Which renovations will increase your hotel's value?
As a hotel owner, building renovations play a major role in the success of your property. However, not all renovation projects are the same, and some will provide more value than others. If you are looking to get a substantial return on your renovations, then these updates will improve revenue streams and increase the value of your hotel.
- Update Your Lighting While many people don't think about it, your property's lighting affects the environment of your hotel significantly. Oftentimes in older properties, outdated fixtures can create a depressing mood and leave a poor impression on guests. Fortunately, updating your hotel's interior and exterior lighting is an easy way to create a safe, carefree mood that improves the ambiance of your property. Additionally, good lighting is a great way to make the other features of your property look great as well. When your property is well-lighted and inviting, people will be more likely to book with you.
- Modernize Your Meeting Rooms Many hotels make their money by providing meeting spaces to businesses. To ensure that you aren't losing this revenue stream to your competitors, you need to update your hotel's meeting spaces. When upgrading your meeting rooms, you should focus on equipping the space with the latest technologies and making your rooms clean and professional. This will help you attract new guests who are looking to make the most of your space.
- Upgrade Your Lobby Your lobby is the first thing that guests see when they enter your hotel. This is why it's so important that your lobby is designed to be welcoming while simultaneously displaying your hotel's unique personality. Renovate your lobby to make it an inviting space that encourages socialization. Additionally, offer features such as charging stations and Wi-Fi hotspots to ensure that you are meeting all your guests' needs.
These are some of the renovation projects that will increase your hotel's value. Need assistance with your hotel renovation plans? If so, then contact Nancy Nguyen at Parkwest General Contractors. Our dedicated team is eager to assist you with all your building upgrade needs today.
