Wyndham Worldwide Business Plan

Wyndham Worldwide

Marketing Plan into Denmark

Providing Lodging Services

Legal Structure: Limited Liability Company

Selected Alliance Partner: Comwell Hotels

June 3, 2018

Brittany L. Alleyne
Wyndham Worldwide Business Plan

Table of Contents

Executive Summary……………………………………………………………………………….3
Introduction…………………………………………………….……………………………….4-5
Analyzing Organizational Resources & Capabilities………………………………………….5-10
Understanding your Organization’s Industry………………………………………………...10-14
Analyzing Country’s External Environment…………………………..……………………..15-17
Conclusion…………………………………………………………………………………....17-18
Appendices…………………………………………………………...………………………19-20
References……………………………………………………………………………………21-24
Wyndham Worldwide Business Plan

Executive summary

“Business Plan for Wyndham Worldwide to enter Denmark $331,145 USD market for lodging

through Limited Liability Company with Comwell Hotels.” This report gives an overview for the

Chief Executive Officer (CEO) of the assumptions of owning and operating a hotel in Denmark.

The business plan includes a marketing strategy and an entry strategy. Market share estimates

were developed and revenue projections using historical data from Wyndham in the United

States and research into market size, pricing, and unit sales for the lodging industry in Denmark.

Estimates of the investment required for relocating one or more activities of Wyndham’s value

chain from the United States to the Denmark have also been incorporated. Recommendations for

the CEO were based upon the full analysis of the alliance between Wyndham and Comwell, the

lodging market in Denmark, and the amount of time it would take to see a return on investment.
Wyndham Worldwide Business Plan

Introduction

Wyndham Worldwide is a powerhouse in the lodging industry in which majority of its revenue is

made in the United States. Headquartered in Parsippany, NJ, Wyndham Worldwide consists of

the following subsidiary hotel brands: Baymont Inn & Suites, Days Inn, Howard Johnson's,

Knights Inn, Microtel, Ramada, Super 8, Travelodge, Wyndham, Wyndham Garden Hotels,

Hawthorn Suites, and Wingate by Wyndham. Besides hotels, the company also operates

Wyndham Vacation Resorts (formerly Fairfield Resorts) and WorldMark by Wyndham (formerly

Trendwest) time share resorts. With over 55 brands, Wyndham has a significant mark in the

hospitality industries around the United States and across the world (Wyndham, 2018).

The lodging industry is a multi-million dollar industry and according to the Bureau of Labor

Statistics, the hotel and lodging industry "includes all types of lodging, from luxurious 5-star

hotels to youth hostels and RV parks. While many provide simply a place to spend the night,

others cater to longer stays by providing food service, recreational activities, and meeting rooms"

(New York Institute of Technology, 2017).

Denmark is reported to be the happiest country in the world and is often cited as one of the

world’s best countries to live in (Society- Denmark, 2018). Governed under the Danish

Constitution of 1849, Denmark has a strong welcome state that ensure economic equality and the

virtual non-existence of corruption. The political system of Denmark is that of a multi-party

structure, where several parties can be represented in Parliament at any one time. Denmark is the

most popular holiday destination in the Nordic Region among foreign tourists. Tourism is a huge

part of the Danish economy and while tourist return to the country every year, Denmark wants to

ensure that they continuously develop new offers and to market their unique country, so that they

can attract even more tourists for years to come (Olsen, 2015).
Wyndham Worldwide Business Plan

The purpose of this report is to develop a marketing strategy and an entry strategy for Wyndham

to enter Denmark’s lodging market. Developing market share estimates and revenue projections

using historical data from Wyndham Worldwide in the United States and research into market

size, pricing, and unit sales for the industry in Denmark. Also estimating the investment required

for relocating one or more activities of Wyndham’s value chain from the United States to

Denmark and estimating how much time needed to break even. Lastly, recommendations and

assessments of short term and long-term risks will be provided.

