BELMOND Geographic Expansion - Dallas

Geographic Expansion

Bryan Kaetz, Grace DiPaolo, Italia Rice, Madeleine Harris | Group 5 | LXFM-776-OL | Professor Cannata | Summer 2021

EXECUTIVE SUMMARY Belmond Limited is a luxury hospitality group that has been defined for nearly half a century by its commitment to heritage, craftsmanship and superior guest experiences.

The brand’s geographic expansion to Dallas, Texas will embody these qualities by maximizing both its rich local history and the sense of European glamour associated with the Belmond name. Focusing on personalization, exceptional service, and cultural experience, the Belmond Dallas will cater to the mental space of both business and leisure travelers seeking a respite with opportunities for adventure. It will inhabit and revitalize a historic downtown Dallas structure and cater to the experiences that make the city unique. A sister hotel right between Belmond’s existing coastal locations (Charleston and Santa Barbara), this expansion hones the Belmond brand’s legacy to create an entirely new property for luxury travelers for years to come.

Team & Responsibilities Italia Rice

Bryan Kaetz Create new business model for Belmond.

Locate and describe key factors relevant to target consumer.

Develop marketing mix: Placement, Price, Promotion.

Madeleine Harris

Conduct situational analysis of where brand currently sits.

Use STP framework for competitive analysis of target consumer/demographic.

Describe product and its value proposition.

Grace DiPaolo Conduct best practices and identify success factors for new initiative.

Use STP framework for lifestyle analysis of target consumer.

Define brand positioning strategy.

Identify and explain key trends within luxury hotel sector.

Use STP framework for behaviorial analysis of target consumer.

Define characteristics of Belmond brand extension.

Belmond Luxury Hotels, Trains, River Cruises, & Safaris “Belmond has been at the forefront of luxury travel for more than four decades. At the very foundation of our brand is an entrepreneurial spirit and sense of adventure and we strive to continue our legacy of pioneering luxury travel experiences. We stand for understated luxury, for genuine service, for conscientious design and local craftsmanship.

But the hallmark of a Belmond experience, is a moment that is infused with joy, celebration, and ultimately, lasts.”

- Roeland Vos, President and CEO

Welcome to the Wonderful World of Belmond:

Belmond Overview Currently have 46 hotels, trains, and cruises worldwide. Formerly OrientExpress Hotels, Ltd. Founded in 1976 by entrpreneur James Sherwood, with the opening of the first Belmond hotel: Hotel Cipriani in Venice, Italy.

The company began acquiring carriages for Venice’s Simplon-OrientExpress. The swanky new train began service in 1982 (Belmond, 2021).

Belmond was purchased by the international luxury conglomerate Louis Vuitton Moet Hennessy (LVMH) in April 2019 (Belmond Ltd., 2021).

CEO and President since 2015 is Roeland Vos and head office is in London.

Is considered a pioneer in unique luxury experiences in the hospitality sector, and still operates its storied Venice train for the Simplon-OrientExpress today.

According to LVMH, Belmond embodies, "heritage, craftsmanship, and a reputation for genuine, unscripted service create exceptional experiences that stir the soul" (LVMH, 2021).

Properties across 24 countries and include 3 luxury safari lodges, 2 river cruises, 7 luxury trains, 33 hotels, and the '21' speakeasy restaurant in New York City (Belmond, 2021).

The first Belmond Hotel, Hotel Cipriani in Venice

Belmond has two US properties: Santa Barbara, CA, and Charleston, SC, which is why we are proposing an expansion to an additional geographic location in the US.

The first Belmond Hotel,Hotel Cipriani in Venice

Current US Locations: Charleston, SC and Santa Barbara, CA - "Coast to Coast"

option 1: dallas, TX

Dallas

average salaries $71,000 Compared to $67,000 in Charleston, SC & $76,000 in Santa Barbara, CA

City revenues $1.5 billion as of 2021 $1.4 billion in Charleston, SC $1.9 billion in Santa Barbara, CA

average home values 750,000 with highs of $1.8 million in the University and Highland Park neighborhoods, on par with Santa Barbara, CA and Charleston, SC

similar properties The Ritz-Carlton Four Seasons Resort Rosewood Mansion Le Méridien HALL Arts Hôtel St. Germain

city amenities GOLFING: Three major golf and country clubs within city limits.

HIGH-END SHOPPING: Highland Park Village, NorthPark Center, & Galleria Dallas

option 2: hamptons, NY

The Hamptons Vacation Home to Forever Home Since the pandemic many New Yorker's and the wealthy have settled in the Hamptons The hamptons doubled the amount of houses they sold in three months in 2020 2019: 422 Homes 2020: 826 Homes Median price of houses sold in 2020was 1.695m 17% higher than 2019

Fashion on the rise Fashion retailers have begun to open and reopen locations in the Hamptons to satisfy the rise in occupation Begford Goodman Christian Louboutin Ralph Lauren

More than beaches The Hamptons has more to offer than just beaches for guests and residents to enjoy Vineyard Museum's Art Centers and Gallery's Gold Clubs Orchads

Hotels and Resorts The Hamptons offers visitors to stay in different hotels and resorts A Room at the Beach Bayview Resort Capri Hotel Southhampton Topping Rose House The Huntting Inn Shou Sugi Ban House

option 3: New Orleans, LA

New Orleans

Culture Mardi Gras and festivals Hybrid of French, Spanish and AfricanAmerican culture Jazz and gospel music Creole and cajun cuisine Known for the city's vibrant, creative energy

