10 Tips for a Successful Hotel Restaurant Renovation
By Rollin Bell Founder / CEO, PCM Construction | October 28, 2008
According to recent Industry Performance Indicators (IPI), restaurant revenue has increased by nearly 10 percent over last year, signaling increased consumer confidence and an expanding economy. For hotel owners and managers who are considering new strategies for increasing revenues, now might be the right time to build a restaurant on your property or to renovate an existing one.
A well-managed restaurant in your hotel can be a terrific source of revenue. After all, a high quality restaurant will keep guests on your property for meals and can even draw non-guests to your hotel for dinner and/or drinks. But competing with other restaurants, lounges and bars in your area may not be as easy as you think. As great as your food, service and location may be, guests are increasingly seeking out exciting venues. Unless your hotel's restaurant is up to date with the latest design trends, you could very well be letting money walk out the door.
If you are considering building or renovating your hotel restaurant, there are several ideas to consider. Below are ten tips (in no particular order) that can help guide your project:
Competitive Research - Effective managers recognize environmental factors that can influence the success of any new business venture. To that end, it is important to carefully examine the other restaurants, bars and lounges in your geographic region with whom you will be competing for customers. Consider their interior designs, atmosphere and themes and think about which market segments they are attracting. Create a unique identity for your hotel restaurant by introducing design, atmosphere and thematic elements that are differentiated from your closest competitors.
Finding the Right Team - Chemistry is an important element in assembling the right team for any project. Fortunately, many of the best architecture and interior design firms have spent years cultivating strong working relationships with general contractors and can present a unified team to help you craft and execute your vision. Be sure to engage several different firms to find a team that you are comfortable working with.
Do Your Homework - Before you select a general contractor for your hotel renovation or construction project, consider past performance. Be sure to ask for examples of similar projects they have completed in addition to references. Contractors should be able to provide a list of firms they have worked with in the past - including subcontractors - to illustrate their ability to work as a one-stop-shop for your construction needs.