How to Successfully Renovate Hotel Properties: Tips for Controlling Costs and Maintaining Quality
By Fred B. Roedel, III Partner & Managing Member, Roedel Companies, LLC | October 28, 2008
Keys to a successful renovation
Renovation projects are successful only when all involved parties are aware of and plan for the unique challenges they pose. Completing renovations in an operating hotel, making today's standards work in an older building, completing work within a short down period, and effectively dealing with existing and unknown conditions without negatively impacting the budget, the schedule or guests are just a few common challenges.
The keys to a successful renovation project involving one or more hotels are:
- Having a clear vision and objective for the project.
- Defining standards for the time, cost and quality of the project.
- Outlining scopes of work and linking them directly back to the objective and performance standards.
- Developing a well-conceived and reliable schedule that integrates operations and construction to ensure a smooth transition for transitioning guestrooms in and out of service during the renovation process.
- Involving qualified contractors who truly understand the work they are undertaking, have the resources necessary to meet the schedule and budget, and the experience to deal with unexpected challenges.
No matter how large or small they are, all renovation projects have a set amount of dollars assigned to them. One of the best ways hotel owners and investors can ensure that projects are completed within a defined budget is to pull together a team of professionals who have extensive hotel experience and will work together to oversee the entire renovation process. Core team members should include owners/investors, operators, designers and contractors. Not including construction expertise early on in the process typically lowers the reliability meeting time, cost and quality standards.