Four Renovations That Will Immediately Increase the Value of Your Hotel
Updated: Jun 26, 2020
Renovations play a critical role in the long-term, strategic planning of single and chain hotel properties nationally. Upgrades and rebuilds not only extend the life of a hotel property, but they also can boost image, competitiveness and efficiency.
Any responsible hotel renovation is required to deliver a substantial return on the investment for it to be worth the cost. The renovation must strengthen, add or improve revenue streams, which in turn will increase the life and value of your hotel. Moreover, this is an industry of fierce competition as well as constantly changing trends and technological advancements. Renovation keeps your hotel up-to-date and in high demand by guests.
Sam Cicero, Jr., president of Cicero Construction, suggests the following renovations to increase the value of your hotel. His recommendations are honed by 35+ years experience in renovating hotel properties. Founded in 1970, Cicero Construction has remodeled hundreds of hotels across the country. An Illuminating Idea Hotel lighting is linked to so many aspects of the guest experience. It creates a mood. Unfortunately, in many older hotels, it creates a depressing mood. Bad lighting will drive your guests off property where they will then spend money. For example, a dark parking lot and areas drenched in shadow are enough to scare away potential guests before they even step out of their car. Renovating your lighting to create a safe, carefree mood will work wonders for the general ambiance. Additionally, good lighting makes everything it lights up look better. Renovate lighting so that it casts a beautiful glow on the decor, interior and exterior of the hotel. Here's another bonus: Replacing incandescent or fluorescent lighting with new energy-efficient LED technology will save up to 85% on your utility bill. Meeting Rooms That Mean Business Businesses are often looking for a complete meeting experience in one location, including guest rooms, restaurant, bar and, of course, ample meeting space. A business that takes its meeting to your competition means lost revenue for you, so it is time to ask yourself some questions. What makes your current meeting space attractive to businesses? What sets it apart from your competitors? How current 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 If meeting revenue makes up a large part of your hotel’s profit, then renovating an outdated meeting space is definitely worth your hotel’s resources. Transform Your Lobby Into A Revenue Machine 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. If the lobby is inviting, people will gather and socialize. Socializing always leads to purchases. However, if your hotel lobby is outdated and not inviting, lacks a restaurant or bar, does not have cozy couches and lounge chairs, and doesn’t feature charging stations for digital devices… revenue won’t be spent there. Can You Hear Me Now? Nowadays, hotel guests who travel with devices such as phones, tablets and computers no longer see Wi-Fi as a perk, but as a must-have the moment they check in at a hotel. They expect to be able to connect to the internet seamlessly and without interruptions. Hotels that invest in better, faster Wi-Fi infrastructure so that people can do business and use their technology devices with ease will benefit in higher guest satisfaction, better online reviews, and more guest returns. To achieve the best performance, ensure that there are enough Access Points (APs) available to sustain high-bandwidth applications, such as Netflix. Installing too few APs results in gaps in coverage, as well as lack of bandwidth.