Lynchburg, Virginia
Conference & Meetings Center Feasibility Study
An in-depth market and feasibility study laid much of the basis for recommendations provided by Hunden Partners as part of the City of Lynchburg’s engagement. The City employed Hunden’s expertise while proposing a conference, meetings, and event center. Using data-driven information and other tools, Hunden’s study characterized Lynchburg’s demographic, tourism, and economic attributes and determined the need for a proposed conference and meetings center. Hunden also presented financial and economic impact projections to underline the feasibility study.
Situation
Hunden Partners conducted a market analysis and financial feasibility study, including an economic impact analysis, for a proposed conference, meetings, and event center in the City of Lynchburg, Virginia. The study’s purpose was to determine a new facility’s ability to serve a variety of user groups, ranging from local and regional events and civic uses to Liberty University events.
Approach
The comprehensive market and financial feasibility study included the following key scope elements:
- The market opportunity for a conference center development in Lynchburg,
- Support amenities needed, such as an attached or adjacent hotel,
- Options and best practices for facility governance, and
- Financial and economic impact projections.
Hunden analyzed Lynchburg’s economic, demographic, and tourism attributes; convention and conference industry trends; local and regional competitive facilities; comparable case studies; headquarters hotel trends and the competitive environment; and local hotel market conditions. Hunden determined a strong need in the meetings and events market, particularly for ballroom and exhibit space suitable for larger groups.
Impact
Hunden recommended a conference center hotel with 22,000 square feet of function space. The City received detailed amenity recommendations, demand and financial projections for the recommended scenario, and funding and financing alternatives.
