As a commercial hotel owner, you know that the industry has been breaking records for the last few years, which has developers rushing to build new properties. Along with the added competition, you’re also seeing rising construction costs, with materials costing at least 2 percent more than the previous year. If you are thinking about a renovation for your property so that you can remain competitive, those associated costs are going to be vitally important.
We know that most hoteliers aren’t construction experts, so we’ve assembled a list of tips that’ll help you budget through your next property renovation, as well as give you some ideas for your renovation.
Pick your general contractor or project manager wisely; you want them to be an advocate for your project. Build a strong relationship with these very influential folks right from the beginning, and even if you don’t have a project on the immediate horizon, keep that relationship strong. Your general contractor or project manager is key to the success of your project. A strong general contractor or third party project management firm will advocate for you and will also help find ways to value engineer your project by stripping away unnecessary costs.
Ever-changing customer behavior is prompting hoteliers to continually evolve their brands. Many independent and chain hotels have found themselves reinventing their design standards in recent years. Take a good look around your property and note what looks timeworn and boring. Is your color scheme reminiscent of the early 2000s? Does your lobby look pretty much the same as it did in 2010? Your hotel is heading into “The Roaring Twenties” so rethink your brand and image and create an exciting atmosphere for your guests that reflects the feel of a brand new decade.
To be successful, every project participant must know exactly what is expected from them and what their timeline is. Failing to manage your expectations of the involved team can lead to unforeseen delays and financial overruns, while understanding not only what success looks like for the project, but understanding how to effectively manage expectations of all parties is key.
When it is time to renovate your commercial hotel, your friends here at Ascension General Contractors are ready to help. We pride ourselves on the quality of our work.
Read our response and the protective measures we are taking with COVID-19.