notarius, Barbara and Gail Brewer. Open Your Own Bed and
Breakfast. Second Ed. John Wiley and Sons Inc. 1992.
Oates and Bredfeldt. (1993) How to Purchase and Operate a Bed and
Rroakfast nr Country Inn.
53-
Public Law 101-336. July 26, 1990. Title III: Public Accomodations
and Service Operated by Private Entities.
Schaeffer, Nancy. (July 1,1 988) The Bed and Breakfast Industry of
New York State.
Stankus, Jan. How to Open and Operate a Bed and Breakfast Home.
ed. Globe Pequet. Old Saybrook, Ct. 1986.
Taylor, M. and Richard Taylor. Start and Run a Profitable Bed and
Breakfast. Self Council Press. Vancouver, B.C. 1993.
-54-
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