Renovating a hotel provides you more equity in your investment. Although a excellent way to raise the property’s value and keep your clients interested, you will find the challenges enclosing renovating a hotel diverse and vast. Give special idea to the way you want prospective guests to perceive your property and begin raising potential money flow to attract more clients.
- Determine your budget. Decide how much you want to spend on renovating the hotel and stick with it. Having a budget can help determine the financial choices and company strategy in order for one to earn a profit following the renovation. Overspending reveals a thorn in the side during several renovations.
- Get costumer opinions. Whether they’re frequent guests or one-time guests, give a suggestion box and ask what overnighters enjoyed about the hotel and what they’d love to see improved. Their opinions can influence your decision regarding exactly what region(s) of the hotel you need to focus on renovating and preserving first. Moreover, this can help save you money and time, as occasionally regular clients do not well receive new renovations.
- Plan out your own renovations. Do not forget that all renovation will have to be current and in compliance with all city codes applying to resorts. Think about renovating in phases, putting importance first on the most often used areas or those in need of renovation. If you’re planning to add new tasks or regions to the hotel, always possess the necessary additional permits. As an example, if you want to add a nightclub or a bar you will need additional licenses and permits.
- Contract capable and reliable assistance. Have multiple general contractors bid for the work. Choose the one with great references that demonstrates capable of handling each of renovations. Be smart when making conclusions. Do not forget that the lowest priced deal may not always establish the most suitable choice.
- Reduces guest annoyance. Inform your guests in advance about any renovations at the hotel. Schedule the actual construction during down/slower days of year. Meet with your builder and discuss noise and possible disruptions will happen during the forthcoming days. If renovations impact customers’ stays, provide something unique for them as free drinks or discount price. You will mostly eliminate gain during renovation, but the return on investment which makes it worthwhile in the long run.
- Boost the new look. The expense for renovation may prove worthless if you do not take the opportunity to publicize it and generate additional traffic to the hotel. Run ads in local papers and TV. Offer food and beverage promotions in case you’ve got a new restaurant at the hotel. Do the same with other brand new amenities the hotel provides.