Top 9 Ways to Mitigate Risks During a Hotel Renovation

By Kurt Meister Senior Vice President , Distinguished Programs | January 06, 2019

You feel the pressure to make your hotel stand out from the crowd. And that means you must complete any hotel renovations more quickly than renovations of standard commercial buildings. After all, your hotel's guests expect the latest amenities.

But renovations bring considerable business risk, from missed deadlines and busted budgets to potential lost revenue, negative guest reviews and additional liability. So, before you begin your hotel's next renovation cycle, make sure you manage risk appropriately. Follow these nine tips:

1. Assemble the Right Team

Don't contact any designers, architects, general contractors or subcontractors until you establish a team that will be responsible for reviewing all contracts. Key members should include a lawyer, an accountant and a trusted retail insurance provider or counselor. Choose one that specializes in construction risk.

2. Fully Vet All Contractors

You'll ask for bids from multiple contractors. That's a given. But make sure they're contractors who specialize in remodeling, not just new construction. Seek contractors who know how to care for the needs of your guests by minimizing noise, staging material deliveries and keeping renovation areas visually appealing throughout the project.

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Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.