Officials of Wayne County Chamber of Commerce in Wayne County, Tennessee are pleased to announce that the firm commissioned to complete a hotel market feasibility study for Wayne County, Core Distinction Group, LLC is complete. The study indicated the greatest need in the area is in Waynesboro, a 2,449-person community just 90 minutes from Nashville, TN.
“Throughout my time at the Chamber, meeting with members and tourists, it has been brought to my attention many times the need for additional overnight accommodations for business and personal use. My first task upon taking this role was to research to see, if in fact, there was a possibility we could bring in an additional hotel to help with the overflow to other surrounding counties to keep our guests closer to their destination, Wayne County,” said Christine Chapman, Executive Director of the Wayne County Chamber of Commerce. “While at a conference in Nashville, I had the pleasure of meeting a representative with Core Distinction Group, LLC and she was interested in visiting the community to see if this was a possibility.” The Chamber, in conjunction with the Wayne County Executive Office and Commission, took the initiative to make the investment in a hotel feasibility study. In April of 2019, Wayne County welcomed Jessica Junker, a representative of Core Distinction Group, LLC into the community for a tour and to sit down with local demand generators and community leaders.
“Identifying which segments have the potential to produce 80% of your hotel’s revenue is imperative to the success of developing these segments to ensure your hotel is achieving fair market share,” said Jessica Junker, Managing Partner of Core Distinction Group, LLC. “45% of your demand is your local corporate businesses, 35% would be your area events and attractions, 15% is healthcare and social assistance demand and 5% is your transient/walk-in travelers, which equals 100%. There is definitely a demand in your town.” The hotel market feasibility study was completed in June of 2019 and indicated the need for an upper-midscale lodging with 45-55 recommended rooms, which averages adding an additional 15-30 full- and part-time jobs, additional revenue to the County, and payroll related taxes. The study also indicated the property should offer amenities like complimentary breakfast, wi-fi, business center, meeting room, truck/bus/RV parking, bar/lounge area, and long-term accommodations.
In addition, the research conducted by Core Distinction Group, LLC indicated a potential need for additional opportunities and/or need for more restaurants, retail, family entertainment, recreation center, fitness center, shooting range, and a movie theater.
Interested investors are invited to call the Chamber office at (931) 722-3575.