‘Hotel Development for Dummies’

If I got a dollar each time someone said they were looking for hotel investors I could stop consulting. Then again, if I stopped consulting, people would stop asking me if I had any connections.

While some of these projects are well worth the investment (if only I were a billionaire), most others are little more than average — plots of bare land with weak characteristics, poor accessibility, few demand generators and oversaturated markets. If only novice developers could access a list of basic development success factors BEFORE they bought their land, maybe then they’d stop saying, “We’re going to be the first …” or, “We’re going to be the best …” and, “There’s nothing in the market now that …”  

So, if we were to compile a list of “Development 101” guidelines, or — for the lack of better titles — “Hotel Development for Dummies,” what would you add?