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
Rainer Jenss of Nyack, New York, founded the Family Travel Association seven years ago to help parents and caregivers introduce children to the world through travel, whether that’s a yearlong trip around the world that Jenss and his family took or a weekend getaway to a nearby destination. To help the travel industry gauge what parents want when they take their kids on vacation, FTA conducts an annual study. The U.S. Family Travel Survey 2021 reveals the shift in mindset the COVID-19 pandemic has created in families planning a trip over the next 12 months. Hoteliers use can use the information to generate business and boost their strategies to recover and sustain business now and other the coming months.
Whether they’re new to the concept or they’ve worked in lodging for years, women are an emerging force in hotel development, investment and ownership. Several industry leaders are making significant strides in building programs that encourage and support women interested in becoming hotel owners and investors. This report examines new projects and updates the status of existing efforts by industry leaders to recruit women as owners and help them hurdle barriers such as critical access to capital.