Analyzing organization's resources and capabilities

Potential Partnerships

Large chain hotels are not typical in the Danish lodging industry. Scandic hotel chain in roughly

the sole hotel chain with a strong presence of multiple hotel properties in throughout the capital

of Copenhagen. Below is a short list of potential partner companies for Wyndham to partner

with:

-Nobis Hotel- With only one location in Denmark in the capital of Copenhagen. Being

family owned without a single chain or franchise, they are known for their historically prominent

venues and first class restaurants, bars, and nightclubs (Nobis, 2018)

-Comwell Hotels- with the lowest percentage of market share within Denmark (Hotel

Chains, 2018) and the lowest scoring on being architecturally pleasing to tourists (7/10);

Comwell hotels has 16 hotel properties that need assistance. The organization prides on namely

hospitality, service and professional staff (Comwell, 2018).

As the workforce evolves to reflect the growing diversity of our communities and the global

marketplace, the efforts of Wyndham to understand, value and incorporate differences become
Wyndham Worldwide Business Plan

more and more important (Wyndham, 2018). The best possibility to have a potential partnership

with would be Comwell Hotels. One major benefits are that Comwell’s motto for service and

professional staff aligns with Wyndham’s. What Comwell lacks is innovation and architectural

intricacy to engage tourist to spend their money with their establishment. With Wyndham

renovating and reestablishing their brands, Wyndham could assist after acquisition or merger

with a fresh update. The Danish government has lowered the corporate tax rate to make business

owning in the country more attractive. This advantage allows Wyndham to come into the market

without much hassle from the local government.

Entry Mode Strategies

There are three entry mode strategies that organizations can use to dive into a new foreign

market. Those three strategies are exporting, licensing/franchising, or strategic alliances/joint

ventures. Exporting is typically the easiest way to enter an international market (International

Business, 2018). Exporting is the sale of products and services in a foreign country that are

sourced from the home country. Some advantages of exporting are fast entry and low risk. Some

disadvantages of exporting are low control, low local knowledge, potential of negative

environmental impact of transportation. Licensing is defined as the granting of permission by the

licenser to the licensee to use intellectual property rights, such as trademarks, patents, brand

names, or technology, under defined conditions (International Business, 2018). Some advantages

of licensing are fast entry, low cost, and low risk. Some disadvantages are less control, licensee

may become a competitor, legal and regulatory environment must be sound. “A strategic alliance

involves a contractual agreement between two or more enterprises stipulating that the involved

parties will cooperate in a certain way for a certain time to achieve a common purpose,”

(International Business, 2018). Some advantages of strategic alliance would be shared cost
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reducing investment needs, reduced risk, and the local company be a local entity with foreign

counterpart. Some disadvantages are the costs are higher than exporting and licensing and there

could be potential integration problems between two corporate cultures.

The entry mode that would be suggested for Wyndham is franchising because of the low risk,

low cost entry mode. Wyndham would be able to generate economies of scale in marketing to

international consumers. Lastly franchising could be the opening for future direct investments

into the foreign market. This entry mode aligns with the organizations goals of supporting

communities, actively creating diversity, and improving consumers lives.

Financial backing is needed to start any type of business to include franchising. Franchising

investments can range from low to high and can include startup costs and reserve capital until the

organization becomes profitable. Determining the level of investment is based upon the budget,

timing, and goals. I will estimate a franchising investment in the range of $200,000 to $4 million

USD.

How Wyndham Worldwide and Comwell Hotels will make the strategic alliance work is by

identifying key strategic parameters and organizing around them, organizing to facilitate the

exchange of knowledge on specific topics, and locating the function at an appropriate level of the

organization. “Alliances play an increasingly important role in overall corporate strategy, the

person in charge of alliances should participate in the strategy-making processes at the highest

level of the company” (Dyer, J.H., 2001).

