LODGING LEADERS

239 | Good As New: Surge in hotel renovations expected to boost business

LODGING LEADERS

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:

  • The industry has surpassed the peak of its recovery from the Great Recession;
  • A slowdown in revenue growth is predicted for this year and next;
  • The leveling off of a robust construction pipeline; and
  • A record-breaking transaction pace in 2018.

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

LODGING LEADERS
Back to Top