Experts in the hospitality industry are stressing the importance of proactive renovation strategies for hotel owners. It's advised to initiate clear expectations early on, involving all stakeholders in kick-off calls to ensure alignment. Keita Cooper, director of design and construction for IHG Hotels & Resorts' premium brands, emphasized the necessity of setting clear project timelines for property improvement plans (PIPs).
Initiating renovations well in advance can streamline the entire process, ensuring timely completion and minimizing disruptions to hotel operations. Sarah Churchill, director of business development for purchasing firm Benjamin West, suggests starting with the model room build-out phase early to anticipate any unforeseen challenges and to allow for comparison of vendors and sourcing options.
With the current market landscape experiencing fluctuations in costs and extended wait times, it's crucial for owners to adjust their budgets accordingly. Benjamin Murphy, President of Hospitality Logistics International, underscores the importance of factoring in contingencies to accommodate for pricing inconsistencies and supply chain disruptions.
The global nature of the supply chain presents both opportunities and challenges for the hospitality industry. While Asia and the Far East remain significant sources of manufacturing, there's a growing trend towards diversification with factories emerging in Mexico, Canada, and Europe. However, scaling up domestic manufacturing to meet the demands of the hotel industry remains a challenge due to capacity limitations.
Experts advise against delays in renovation projects, urging stakeholders to adhere to strict timelines and avoid underestimating lead times for furniture, fixtures, and equipment (FF&E) delivery. Charis Atwood, owner of FF&E Consultants, stresses the importance of thorough planning and early engagement of consultants to ensure a smooth and efficient renovation process.
Renovation projects should be approached holistically, with careful consideration of all aspects including design, procurement, and compliance. Atwood recommends early collaboration with consultants to develop a comprehensive project plan that addresses all requirements and potential challenges.
In conclusion, proactive renovation strategies are essential for hotel owners to ensure successful and efficient renovation projects. By setting clear expectations, adjusting budgets, and engaging consultants early on, owners can streamline the renovation process and minimize disruptions, ultimately maximizing the hotel's potential for revenue generation.
Source: Costar