The type of legal business entity that Wyndham Worldwide should utilize when franchising with

Comwell Hotels is a limited liability company (LLC). The reason that this entity is the best

option is due to the flexibility. Wyndham should have an operating agreement with Comwell as it
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will “set forth how the members will vote, how the LLC will allocate profits and losses, when

the LLC will distribute money to its members, and the process by which a member may transfer

his or her ownership interest and receive compensation for it” (Cross, 2018). The operating

agreement should serve as the bylaws and the shareholder agreement. “The most commonly used

business entity in Denmark is a limited liability company, as it is very quick and easy to form”

(Copenhagen Capacity, 2018). Based upon research it does not appear that there is any negative

impact of any Denmark laws by starting a limited liability corporation.

“As an initial matter, there is no Danish law specifically governing franchising. However, several

general rules of law are applicable to aspects of franchise systems and franchise agreements”

(Wiley Rein LLP, 2018). there is no requirement that the franchisor register the franchise offering

with any governmental body or that the franchise agreement be registered with any governmental

body” (Wiley Rein LLP, 2018).

Each individual partner usually has more than one role and function and all roles and functions

are important to the overall success of the partnership. The main functions of the operational

team would be as follows:

Operational Partner Main Functions

Financial Record all financial transactions, prepare
financial statements, accounting, operational
cost control
Front Office Handles customer service (front desk,
reservations, laundry, concierge, telephone,
housekeeping)
Human Resources Hiring of employees, arranging staff
trainings, promotions and disciplinary actions,
attendance of staff
Food & Beverage Overall operation of dining rooms, restaurants
(if any), bars, kitchens, and clean up services
Sales Responsible for selling the services provided
by the hotel
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Logistics Tracking daily supplies, purchasing, security,

maintenance, and other vital operations

The operations team, which is typically ran by the Chief Operations Officer (COO) would be

responsible for running the business on a day to day basis, maintaining profitability targets for

the market, and ensuring consistencies within customer service. The organizational chart is used

to carry out day to day operations. It is utilized to assist in dividing tasks, specifying the job

functions of each department and delegates who has authority among the separate departments.

An example of how the organizational should appear in the alliance is listed in the appendices

section of the report as Appendix 1: Organizational Chart. This type of organizational structure

was chosen because the organization plans to be decentralized; meaning that decision making

responsibilities are delegated from top level management to middle level and lower level

management regarding daily operations.

The impact of Denmark’s culture and geography on Wyndham and its value chain activities are

seemingly all positive. Wyndham’s top level management will have to adapt to Denmark’s free

way of living and monarchy which is uncharted territory within the United States and other

countries where Wyndham currently operates. Top executives should mimic the mindset of

“think global and act local” and the opposite “think local and act global.” Since Wyndham is

looking to utilize a global entry strategy the value chain utilized currently would carry over

globally. However, with Denmark’s free way of life and “greener” way of living, it is felt that the

value chain activities will be elevated with the global move. The impact on sales in Denmark

should also be positive as tourism is one of Denmark’s biggest export industries and will

continue to be for many years to come (Olsen, 2015).

Understanding your organization's industry

Wyndham Worldwide Business Plan

The hotel industry can operate a wide range of business including accommodation, catering and

entertainment. It is easy to enter the hotel market, for the barrier of structure entry, such as

technology, service brand and selling network is not very big; however, the huge capital

investment, fixed cost, sunk cost and the settlement of labor can lead to the difficulty of exiting

the market.

Denmark’s lodging market is mainly comprised of smaller boutique like hotels, however, there

are two hotel groups who dominate the market and would be considered competitors for

Wyndham. Scandic Hotel Group and Arp-Hansen Hotel Group are two front runners in the

country. The market in Europe is relatively small compared to other lodging markets, largest

geographic markets by consumption in the hospitality sector are Asia (38%) and the Americas

(37%), (PR Newswriter, 2018). The potential growth of the lodging market in Denmark is

endless as the European market is an underdog within the worldwide industry. As of 2010, the

annual growth rate was 3.0%. what has caused the growth rate to be slow to stagnant is the high

tax environment and lack of reduced VAT rates (Reportfinder, 2018).

