Hotel industry analysts and watchers expect property renovations in the United States to surge over the next two years.
They cite several reasons for the outlook, including:
Construction companies, suppliers and others anticipate investors will focus on upgrading and improving existing assets. The 700 hotels that changed hands in 2018 and the approximate 115 assets sold in the first three quarters of this year have given owners plenty to work with over the next two years or longer.
In this episode of Lodging Leaders, we explore the hotel renovation outlook. We find out what owners need to know before tackling a renovation project, how to keep guests happy during the transformation process and what steps to take to grow your business after the renovation dust has settled.
We talk to Heather Tuskowski, director of operations at Winter Construction; Mark Matz, co-president and COO at Premier Project Management; Mario Insenga, founder and CEO of The Refinishing Touch; Stuart Butler, COO at Fuel Travel; and Simon Rizk, vice president of operations at Pro Hospitality Group who recently oversaw a renovation at GreenTree Inn & Suites in Pinetop, Arizona.
Resources and Links
In June, Watermark Lodging Trust, a Chicago REIT, sold its Hutton Hotel in Nashville for $70 million. The price is $7 million less than what the REIT said it paid to acquire and upgrade the hotel seven years ago. A month later, Watermark said it signed a deal in which it sold shares worth $200 read more
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