Tourist Hot Spot Rapidly growing tourist destination: 9.5 million tourists in 2014 to to 18.5 million in 2018 Mardi Gras and Bourbon Street Rich history: Jackson Square

Similar properties The Ritz-Carlton Waldorf Astoria Windsor Court Hotel W New Orleans French Quarter Le Meridien Loews New Orleans Hotel

Popular Neighborhoods French Quarter Uptown/Garden District Central Business District Mid-City

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COMPANY ANALYSIS Business Model Business Model Canvas

SItuational Analysis SWOT Analysis Market Analysis

Trend Analysis Porter's Five Forces Model Key Trends

Best Practices Best Practices Key Success Factors

"Wherever you travel within the wonderful world of Belmond, we pledge that our guests will once again feel welcomed into a warm and comfortable environment. Across all of Belmond’s properties and experiences, every element of the guest experience has been considered and reviewed to ensure that you can feel at ease when they travel with us."

- Belmond ltd., 2021

Business Model

Key Partners In order for our geographical expansion to succeed in Dallas, there are several partners that we will have to work closely with. The different partners that we will be working with are: Food Suppliers: Food suppliers will make sure that food is able to be served for in hotel restaurant as well as for room service Beverage Supplier: Beverage suppliers will consist of both liquor and soft beverages. We will depend on major beverage supplier such as. coca-cola, minute maid, etc for soft drinks, high end water supplier such as San Pelligrino and Acqua Panna Water, and major liquor brands for any liquor needs for both hotel restaurant and rooms service offerings.

Local Artist: Local artists will be another key partner as they will supply the art work that is seen around the hotel as well as the interior design for rooms

Cost Structure The major driver for the cost in our business are: Employees (fixed) Insurance (fixed) Technology (variable) Rent (fixed) Utilities (variable) Artist cost (fixed)

Key Activities All the key activities that are offered at our hotel are specifically offered for guest to experience Dallas historic past and evolving present.

Rooted in History: Explore the historic landmarks In Dallas. Each landmark will be accompanied by an expert historian that will aid in visitors learning experience of the past, present and future.

Dallas is your kitchen: Take a tour of the best food in Dallas or even book a culinary class to learn how to cook some of the best foods offered in Dallas Tee Time of your choice: Take in the scenery and enjoy time alone or with friends at any of the three different golf courses and country clubs . Guests are guaranteed unparalleled views and idealized pace of play Shop Till You Drop: Have a private car take you and others around the shopping district from store to store.

Key Resources In order to deliver our value proposition there are several resources we will need as well as to maintain customer relationships: Private cars Mac Computers and Ipads Room Telephones Kitchen Appliances Dinnerware, flatware, and drinkware Furniture Bedding and bath Cleaning products Lighting

Value Propositions

Customer relationships

Our new geographical location offers a new location for our frequent visitors and new visitor a place to stay in Dallas. We aim to give our customer a luxurious stay while offering a cultural aspect of the locations offerings. Offering an endless of activities to do from relaxing at the pool, taking a break to be pampered at the spa, dining in one of a kind restaurant, or shopping at the boutiques around the city. We want Belmond to be more than just a hotel but a home away from home where visitors consider us family and friends.

We aim to solve the problem of traveling without directions. Whether it be for business travel, vacation, or family time. We solve the problem of no need for searching. When you stay at Belmond Hotel you get all in one. There is no need to do the extra research on what to do , where to eat, and how to get there .

Belmond provides everything from inside of the hotel to the surrounding areas of the city.

We offer the best of the best to our visitors. Each room is specifically designed by local interior designers and art work curated by local artists. Each stay allows for visitors to come and enjoy the historical aspects that Dallas has to offer. We offer both rooms and suites to our guests at reasonable prices with breakfast options, valet parking, and advanced technology features from check in to check out.

The relationship that we have with our customers is not one that is taken lightly but one that we look to build more into long standing and trusting bonds. Our customers are aimed to be known. We interact with our customers prior to them staying with us. We communicate through email to let them know any update, changes, promotion, special events, etc. We are also technologically advanced where we communicated though our instagram account as well. Each room is specialized with a message on the tv and Ipad welcome our guest into their home away from home for the petiod fo time for their stay. We also ask all of our guests if there is any special accommodations they need and any preference of floor and area they stay in. We provide support 24 hours for 7 days a week. We have a call in line that can always be reached by those inquiring to stay at our hotel while there is someone that is always at the desk , maintenance , housekeeping, and driving services.

Channels In order to reach our customers we used a variety of channels: Instagram instagram is used to run out official account. throuh instagram we are able to reach the market that is in tune and using social media. With the age of travelers getting younger we aim to reach a younger market that is looking for new experiences. and have higher income Website our website allows for guest to view all information that is needed. The website allows for guest to view photos and see the different amenties that are available. Through our website guest are also able to learn the history of our hotel and the location. Visitors can also book directly through the website

Customer Segments Target Market When the company all began in 1976 with the opening of the first Belmond Hotel in Venice the company looked to offer guest a luxurious cultural experience. The company targeted those who were established in their career that were making a substantial income and enjoyed traveling. We target those who are trying to experience one of a kind hotels, trains, river cruises, and safari lodges across the world.

Demographics The brand has a universal consumer. Individuals who are travel enthused, culturally intuitive, and seeking to create memories. The consumer is between the ages of 24-60 years old.

Geographic Belmond operates locations world wide. This makes the destinations accessible to those who have acces to advanced transportation. Those who travel most are located in higher income areas and well developed countries.

