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.
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Global business travel is a $1.4 trillion industry. The Global Business Travel Association calculates the coronavirus pandemic in 2020 resulted in a loss of $113 billion in business travel spend in hotels, airlines and other sectors of the travel industry. But all is not lost. GBTA, industry analysts and travel management companies see some green shoots of hope for 2021 as the COVID-19 vaccine rolls out and corporations put some of their people on the road again. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.
Long Live Lodging, an online multimedia news organization that covers the hospitality industry, found itself tossing aside its plans for news coverage late in the first quarter of 2020, when the coronavirus pandemic hit the U.S. and devastated the hospitality industry. The year turned out to be ground-breaking for Long Live Lodging, which developed the industry’s first live digital conference, and its podcast, Lodging Leaders, which increased its followers through timely, credible and balanced reporting on trends and issues driving the industry during the historic year. The company also won international recognition for its coverage of the COVID-19 crisis and its work as a whole. Long Live Lodging is a startup media company, formed in 2019, with Lodging Leaders, which was founded in 2015. In today’s report, we celebrate the podcast’s 300th episode. Podcast founder and co-host Jon Albano and co-host Judy Maxwell have a free-wheeling conversation in which they review the top podcasts of 2020 (Can anyone say ‘fair franchising’?) and give a brief preview of what the media organization plans for 2021.