Hotels are service providers as well as consumers of human labor, service supplies, and other

essentials to ensure spontaneous provision of good hotel services. The main cost structure for

hotels can be broken down into sunk costs, fixed costs, variable costs, scale economies and scope

economies. Hotel’s sunk costs are the construction cost and the costs of attaining business

certificates. Hotel owners tend to be very cautious about expansion in the hotel industry, so the

cost of construction is indeed sunk. Fixed costs include around the clock front desk services,

frequent equipment warranty check (for example, fire alarm, elevators), competitors information

searching, expense and workers’ insurance. Direct wages of employees and expenses related to

occupancy volume (soap, shampoo and laundry costs for the rooms) are variable costs. “Scale
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economies” is effective when the scale of production increases, the costs will go down. In hotel

industry, scale economies are mostly depending on the rate of room occupancy. Once the

occupancy rate increases, the average costs will decrease. Economies of scope” specify that the

total cost of production is lower when two products are produced together than that of producing

separately if there is a joint cost. There are bed-addition, breakfast-provision, celebration-

management, cultural events management, family-party, golf program, and spa. All the high

quality services and packages attract more customers to their hotel, and hotel itself can lower its

average costs.

The lodging market in Denmark is broken down into two segments, business travelers and

leisure travelers. With business travels estimating 60% of the market (Olsen, 2015), Denmark is

not only some place foreign tourists like to visit but is also a place that many professionals

conduct business. In 2014, foreign tourists generated $36.7B DKK (Danish Krone), equivalent to

$5.78B USD (Olsen, 2015). The profitability of the market was $2.114M USD in 2017 and is

expected to rise to $2.244M forecasted in year 2020 (Statista, 2018). The annual revenue of gross

bookings in Europe for 2016 was $88.3B USD (Eurostat, 2018). Also, from fiscal year 2016,

47% of tourists stayed in a hotel in Denmark (Eurostat, 2018).

“A distribution channel is a chain of businesses or intermediaries through which a good or

service passes until it reaches the end consumer” (Investopedia, 2018). The way of securing a

hotel room has since changed over the years. From calling the hotel personally and reserving a

room to presently obtaining a room virtually through online channels. Virtual bookings through

search engines like Expedia, Hotels.com and Kayak, through social media ads (Facebook,

Twitter, Instagram), and through mobile applications. Each distribution channel can cost an

organization between 10-50% of its revenue.

Wyndham Worldwide Business Plan

The marketing mix in Denmark is place and distribution, service/facilities, promotions and

communications, room rate/pricing, and the target market are the guests of the hotel. Wyndham

should have multiple ways of promoting the new business venture. Social media is one of the

biggest, if not the biggest avenue for Wyndham to promote a new venture in Denmark. Social

media marketing fastest growing category of Internet Marketing in terms of attracting new users.

It allows organizations ways to establish a one on one relationship with the consumer. Also

search engine algorithms allow an organization to gain additional exposure when social media

conversation tie into google, yahoo, and Bing (Gupta, 2010).

The pricing strategy for any company is very important to its success; it is the only aspect of the

marketing mix that generates income. It should be consistent with the company’s image,

offerings, promotions, and distributions. Wyndham should determine their pricing objectives.

These objectives should identify what the company wants to accomplish with its pricing

(UMUC, 2018a). Factors like demand, cost, competition, regulations and economy should all be

taken into consideration when developing this pricing structure.

The market in which Wyndham will be operating is mildly competitive; price changes can have a

huge impact on consumers buying decisions. The products offered by Wyndham and their

competitors are all very similar, so a consumer is likely to purchase a cheaper similar service.