Psychographics Those who stay at Belmond tend to be well educated and enthused to travel who have a high income. They are looking to create new memories and experience on a kind areas that are luxurious.

Revenue Streams We are able to generate revenue in more way than one.

Hotel.

Our hotel is able to generate income through consumers who stay with the hotel. There is a daily night charge that is incurred that gives to our income. In addition along with hotel stays, guest are able to get in room services and breakfast that is at an addition charge which adds to the income of the business.

Restaurant The restaurant located inside the hotel is open to the public and to the guest staying at the hotel. We also have a spa in our hotel.

Spa The spa is open to both the public and with stayers at the hotel. There are several different services that are offered to guest. They are able to choose which one they would like to choose depending on which service and price suites their needs Valet parking Valet parking can be used for both guest staying at the hotel and for those who may be coming to visit guest or other amentities offered to the public. There is a charge that is done for hourly or daily rates.

Situational Analysis

strengths Resources

investments

Recently acquired by LVMH group, Belmond has a strong foundation to maintain its strong position in the market by leveraging the significant, collective resources of this luxury conglomerate.

The company is committed to expansion and investment in its own future as proven by its capital expenditure on property, plant, and equipment as well as on intangible assets and acquisitions. This puts Belmond in a great place moving forward.

assets

social

Belmond, in its most recent financial reports prior to their acquisition by LVMH, sat in a strong asset position – well able to more than cover its share of liabilities should the need arise. The same is true of current assets to liabilities as well.

Belmond has a strong social presence – with consistent postings on Instagram, Twitter, and YouTube – that appeals to their luxury consumers’ senses through tours of their properties and inside looks into the luxury lifestyle they offer.

Weaknesses Cash

properties

Despite being in a positive overall asset position, Belmond was in a slight cash deficit position as of their most recent filings. This could be a negligible factor considering their backing by LVMH.

While Belmond has a large number of properties in Europe (13) and elsewhere (21), they only have two properties in the continental US. This is an important, untapped market for this brand.

costs

marketing

Overall, Belmond was in a net loss position (albeit at a much lower percentage than the year before), showing they need to focus on reductions in costs [through systems efficiencies or otherwise] of services and selling, general, and administrative [SG&A] costs.

Even though the brand has a strong social media presence, their marketing communications overall could use stronger concepts and alignment across the channels and vehicles utilized. Marketing is an important area to signify brand identity and equity to their prospective customers.

opportunities expansion

opening

Belmond has great opportunity to expand into the US market and tap into this consumer’s luxury potential. They currently only have two properties in the entire US so potential is great in this market.

As the world “begins to open back up,” Belmond holds outstanding appeal to luxury consumers worldwide that want to get out, travel, and experience various locales.

heritage

trends

Luxury consumers, especially in the US, are attracted to heritage brands with great history. While Belmond has only been in official operation since 1976, they have acquired properties with immense history that could be utilized in their efforts to appeal to this luxury segment.

There are numerous hospitality trends that Belmond can take advantage of to appeal to a wider consumer base – including technology utilization, localized and personalized experiences, and finally, an uptick in bleisure travel.

threats lvmh

consumer

Even within LVMH, there is great competition from the likes of Cheval Blanc, a heritage brand that the conglomerate has highly marketed for over a decade longer than Belmond.

As discussed in our trend analysis, consumers are now in possession of a high bargaining power as they are able to book travel through various portals and a large number of competitors.

independent

recognition

Various independent properties are disrupting the market through the offerings that Belmond may not be providing – or that larger companies (like those within LVMH) cannot turn around as quickly.

These include, especially, those technological and personalization factors.

Competition is fierce in the luxury hospitality market as every provider wants to get a piece of the skyrocketing luxury pie as consumer begin to travel again. Other hospitality brands, like Four Seasons, RitzCarlton, Bvlgari, & Mandarin, may hold greater brand recognition to appeal to these customers.

market

High Cost

Lesser Known

Well Known

Low Cost

Trend Analysis

PP OO RR TT EE RR '' SS FF II VV EE FF OO RR CC EE SS :: TT HH ee HH OO TT EE LL II NN DD UU SS TT RR YY BARGAINING POWER OF CONSUMERS: HIGH

THREAT OF NEW ENTRANTS: MODERATE

- Services, apps, and platforms (Travelocity, Hotels.com, Expedia) generate results for cheapest stays and make bookings quicker and require less thought. Price is a major factor for many travelers and these services allow for instant price comparison.

-Expansion of hotel chains and acquisition of hospitality businesses by larger conglomerates.

-Consumers have many options which makes it difficult to create brand loyalty.

BARGAINING POWER OF SUPPLIERS: LOW - There are many suppliers in the hotel industry. This competition is good for the industry and keeps costs low for hotels.

-Includes suppliers for linens and in-room necessities, food and beverage, energy/utilities.

These local suppliers are able to negotiate long-term contracts given hotels’ high and essential need for them.

COMPETITIVE RIVALRY: HIGH -Consumers have many options for hotel stays. Must provide a superior experience in proportion to cost in order to attract consumers.

-Difficult to create then retain consumer loyalty.

-Resurgence of consumers and openings of new chain hotels in a post-pandemic world as travel picks back up.

-Intensive process that must abide by international regulations, safety procedures, and the creation of infrastructure.

-Necessary capital requirement is high: expensive costs of entering the landscape and establishing business.

THREAT OF SUBSTITUtES: LOW -Hesitance of consumers to travel due to fears of safety/hygiene post COVID. -Experts forecast increase in travel and hospitality sectors in the coming years where consumers would rather spend on experiences and stays than material luxury goods.

