May 14th, 2013 by TRT Blog
Since our inception in 1977, The Refinishing Touch has worked closely with hoteliers to ensure time-efficient, sustainable, on-site furniture renovations that save on budget while simultaneously helping to increase profit margins. We’ve witnessed numerous peaks and valleys during our time in the hotel industry, including working through the ‘golden years’ of 2007-2008, followed by the economic recession shortly after.
With our close ties to the lodging industry, we are pleased to share the latest market forecast from STR, the parent company of HotelNewsNow.com. According to STR’s early indications, US hoteliers will experience a busy and profitable summer season ahead, with both the average occupancy and daily rate rising compared to last year.
Revenue per available room is also forecasted to improve, with the average per night ringing in at $78.50, a substantial increase of 5.4 percent from 2012. And with advance booking rates filling up quickly, the predictions are already holding true for several hotel owners throughout the US. Florida’s Crowne Plaza Hollywood Beach Resort has begun to reach peak occupancy numbers that resemble the pre-recession hotel industry, some five years ago.
The predicted bounce-back can be attributed to many factors. One of which is the noticeable increase in both consumer and business confidence, as many hotels have undergone renovations to improve appearance and customer satisfaction, while increasing room rates – similar to our recent customer, The Inn at King of Prussia BEST WESTERN PLUS, who updated their armoires to fit new, plasma televisions and improve customer satisfaction. And such room renovations don’t always require breaking the bank – with cost-efficient alternatives like furniture refinishing, re-upholstery and remanufacturing, hoteliers can save up to 80 percent on budget costs while drastically improving on appearance by implementing furniture asset management solutions.
For more information on what is bound to be a successful summer for hoteliers, please read the full list of predictions courtesy of HotelNewsNow.com.
To see The Refinishing Touch’s before-and-after renovation work in action, please watch a quick video of a recent furniture refinishing project completed at The Inn at King of Prussia BEST WESTERN PLUS. Like what you see? Then please email us for a free quote at your establishment today.