Steps to take after being issued a Property Improvement Plan (PIP).
If you own property under a hotel brand, then your brand may issue you a Property Improvement Plan (PIP) that requires you to make changes and upgrades to your hotel. These changes must be made in a timely manner, or else you risk losing your brand flag or having to pay a penalty to the franchise. Since time is of the essence, it’s vital to get to work as soon as you receive a PIP. Here are some of the steps that you should take.
- Review the PIP
After being issued a PIP, you should not accept the terms blindly. Instead, you should carefully review each point listed on the PIP to get all the details. Oftentimes, PIPs use very general terms when referring to the necessary changes. So, to ensure that you don’t go overboard with your upgrades, make sure that you speak with a brand representative to nail down all the specifics.
- Think About Your Budget
While PIPs usually come with a deadline (usually 18-20 months), they don’t come with a set price point. Because your costs will vary depending on your brand specifications and timeline, you need to secure price quotes from professional, hospitality contractors. While you should use pricing quotes to narrow down your options, don’t base your final decision on cost alone. The contractor you hire should be well-reviewed, have experience with similar projects, and have all the necessary certifications and qualifications.
- Create a Plan
Once you know what needs to be done and have assembled a team, you should lay out a detailed plan to achieve the goals set by your PIP. Your timeline needs to account for your property’s peak booking times, building material arrivals, labor availability, as well as the deadlines set by the hotel brand. Once you have a solid plan in place, you can begin work on your renovations and upgrades confidently.
These are some of the steps that you should take after being issued a PIP from your hotel brand. Looking for an experienced contractor to help you make building upgrades and renovations? If so, then contact Nikki Fox at Parkwest General Contractors at Nikki@ParkwestGC.com. Our dedicated team is eager to assist you with all your building upgrade needs today.