TREND 1: Smart Rooms Internet of Things Internet of Things: Refers to physical appliances and devices that are connected over the internet and send/receive data.

This is becoming increasingly popular not only in our homes, but in hotels, and denotes a sense of luxury. Renders the experience more seamless and personal by letting guests control various aspects of their room from smart devices.

Examples include the ability to change lightbulbs, thermostats, televisions via a device like your smartphone. It could also include your room key being available on your smartphone.

Hotels: IoT contributes to guests' experience through their “Smart Rooms,” where appliances and/or services are easily accessed or changed at the touch of one device like your smartphone.

It might also be voice-activated guest controls. Right now, we think of this as asking an Alexa device playing music. But in the future, features like lights and temperature for instance will likely be available for control by voice activation in hotel rooms.

TREND 1: Smart Rooms DEVICE, appS, + MORE The use of tablets replacing paper pamphlets, binders, and menus so that all the information guests need is a simple finger-tap away.

Includes menus, room service, accommodation, general info, spa services, but also might include temperature, lights, and chat features for quick requests to the concierge.

Use of platforms like Enseo, an app that allows guests to log into whatever streaming service they have on their room’s TV. Or having USB ports for guests to bring their own services like Amazon Fire Stick. These options are set to replace buying movies from your hotel television in the coming years.

Wireless charging mats and platforms for devices like phones and ear pods eliminate the need for charging chords. Hotels are beginning to use programs like Chargifi which allows for wireless charging in guests’ rooms.

Eventually, could include the use of interactive smart surfaces and walls (seen left), not only tablets and devices.

BlockChain and the Cloud: Under this same umbrella of tech and smart rooms, hotels will increasingly use Bock Chain and Cloud technologies to hold data from transactions and make easier the experience of checking in and out, using a digital room key, and accessing other in-room features via smart device.

TREND 2:demand for PERSONALIZATION Personalization is becoming an even more pertinent part of the experience of travel and hospitality than it was pre-pandemic.

Business travelers often visit the same places. Hotels can therefore use this information to personalize guests’ experiences by using past preferences to predict or adjust certain facets of the room, make recommendations based on services used previously, have a payment method saved and ready-to-go, and more.

2021 Report by Google and Phocusright: 60% of travelers said brands should tailor information based on personal preferences or past behaviors, 76% of travelers are more likely to sign up for loyalty programs focused on their personal preferences, and 36% would pay more to receive a more custom-tailored experience.

Guests expect to be treated as if they are known and recognized by hotels for unique, individually personalized experiences.

According to experts, personalization vastly increases guest spending and loyalty to hotels. Programs like Mailchimp and Zoho have made it possible for businesses to use personalized email marketing that caters specifically to guests, addressing them by name and providing information on services that will be of interest to them as individuals.

TREND 2: Demand for personalization Overall, personalization is all about creating unique experiences, and creating relevance in the minds of consumers to build loyalty and trust.

A 2020 survey by YouGov and ALICE Hotel Operations Group said that 81% of guests want personalized recommendations from their hotels.

In future, we will see more options for personalization in hospitality, including: Personalization of Communication: Hotel employees recommending certain services or local activities based on consumer preferences both in person and online through various apps and platforms.

In-Room Personalization: Pre check-in selection of certain pillows/blankets, lighting, food/beverages, temperature, etc.

Sustainability: How often guests would like towels and sheets changed, use of "Eco" temperature option to conserve energy through apps like Nest, reduced water options.

TREND 3: LOCAL TOURISM + EXPERIENCES According to a 2021 Hotelier PULSE Report, “local tourism will continue to be a crucial market segment” in a post-pandemic world for the hospitality sector.

85% of travelers said that they find local experiences important and 71% said they would be swayed to choose one hotel over another if it provided personalized local activities and recommendations.

Domestic travel is projected to show huge increases and accounts for significant percentages of hotel stays in the upcoming years, with an emphasis on local experiences over travel abroad.

Hesitance amongst consumers to fly in the near term means more projected road trips for American travelers, who are more willing to splurge on a luxury hotel stay with money saved on airfare.

There is also the motivator of sustainability with this trend towards traveling local, with more and more consumers limiting carbon footprint and trying to reduce their environmental impact.

Collaborations with unique resources central to local communities are expected to make their way into hotels’ portfolios. For instance, cooperation between hotels and local farmers, destinations, and activities.

TREND 4: BLEISURE B U S I N E S S

+

L E I S U R E

Trips that are both business and leisure. Often, travelers in a certain location for work will end up extending their stays to incorporate some leisure time away.

Studies say that there are advantages of bleisure for employees: boosted morale and increased productivity. But for the travel and hospitality industries, bleisure creates a strong influx of revenue since it means longer stays and guests spending more money.

Bleisure is an industry trend and segment that has shown growth year after year and is only forecasted to continue doing so. In fact, post-pandemic, bleisure is expected to see huge growth due to companies’ newfound flexibility regarding working remotely.

There has been a steady uptick of business trips that turn to leisure, at least a 40% increase each year since 2016. Plus, 32% of total bleisure spending goes to hotels.

Business travelers who continue returning to the same locations for work are likely to form loyalty to the hotels at which they stay, as well as affinities for the local culture in that destination.

Travelers of the bleisure segment are likely to “take at least six business trips per year and extend their trips by an additional 2.9 days for leisure on average, on top of an average of 3.9 days for work…

So there is a huge opportunity for the travel industry to strategize about marketing to this segment of travelers” (WARC).

best practices

Industry best practices

Private Villas

Concierge Service and Experiential Itineraries

Privacy and Personalization

Vast Portfolio and wide array of services

Private Villas Best Practice: Villas on property for private and long-term stays.

