The Refinishing Touch Blog

During this tough economic climate, the hotel industry along with others are re-evaluating business practices and devising plans to sustain. It's important to focus on sustaining current hotel properties by looking at existing assets for the short term in order to thrive in the long run.

In a recent article entitled 'Hotels Try to Adapt to Hard Times,' the focus was on the hotel industry's resolve to attract travelers during this slump. Last year, the Sheraton had 54 new hotels financed which are scheduled to open this year, at a rate of one every three weeks. These new hotels are opening during a challenging time when existing hotels are currently struggling to sell existing rooms.

To save, hotels are exploring closing on-site gyms, decreasing room service hours of operation, reducing operating hours of business centers and closing floors. While these are options, they are not the only solutions.

It's time to focus on asset management. It's time to take funds for outfitting new properties and look at ways to enhance existing hotels with the assets they have on site. We, at The Refinishing Touch, believe in the three R's - refurbish, refinish and reupholster, to make existing assets as good as new, as a solution to help. Furniture may look worn or outdated, but this is no reason to opt to buy new - no matter the state of the economic climate. It is cost efficient and more effective to utilize and update existing assets to save on the bottom line.

Labels: Asset Management, Business, hotel, renovation