4 Key Renovations That Will Increase the Value of Your Hotel
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.
Ways to Increase The Value of Your Hotel
To get you thinking about the renovation possibilities, here are some of our suggestions:
Focus on Technology
Design trends come and go quickly, but technology is constantly growing, and there a quite a few tech renovations that will last for years rather than a season or two. Do your restaurants and bars have easily accessible outlets? How about the lobby? Is the lobby tech friendly? If not, find a tasteful way to make it so. With almost every guest operating at least one mobile device, this is a necessity more than a luxury nowadays.
Convey Your Personality in the Lobby
Renovating rooms can be overwhelming and extremely expensive. What many hotels have started to do is opt for a lobby renovation. The lobby is the perfect place to display your hotel’s unique personality, flavor and ambiance. It’s the community area of the hotel, a place where, if it feels nice, guests will gather and spend some of those highly sought after food and beverage dollars. Seriously, if the lobby is inviting, people will gather and socialize. Socializing always leads to purchases.
Up Your Meeting Game
Businesses are often looking for an entire meeting experience. What makes your meeting space unique? What sets it apart from your competitors? How is the technology in your meeting rooms? If meeting revenue makes up a large part of your hotel’s profit, then renovating an outdated meeting space is definitely worth your hotel’s resources.
Lighting is Key
Lighting is linked to so many aspects of a hotel. First off, lighting creates a mood, and in the case of many hotels it creates a depressing mood. Bad or icky lighting will drive your guests off property where they will then spend money. For that reason alone, renovating your lighting to effect a happy, carefree mood will work wonders for the general ambiance. Additionally, good lighting makes everything it lights up look better. Photographers seek out special hours of the day that offer better light to enhance their photos. Take a leaf out of their proverbial book and do the same thing. Renovate lighting to that it casts a beautiful glow on the decor and interior of the hotel. Even the exterior for that matter.
Every hotel is different and has different needs. The best course of action to take regarding renovations is to seek guidance from hospitality management experts. Renovations are most certainly case by case scenarios, and it’s crucial to not make decisions hastily or without proper research and knowledge.
For any assistance on this matter, contact the experts at HMG Hospitality today. Get started on enhancing the value of your asset and you will reap the rewards!
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