According to best practices from Forbes Travel Guide, following the Covid-19 pandemic, guests find social distancing, cleanliness, and limited-contact services very important.

Example: Oetker Collection The Oetker Collection offers guests the option to book private estates and villas on the grounds of their masterpiece hotels such as Hotel du Cap-Eden-Roc. Guests have the luxury of privacy and seclusion, while also the opportunity to experience hotel amenities such as the pool, spa, and restaurants.

Private villas increase the likelihood of long-term stays, which are high revenue generators for luxury properties.

Privacy and Personalization Best Practice: Employee discretion and creating a homey environment for all guests.

Example: The Carlyle, A Rosewood Hotel In the documentary, "Always at The Carlyle" written and directed

by Matthew Miele, Miele explores the allure of the property and interviews famous personalities who frequent the hotel.

The key to The Carlyle's success is utmost discretion and legendary service.

Personalization: Pillowcases are embroidered with the guest's monograms prior to their arrival. Each guest is given a concierge to recommend new restaurants and destinations for their trip.

Privacy: The Carlyle prides itself on discretion. Known as "The Palace of Secrets," The Carlyle staff are notorious for being discrete. In result, many A-list guests such as British royalty, actors and musicians frequently stay at The Carlyle.

Concierge Service &Experiential Itineraries Best Practice: One-of-a-kind, curated experience offered directly from the property.

According to Business Insider, the mega-rich often outsource their vacation planning to luxury travel agencies.

Luxury travel agencies put together complete trip itineraries with lodging, travel and experiences for their clients.

Some luxury hotels offer pre-planned journeys bookable directly on their website.

Example: Aman Journeys Aman offers air, sea, and land expeditions with a complete itinerary that provide travelers with private jet, yacht or car transportation to multiple locations where they have properties.

The hotel will gain more business if they can provide these unique experiences directly to their customers. A hotel provided concierge service and pre-booked itinerary cuts competition from travel agencies and other luxury properties, making the brand a one-stopshop for ultra convenience.

Vast Portfolio & Wide Array of Services Best Practice: Hospitality group owning properties across the globe Global companies result in high brand awareness.

Increased brand loyalty: If a luxury consumer has a positive experience at a branded property in one country, they will be more likely to stay at the same company's property in another country.

Example: One&Only Resorts One&Only Resorts has properties across the globe in Africa, Americas, Asia & Australia, Europe, and the Middle-East.

Each property is unique to the location and uses local culture and landscape to immerse the guest in the destination Services offered at each property are unique to the destination as well. From signature dining, wellness, and adventure excursions, each features cultural elements.

Finally, all One&Only properties offer meetings, incentives and event spaces for leisure and business needs.

belmond best practices Dynamic pricing In an article on Forbes.com, Arnaud Champenois, SVP of brand marketing for Belmond said, "Dynamic pricing helps us generate more revenues according to the right demand and flow of tourism."

Dynamic pricing changes the room rate in accordance with demand

Heritage Belmond is rooted in heritage since its inception in 1976 when Hotel Cipriani in Venice became a Belmond property.

Then, Belmond acquired the OrientExpress, the legendary luxury train.

Since 2019, Belmond is part of luxury conglomerate LVMH, solidifying the heritage and luxury aspects of Belmond properties.

Corporate Social Responsibility All hotels, trains and river cruises run initiatives to support the places and people that surround them.

Belmond's “Think Global, Act Local” approach purchases food from sustainable sources, supports and runs local educational programs and follows energy efficient sustainable practices

Craftsmanship and Design Belmond is inspired by the belief that good design defines authentic experiences According to the LVMH website, all of the individual properties within Belmond’s global portfolio encapsulate the essence, culture and local materials of their locations Belmond's partnership with UK design source, New Designers, supports emerging, creative talent

Key Success Factors for Belmond's Dallas Expansion Craftsmanship and Design Belmond Dallas plans to partner with local artists for interior decor. Similar to the current partnership Belmond has with New Designers in the UK, the Dallas property will feature work from local, emerging artists to bring an authentic feel to the property. This partnership hopes to foster community relationships and solidify Belmond's place in the Dallas market.

Concierge Service & Itineraries Belmond Dallas plans to provide key services: Rooted in History, Dallas is your kitchen, Tee Time of your choice, and Shop Till You Drop. All four services will be pre-booked for interested guests by the Belmond concierge. Additionally, guests can request to personalize each service to their liking through the concierge service. The services and itineraries are created with the intent of showcasing Dallas' rich history and most iconic areas to the guests.

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tT a r g e t c o n s u m e r a n a l y s i s Dallas expansion Support for Location

Lifestyle analysis Lifestyle Segmentation

behavioral analysis Purchasing & Benefits Occasion & Loyalty

competitive analysis Competitive Matrix Analysis of Competitors

key Target factors Key Factors Relevant to Target

"The essence of the Belmond brand is built upon its heritage, craftsmanship and genuine, authentic service. Belmond sees its role as custodians of timeless heritage, dedicated to preserving its assets through sensitive ongoing restoration plans."

-lvmh hotel management, 2021

L Oo Cc Aa Tt Ii Oo Nn : D aA lL lL aA sS Support for geographic decision: Dallas is an emerging landscape for hospitality and luxury as a whole.