Therefore, Wyndham would likely need to keep their prices on the lower end than their

competitors to be competitive in the Danish market. They should do this until they are more

established and recognized for their quality service. Wyndham currently offers promotional

pricing to their consumers who are enrolled in their loyalty programs as well as corporate

affiliations.
Wyndham Worldwide Business Plan

The price per unit for a room per night should be set at $160 USD, the variable costs per unit is

$82.00 USD so they will profit $78 USD per unit per night. The average number of nights stayed

in a Danish hotel is four nights, making the average profit of a room $312 USD. Using these

figures combined with the perceived fixed costs, we can determine that the breakeven point for

Wyndham rooms in this region would be to sell 2,690 room at the price of no less than $160 per

night. To obtain my figures, I utilized the break even analysis formula (MyAccountingCourse,

2018).

To begin working on the products branding strategy, we will need to study the needs and wants

of target Danish and foreign consumers. One of the theories to support relevancy to the branding

of product logo and name is from the book of “principles of marketing” which Philip Kotler has

devised in a very interesting concept of the building benefit from the product/service:

The above concept can be applied to Wyndham in generally three major distinguished levels of

categories generally as:

1. Core benefit:

The need and want which consumer gets after using the product/service which is clearly noted

from the valuable feedbacks given after staying at one of the properties

2. Actual benefit:

The next level of strategy is to add features like formal breakfast, spa treatments,

collaborations/coupons with airlines or recreation parks that offer a differential advantage for

Wyndham from other competitors.

3. Augmented product:
Wyndham Worldwide Business Plan

This final level comes when there is any gap analysis which can done for possible improvements

which is generally based around post visit survey of service and so on. Wyndham can also

differentiate themselves from its competitors by utilizing direct marketing instead of online

travel agents as they are costly.

Market share estimates show that large hotel companies account for 24.6% of the total market

share of rooms in Denmark (10,725/43,432). There are roughly 8 large hotel companies who are

not chains in Denmark, Comwell, our possible strategic alliance being one. The market share that

Wyndham would have is roughly 3.08% (Scandic Annual Report, 2016). The revenue projects

for year one through four have been provided in the Appendices section as Appendix 2: Revenue

Assumptions. I based my assumptions from Statista reports on the European market, the average

cost of a hotel room per night in the capital city of Copenhagen for the first quarter of fiscal year

2017 is 1266 DKK which is equivalent to $198 USD per night (Statista, 2018). My assumption

for the total cost of initial investment is based upon figures of acquiring an existing hotel in

Copenhagen and converting the exchange rate into USD. Figures are also based upon the

franchising certifications and costs of obtaining one franchise in Denmark.

Analyzing country's external environment

Upon examining the financial statements of my main competitor Scandic, it does not appear that

there are any differences in the types of financial statements that are utilized (income statement,

balance sheet, etc.). The difference that is realized is that all figures are in MSEK (Million

Swedish Kroner) instead of the USD. Currency rates fluctuate, and currently, the exchange rate

for Danish Krone to United States Dollar is 1 DKK per 0.16 USD. This may cause some

financial issues if Wyndham plans to continue utilizing US banking for their foreign venture.
Wyndham Worldwide Business Plan

An additional issue is with the accounting standards. In the United States, the generally accepted

accounting principles (GAAP) are utilized. However, in Europe, the union utilizes the

International Financial Reporting Standards (IFRS) which are “a set of accounting standards

developed by the International Accounting Standards Board (IASB) that is becoming the global

standard for the preparation of public company financial statements” (IFRS, 2018). The biggest

difference between GAAP and IFRS is that “IFRS provides much less overall detail. Its guidance

regarding revenue recognition, for example, is significantly less extensive than U.S. GAAP.

