Advancements in New Hotel Construction
By Fred B. Roedel, III Partner & Managing Member, Roedel Companies, LLC | March 20, 2011
New products, techniques, and processes are always being developed in the construction field with the objective of improving quality, reducing total cost, and decreasing the amount of time it takes to open a hotel's doors. We all know that the sooner you can open your hotel's doors, the sooner you can develop free cash flow.
New construction advancements range from alternative materials and pre-fabricated systems to environmentally friendly alternatives. They improve new hotel developments not only from the construction perspective, but from the operations perspective. Evaluating new construction products, processes and techniques is a critical step when putting together a new hotel development. The most important thing, however, to remember is that the value you will ultimately gain from embracing a new construction product or approach is directly related to the amount of time and energy you invest in educating yourself and everyone on your development team about it.
How the latest construction products and techniques can influence a new hotel development
There are two important steps when considering using a new construction product or approach in your hotel's development. The first is to ensure that you have a solid grip on the core objectives of the project. It is essential to understand its true economics and to be disciplined when it comes to designing, building, and operating a property that will reliably perform to your investment objectives based on the time you plan to own it. The second is to take the time to understand a product or approach and the value it will bring to your development. Some processes in particular are so new that there are limited numbers of consultants and contractors who understand them. When designers, contractors, and even operators do not fully understand new construction products or approaches, the likelihood that you will realize the full a value of using them in your project's design is dramatically reduced.
Every new hotel development project must have a well designed and coordinated t plan in order to meet timelines. When developing a project's timeline start with the processes and systems you know will allow you to most effectively develop a time sensitive construction schedule. Next evaluate new construction materials, systems and processes that could improve the timeline. It is important to note that in order to be able to correctly evaluate e new construction offerings' value that you must allow time to educate yourself and all parties involved in the development about them. This learning curve must be factored into your timeline.