The city provides many benefits from a luxury perspective, including: being a great travel destination, significant potential for bleisure travel due to its financial industry focus in-between location based on Belmond's current "coast-to-coast" locations to further support the significant US luxury consumer less seasonality in travel market great support inherent in Dallas based upon key factors presented in the proposal not as saturated of a luxury hospitality sector currently in the city, providing significant market penetration opportunity

LIFESTYLE ANALYSIS

Lifestyle Segmentation Social Status High net worth individuals with a large amount of disposable income Well-respected community members who are not looking to flaunt their experiences for social acceptance Financially secure Occupation Members of the C-Suite, high managerial positions, law and medical professionals, entrepreneurs Individuals who have inherited family money Interests Experience and culture-driven Adventure-seeking Fine dining Appreciate exceptional service and genuine interpersonal interactions Activities Hedonistic activities that cater towards their momentary happiness. Examples include: Not time conscious in regard to meals and vacations Wine tastings Private sporting lessons

BEHAVIORIAL ANALYSIS

cONSUMER BEHAVIORAL ANALYSIS PURCHASING BEHAVIOR

BENEFITS SOUGHT

Complex Buying Behavior is seen with high-involvement purchases. Our target consumer does their research and is very involved when choosing a luxury hotel.

Target consumer will choose Belmond based on the factors that matter most to them and render the experience successful and memorable:

With complex buying, consumer is highly involved with the decision and discerns significantly between brands weighing the pros and cons.

Impeccable service.

Luxury accommodations and accessibility (concierge).

Transparency (great reviews).

Personalized experience where they feel important and catered to.

Superior facilities, technology, and amenities.

Unique and authentic experience, custom-tailored to consumer’s desires.

A sense of elevated status from choosing a storied brand like Belmond.

The risk associated with these purchases is high because a large financial commitment is at stake and while the consumer has money, they want to spend it on the best experience possible.

cONSUMER BEHAVIORAL ANALYSIS OCCASION AND TIMING-BASED Target consumers can be broken down primarily into two groups.

Recurring personal occasions: Luxury travelers (mostly millennial and Gen X couples) looking to get away throughout the year (not just at the holidays or federal days off, which are universal occasions).

These consumers will plan extended stays, but also more last-minute long-weekend trips to cities with hospitality brands they love/trust.

Bleisure travelers: Successful business people who travel often to Dallas for work and choose a luxury stay. They often extend work stays into mini-vacations to maximize their time and productivity.

CUSTOMER LOYALTY Regular Users: consumers who have used Belmond for safaris, hotel stays, or river cruises abroad and love the brand.

Defectors: luxury hospitality consumers who are dissatisfied with another brand and looking for a new one to replace it with for future vacations and hotel stays.

"Treat loyalty as royalty:" Belmond target consumer is loyal and reaps the benefits of continued and long-term trust in the brand.

Belmond's loyalty program is called the Bellini Club and includes benefits of upgrades, offers, discounts, credits and other perks.

Competitive ANALYSIS

market

High Cost

Lesser Known

Well Known

Low Cost

Competitive ANALYSIS: global brands

mandarin oriental Mandarin Oriental is a globally-known name in the luxury hotel, resort, and hospitality space Mandarin positions itself toward the luxury travel customer that wants to experience the local scene throughout their experience - from check-in to check-out

St. Regis Owned by Marriott Bonvoy, the same owner as The Ritz St. Regis offers a luxurious living experience while in their hotels and suites - especially for the traveling business executive in major city centers

Competitive ANALYSIS: local brands

The ritz-carlton Well-known heritage attracts luxury consumers Currently has a location in the heart of downtown Dallas, so will likely be the greatest competition to this Belmond expansion into local, bleisure travel Entirely focused on the traveler that needs to be close to the business center Average Rack Rate: $475 - $1,200

Four seasons Mid- to lower tier luxury experience Currently has a resort location just outside of Dallas with a golf club Focuses on customers that want a destination experience away from Dallas city center itself as everything is offered in a single, insular location More for an "escape" from Dallas living Average Rack Rate: $400 - $1,000

Competitive ANALYSIS: local names

the adolphus Part of Marriott Bonvoy's Autograph Collection of hotels The Adolphus has been in service since 1912, catering to the history of Dallas Offers spa and dining services for the busy traveler to experience the Dallas culture Caters to a younger clientele than similar competition in the area Average Rack Rate: $200 - $700

the joule Smaller upscale hotel chain with a location in downtown Dallas Revitalized 1920s neo-Gothic landmark building in the heart of Dallas' central business district Provides the visitor access to the cultural center of Dallas during business trips with spa, dining, and meeting services Average Rack Rate: $250 - $750

Competitive ANALYSIS: Local expansion

rosewood mansion Boutique hotel located on Turtle Creek in downtown Dallas Renovated 1920s appeals to a heritage customer base Provides a private, residential experience as a home away from home Experience southern hospitality catered to families visiting the area Average Rack Rate: $575 - $1,200

the belmond expansion To bring their unique Belmond experience to the Dallas community Focus on the luxury leisure + business traveler that needs to be close to the heart of downtown Dallas Incorporate local flavor to bring the full experience to all guests and provide complete immersion in Dallas Expected Rack Rate: $400 - $1,000

K e y Ff a c t o r s Ff o r Tt a r g e t

Key Factors pertaining to target Personalization Interior Decor Decor throughout the entire hotel is one of a kind. We will collaborate with local artist to provide specifically curated and designed pieces Technology Each guest has a personalized message when they step into their room. We welcome them by addressing that we know they are here, the reason they are there, and we appreciate them for choosing Belmond.

