If you are looking to jumpstart the hotel renovation process, don’t be misled by these common misconceptions.
Planning on undertaking a major effort to renovate your property? If so, you are taking a risk with all the money and time you are putting at stake. Unfortunately, buying into common misconceptions can place you at an even greater risk for losses. To prevent this from happening to you, here are some of the common hotel renovation myths you need to know the truth behind.
- Myth #1: “To save money, it’s better to wait until after re-opening to address HVAC, plumbing, and mechanical repairs.”
While you might think it better to wait until your hotel has re-opened and is generating revenue to address these major renovation costs, this is not a smart idea. Re-opening with these old problems still in place will not only deter guests, but will also increase the probability of these issues becoming worse and requiring even more extensive repairs. Rather than taking this approach, make sure these key components are one of the first things you account for in your renovation budget.
- Myth #2: “My contractor has worked for our brand before and therefore knows the standards.”
You should never assume that a contractor knows your brand well enough to operate without your direct supervision. Even if they have worked with your brand before, you should not risk the amount of time and money you are investing on your renovation on the assumption that they will know your standards. Rather than risking a major mistake, go over your expectations with your contractor in detail and verify with them regularly.
- Myth #3: “Pre-selling is enough to meet our budget.”
While your business is closed for renovations, the hype will undoubtedly attract guests. However, booking for your re-opening will likely not bring in as much revenue as you might assume. Expect your occupancy rates to be lower than projected, and deploy other sales methods and revenue strategies to ensure that you hit budget.
This is the truth behind some of the most common hotel renovation myths. Planning a hotel renovation and looking for an experienced contractor you can trust? Turn to the experts at Parkwest General Contractors for assistance with all your building renovation and update needs. Contact us to get started today.