IFRS also contains relatively little industry-specific instructions” (IFRS, 2018). Converting

financial statements to GAAP will also be a hinderance as it “will affect many aspects of a U.S.

company's operations, from information technology systems and tax reporting requirements, to

internal reporting and key performance metrics and the tracking of stock-based compensation”

(IFRS, 2018). The cost on average to have the statements converted in between 0.125 to 0.13%

of revenue (IFRS, 2018). Wyndham should break-even and start to see profits come in year 3.

This estimate is based upon the formulas spoken about previously in the report. There are no

projected savings.

Based upon the balanced scorecard, there are four perspectives that need to be tracked for

strategy effectiveness: growth perspective, business process perspective, customer perspective,

and financial perspective. The most important factor of the balanced scorecard is the vision and

strategy of the organization’s leaders (Dziak, 2015) Without a sound vision and strategy, the

remaining segments of the organization fall apart. The major factors to track growth performance

would be through quarterly reporting to manage if the organization is growing each quarter

tracking. Business processes can be tracked by holding quarterly meetings with different

departments to check in with staff to ensure that business is running smoothly, and if not,
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ensuring employees concerns are heard and taken into consideration. Customer perspective can

be tracked by customer satisfaction surveys. Financial perspective should be handled by the

Chief Financial Officer and the financial team. Additionally, continuous monitoring of sales

performance can allow for more-targeted reductions in overhead that carry the potential to slide

that scheduled break-even point to the left.

The best way to build relationship with partners, subsidiaries, supplies, and distributors is

honesty. Always keeping every person in the loop about any problems that may arise so that the

issues can be resolved in a timely fashion. Issues will be monitored on a case by case basis and

as they arise. Issues pertaining to certain partners will be spoken about by either meeting in

person, over the phone, via email or through telecommunication channels as soon as the problem

arises.

It is within Wyndham’s bylaws and code of ethics about honesty and doing the right thing. The

plan is to franchise into Denmark, meaning that this code of ethics will be implemented into

everyday operations in the Danish market. Upon review of the Transparency International's

Corruption Perceptions Index 2017, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is

very clean. Denmark scored an 88 out of 100, which has ranked the country as overall #2 on the

least corrupt list. It is with this knowledge that I do not believe that bribery and corruption will

be an issue to arise. I recommend that no changes be made to the code for operations within

Denmark.

Wyndham’s corporate social responsibility is “believing that you can do well by doing good”

(Wyndham, 2018). Wyndham has work diligently to incorporate environment and suitability,

diversity and inclusion, human rights and ethics, community support and responsiveness and

responsible corporate governance and business practices into its culture of how they operate
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around the world (Wyndham, 2018). I believe that these corporate social responsibilities address

local community interest, stakeholders’ concerns and supplier relationship and would be a great

fit to the Danish community.

Conclusion

After significant research on the Danish market and the possibilities on expanding Wyndham’s

global footprint, I recommend that Wyndham expand to Denmark. The opportunities for growth

within the country have a lucrative future. There are evident risks that appear when owning and

operating a hotel. The lack of tenant commitment introduces substantial risk for hotel investors,

given the variable demand for hotel rooms. Hotels' volatility, which is a common measure of

risk, gives rise to the perception of hotels as a risky type of investment property (Liu, 2011).

These risks are high; however, they do not deter investors, however, it does increase the cost of

the investment. When starting the investment, investors can choose to finance the investment or

pay for the investment with liquid assets. Majority of investors choose to finance with a

mortgage contract. “Mortgage payments come from often volatile cash flows, a fixed-rate fixed-

payment

mortgage may not be the most desirable mortgage instrument” (Liu, 2011). The more appropriate

mortgage would be one that allows for “varying mortgage payments to reflect a hotel's varying

income stream” (Liu, 2011). My last recommendation would be in terms of financials and the

currency exchange rate. Since the USD is weaker compared to the DKK, I would advise

Wyndham to not exchange currency back to the USD.

Wyndham Worldwide Business Plan

Appendences

Appendix 1: Organizational Chart

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Appendix #2: Revenue Assumptions

Wyndham Worldwide Business Plan

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