VILLAGE EXPLORES VIABILITY OF DOWNTOWN ROCKTON HOTEL
Monday, October 23, 2017
Village Hired Growth Services Group to Complete a Hotel Feasibility Study
Consultant Will Visit Rockton Oct. 26-27 to Interview Key Potential Hotel Users
Rockton, Illinois –The Village of Rockton has retained the Growth Services Group (GSG), a national workforce intelligence and consulting firm, to conduct a Hotel Feasibility Study for the community. This market study provides a demographic and economic overview of the subject area to determine the overall feasibility of a new greenfield hotel development. The study’s purpose is to estimate the perceived demand and to estimate financial performance of a new hotel in Rockton.
GSG will analyze market conditions, economic and demographic factors, and site conditions to determine their impact on a potential project. GSG will utilize both primary and secondary data sources to analyze the subject area’s demand for additional rooms. Research will also include local interviews with area representatives from a variety of public and private sector organizations. The Report will include primary data and input regarding the overall feasibility of the project today and will analyze the potential for future growth in demand in the subject area.
The GSG Market Feasibility Study Report will address the estimated operating performance of a potential project and will provide recommendations as to the size and scope of the potential development. The report provides prospective owners, investors, operators and lenders with a snapshot of the overall feasibility of the potential project based on market conditions at the time of the study.
According to Mayor Dale Adams, “It is important for our community to determine the needs of our local businesses to ensure we are providing the necessary accommodations to support their efforts. Many of our larger employers require sleeping accommodations to host out of town employees, vendors and customers as well as the need for additional meeting space for meetings or training.” Mayor Adams added, “There is a growing wedding market in the Rockton area, and current wedding guest accommodations require lengthy shuttles. The Village also has a significant sports market that brings hotel room demand.”
In addition, the Village has also commissioned a Supplement Retail Overview from GSG. This retail overview provides a demographic and economic overview of the subject area to determine the overall feasibility of a new greenfield mixed-use development. Information and findings will be delivered via professionally designed multi-page retail marketing flyer ready for use by the Village in its attraction efforts.
GSG will conduct a retail analysis of the subject area including the 15 minute and 20 minute drive times. The analysis will include a Housing Summary, Traffic Count Profile, Retail Market Profile, Retail Market Potential, Retail Marketplace Profile (Leakage/Surplus), Population Summary and Household Income Profile. The analysis will also include Retail Goods and Services Expenditures for various retail sectors.
Once completed, the feasibility study and the retail overview will be used to evaluate market demand and attract new investments as necessary.
About the Village of Rockton
The Village of Rockton is committed to provide leadership, services, and direction for growth while preserving its unique community. The Village and its 7,685 residents lie at the northern edge of Winnebago County, Illinois just three miles south of the Wisconsin border, and is renowned for its small town charm and high quality of life, including an excellent public school system and recreational opportunities. The Village of Rockton website is: www.rocktonvillage.com.
About Growth Services Group (CGS)
GSG’s goal is to help clients address the ongoing market and workforce needs of both existing and prospective businesses to promote investment within their region. New investment leads to creation of new jobs, increased tax base for taxing jurisdictions and municipalities and diversification of the local economy.