Weddings: Congratulations and bottle of champagne Anniversary: Complimentary desert City Offerings Our hotel has special offering to our guest that only Dallas can offer. Visitors are able to explore different historical sites, restaurants, museums, vineyards, shopping center, etc.

Be Our guest Guest are able to choose from three different types of accommodations that best fit their needs.

Rooms Details and amenities King/Queen-size bed or two double beds Large writing desk Marble bathroom with heated stone floors Some have a deep soak or free standing bathtub Widescreen LCD HDTV with premium channels iPod dock Nespresso coffee machine Personalized honor bar, available upon request Room Types Superior, Deluxe King, Deluxe Double, Terrace King, Premier King, Terrace Premier King

Key Factors pertaining to target Be Our guest (Cont.)

Suites and Bungalows Details and Amenities King-size bed Large writing desk Marble bathroom with a separate deep soak or free-standing bath and rainforest shower with heated stone floors Widescreen LCD HDTV with premium channels iPod dock Nespresso coffee machine Personalized honor bar, available upon request Room Types One Bedroom Suite Terrace Suite Terrace Premier Suite Garden Bungalow

Be Our guest (Cont.)

Specialty Suites Details and amenities King-sized bed Marble bathroom with separate deep soak or free-standing bath and rainforest shower with heated floors Fireplace Private terrace Widescreen LCD HDTV with premium channels iPod dock Nespresso coffee machine Personalized honor bar, available upon request Kitchenette Room Types Vista Suite Peony Garden Wishing Well Suite Oak Tree Suite

Key Factors pertaining to target Technology Many of our guest are working individuals who choose to stay at Belmond for some personal time and even for business travels.

Computer lounge 24 hour computer lounger with both Mac and Miscrosoft computers that are available to guest to use Study Rooms Guest are able to request personal study rooms that are equipped with a computer, desk, telephone, and camera for video calls Siri Compatible Devices Guest are able to request for music to be played, lights to be lowers, temperature to be atlered all with the power of thier voice Unlimited and free cost Wifi

PP AA RR TT 44 :: VV AA LL UU EE PP RR OO PP OO SS II TT II OO NN ++ MM AA RR KK EE TT II NN GG MM II XX

VV aa ll uu ee PP rr oo pp oo ss ii tt ii oo nn Part ONE: brand expansion Page 5: Ownership Page 6: Reasoning Page 7: Site Page 8: Your Stay

Part TWO: value proposition Page 10: Hierarchy Page 11: Canvas Page 14: Statement

Part THREE: positioning statement Page 16: Matrix Page 17: Statement

Part Four: marketing mix Page 19: Placement Page 20: Price Page 21: Promotion

“I adore the character of the people [here in Dallas]. They possess a natural and ingrained spirit of service and hospitality.”

— Radha Arora, president of Rosewood Hotels & Resorts

Brand expansion

cC hH aA rR aA cC tT eE rR iI sS tT iI cC sS BELMOND DALLAS OWNERSHIP Like its other US sister hotels in Santa Barbara and Charleston, the Belmond Dallas is owned and operated by Belmond Ltd. under the parent company of LVMH Hotels. Charleston Place was its own hotel prior to its acquisition by Belmond.

Similarly, El Encanto was a botique Santa Barbarabased hotel that was restored to its “former 1920s glory” once acquired by Belmond in 1977. But the Belmond Dallas will be Belmond’s own establishment, built and bred for the brand, operated and managed by Belmond from top to bottom by the corporate standards. As is the case with its other two American counterparts, the Dallas location embodies the local culture to the same standards that define Belmond Hotels and luxury hospitality.

cC hH aA rR aA cC tT eE rR iI sS tT iI cC sS Background of site Following Belmond’s previous business model, Belmond Dallas will acquire a historic building and convert it into a hotel by renovating and repurposing the structure. Although this is more expensive than building a hotel from the ground up, the power and financial resources of LVMH (parent company) provides Belmond the necessary funds to take this approach for the newest U.S. expansion. Since Belmond’s inception, the brand has mastered acquiring historic properties, preserving them, and then transforming them into a Belmond hotel.

cC hH aA rR aA cC tT eE rR iI sS tT iI cC sS The SIte & location Belmond Dallas plans to acquire a property near Thanks-Giving square. This is a central destination for shopping, dining out, tourism, and other local activities. Architect Philip Johnson designed much of this area in the 1970s in a postmodern style, and the Belmond Dallas retains the beauty of this style in its façade. The famed Dallas “Eye” sculpture is a block away, and the Dallas Museum of Art is walking distance. Plus, it is a short drive (10 minutes) from additional high-end shopping in the heritage neighborhood of Highland Park Village, as well as from the Bishop Arts District where local artisans, galleries, and boutiques can also be found.

cC hH aA rR aA cC tT eE rR iI sS tT iI cC sS PERSONALIZATION & YOUR STAY There are 300 rooms at the Belmond Dallas and they start at $500 a night. Options include singles (for one person or couples), doubles (two beds), and suites of various sizes that include up to four bedrooms and a communal living room space. There are 10 executives suites and two penthouses. Options like connecting or joint rooms, deluxe views, and handicap-accessible rooms are available upon request. Beyond the standard high-grade amenities, Belmond Dallas offers additional key resources like lighting, activity and spa scheduling/concierge services, private car services, Mac computers, in-room iPads, flatware and glassware, bedding, and bath linen/towel options.

The hotel has 24 hour room service and fitness center, as well as an art gallery, a rooftop pool, a restaurant, and lobby bar.

