When it comes to hotel renovations, the term can be fairly vague at times. For our purposes we will be discussing major capital renovations. Meaning renovations that will increase the life of your asset.
Typically the purpose of a renovation is to strengthen, add or improve revenue streams, which can and will happen when the life of your asset is increased.
When it’s all said and done, we are always striving to increase the value of our hotels, and renovations are an excellent way to do so.
How often should your hotel be renovated? There is no perfect equation that will help you determine that, but keep in mind the fierce competition in the industry as well as constantly changing trends and technological advancements.
Of course, any renovation desired needs to bring a substantial return on the investment for it to be worth it, so as we suggest some renovations that may increase the value of your hotel, be sure to meet with your financial team to discuss what is realistic for your asset.
What is the key to a hotel’s success? Excellent hotel management.
The location, decor and luxury level of a property are factors in success, for example, but surprisingly they aren’t the decisive factors.
Not everyone can afford a perfectly located, luxury hotel. Not all guests pay strict attention to the decor and design of a hotel.
But everyone pays attention to how smooth and welcoming their experience was. Everybody remembers how they were treated. People won’t forget the general feel of a hotel.
Those are all aspects of hotel management.
There is no singular way to define great hotel management, but it is known that excellent hotel management is the key to any hotel’s success, no matter the size or scope of the property.
What are some examples of great hotel management? What should you be looking for, asking for, when it comes time to choose a hotel management company?
Here are a few points to help you answer those questions:
- Within the hospitality industry, every season h...
- Spring has sprung and summer is nearly here! Wh...
- No matter who you are, what you do, or where yo...
- If you own or operate a hotel, you’ll be well a...
- In this technology-drive, social media focused ...
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015