Is it time to add onto the property, constructing new guest rooms, or a conference center, or recreational facilities, or a spa?

Are there relatively minor expenditures, short of new construction, that can add significant value?

As with other aspects of hotel development and management, knowledge of the marketplace, knowledge of your clientele and insight into your own positioning are crucial. For example, upscale isn't always the way to go. What if there is a new convention center? In a large city, with an abundance of luxury hotels within a short distance, perhaps a three-star hotel, offering convenience, accessibility and relatively low cost for business travelers and convention-goers, would be far better. You need to identify your customer and the demands of your location.

The big chains are all moving forward with efforts to make their clients more comfortable, whether through the installation of new beds, better sheets and towels, improved restaurants - many offering menus that accommodate the various diet trends we're seeing - and other aesthetic touches that make the traveler feel at home. Smaller, independent properties are going to have to follow suit if they want to compete and continue to attract loyal clients.

There's another trends hotels can take advantage ...