Finance the Operations Here, the major cost will be leasing, purchasing or building the banquet facility. For example, according to the town of Bureau of Construction Codes in Ludington, MI a banquet hall can cost over $150 per square foot.
1. How profitable is the banquet hall? Before taking over the reins of a banquet hall, do your research to ensure it's already a successful business. Currently, the event planning industry generates about $5 billion in revenue and is expected to grow by about 3.9 percent annually.Sep 1, 2018
What is the average price of a banquet hall?
Average Cost On average the cost of renting a banquet hall, without catering, is between $500 and $2,500 for the space rental. According to The Bridal Association of America the average cost of a banquet hall is $1,244.