Value proposition

Brand Hierarchy heritage, craftsmanship, and a reputation for genuine, unscripted service create exceptional experiences that stir the soul.

hospitality

personalization

connection

private cars

concierge

spa services

art gallery

in-room iPads + Mac computers

rooftop pool

localized interior decorations

central Dallas location

restaurant WiFi study + lounge

Brand promise

Brand elements

brand touch points

value proposition

products & Services Relaxing at the pool and getting pampered at the spa, to dining in a one-of-a-kind restaurant or shopping at the boutiques around the city. We offer the best of the best to our visitors. Each room is specifically designed by local interior designers and art work curated by local artists. We offer both rooms and suites to our guests at reasonable prices with breakfast options, valet parking, and advanced technology features from check in to check out.

value proposition

Gain Creators We want Belmond to be more than just a hotel. A home away from home where visitors consider us family and friends. Our new geographical location offers a new location for our frequent visitors and new visitors a place to stay in Dallas. We aim to give our customer a luxurious stay while offering a cultural aspect of the location's offerings. Each stay allows for visitors to come and enjoy the historical aspects that Dallas has to offer.

value proposition

Pain Relievers We aim to solve the problem of traveling without directions. Whether it be for business travel, vacation, or family time. We solve the problem of no need for searching.

When you stay at Belmond Hotel you get all in one. There is no need to do the extra research on what to do , where to eat, and how to get there . Belmond provides everything from inside of the hotel to the surrounding areas of the city.

We help

luxury bleisure Travelers

experience

by

a true luxury environment In DallaS

providing all amenities Imaginable for their trip In a local, culturally-rooted experience.

Bb r a n d p o s i t i o n i n g Ss t a t e m e n t

market

High Cost

Lesser Known

Well Known

Low Cost

Belmond Dallas offers guests an immersive experience in with a hint of D a l l a s ’ r i c h h i s t o r y , European glamour.

Guests do not need to sacrifice world-class service to have an authentic visit in Dallas.

Through our continuous partnerships with local artists, personalized pre-booked guest experiences, and renowned service,

Belmond Dallas is the ultimate haven for all luxury travelers looking for a timeless hotel, rooted in heritage.

Mm a r k e t i n g m i x

Product Belmond Hotel: Dallas, Texas Room, Suites, and Bungalow Each room offers different square footage and amenities that will best suite the needs of our guests.

Each room is specially curated by local artist and interior designers that give e each room an authentic feel of Dallas.

Product Belmond Hotel: Dallas, Texas Restaurant Our hotel offers our own restaurant that offers elevated American cuisine, barbecue classics and International specialties. The restaurant also features a live band that plays music every night.

Restaurant will be curated by the same local artist and interior designers that aided in designed each of the rooms.

The restuarant is within the hotel but can also be acces by the public with priority being to guest staying at the hotel

Product Belmond Hotel: Dallas, Texas Spa

Enveloped in a serene atmosphere, our tranquil spa awaits. Indulgent treatments help restore and enhance your natural, youthful vigor while working to dissolve tension, soothe limbs, and boost energy.

TREATMENTS Therapeutic Massage Skin Care Spa Specialties Spa Waxing Hand & Foot Therapies Spa Kids We also offer different products that guests are able to purchase to bring into their rooms and back to their final destination after their R|R visit

placement Guranted exceptional service and products Customer Service At Belmond we pride ourselves on customer service and what it means to be apart of our family. In order to provide the best services we offer top notch customer service. From the moment you are greeted to the day we say see you again soon all your needs are taken care of.

24/7 dial in and customer facing customer service Accessibility The hotel is in a centralized location that makes it easier to get to and from the airport for quick and easy commuting We are also located in a location where our guest are able toe enjoy all that Dallas has to offer without the struggle of commuting long distances Immediate Access Through online service orfferings all of our guest are able to book nat their own convenience. They do not have any wait times but can instantly find all their needs and book and provide any additional information for full personalization from their day of their arrival to the time they leave.

With just one look at the extraordinary, historic hotel it becomes clear why The Baker Hotel would be the perfect fit for renovation.

It is one of the most famous building in the city. At the beginning of 1929, the Baker was the lavish, exquisite hotel in the DFW area that everyone wanted to party at.

The Baker Hotel was the main hotel for hosting soldiers during the Second World War, too.

After the conclusion of the war, it became the famous hotspot for Republican meetups and conventions.

price Elevated but Conscious Rooms, Restaurant, and Spa Due to the target market of our guest our pricing will be aligned with our competitors.

The rates of our rooms will range anywhere from $500-$2500 per night During time of holidays or events within the city pricing will fluctuate to meet the demands of our surrounding area Restaurant The restaurant will have a menu that is created to appeal to the season we are in.

This means the pricing may fluctuate due to the food demand and different suppliers used On average a total bill at the restaurant is approximately $200.

Spa The spa will have a set pricing for each of treatments that are performed.

Pricing of prpduct can vary depending on increase on pricing from vendors.

(See Appendix for Spa Brochure)

promotion Getting the word out Where We will advertise to those who our in a higher social economic status within the US How Social Media Print Magazines Traveler Global Traveler Private Air Town and Country Veranda AD (Architectural Digest) Business Parnetships credit card holders corporations Emails

A Belmond Hotel, Dallas Serenity await at your home away from home in the heart of Dallas #TheArtofBelmond 200 E Hubbard St, Mineral Wells, TX 76067

Time We will advertise all year round, with an increase and emphasis during holidays Message: Making big things happen Tone Historical Unique Luxurious Relaxation Experiential

Appendix

Appendix

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