The Refinishing Touch Blog

At The Refinishing Touch we are in the enviable position of being close enough to hear the detailed needs of our clients in the hospitality industry, and being able to respond with the right solution. Our expertise has allowed us to bring sustainability and cost-saving to some of the world’s best-known brands, innovators, and historical buildings - and to do the same for government bodies and colleges.

It's impossible to ignore the current climate and its impact on the hospitality industry. The industry is reeling to meet the demands of an ever changing marketplace – hoteliers need to have realistic rates while trying to attract travelers, causing a seemingly irreconcilable conflict.

In recent weeks, many of our partners, and prospects have been saying the same thing: in the face of dwindling budgets, modernization projects seem impossible. Some have reached a point where funds have been frozen by the Board or shareholders, stopping all upgrade projects in their tracks or before they've even started.

How then are customers satisfied and budget constraints met? What exactly is the solution in a damned-if-you-do, damned-if-you-don't climate? An article in a recent issue of Hotel Interactive caught our attention. In the article, Steve Belmonte offers up a two answer response to this very issue.

On one hand, Belmonte advises that sometimes there is a need for owners and managers to take a close look at their current situation. If they have found themselves deferring necessary upgrades due to a lack of available funding, and using the downturn as an 'excuse,' then maybe they should consider repositioning themselves in the market. On the other hand, Belmonte takes the opportunity to encourage solid fiscal responsibility, with practices like competitive bidding through each level of service, until a recovery plan is in place and the business is back on track for success.

Sound advice, and we couldn't agree more. With the economic climate as it is today, every penny counts. We've been in the business of cost-effectively improving the value of in-house assets since the day we were founded in 1971.

Belmonte concludes that whatever happens, hotels need to provide a good service to customers. Travelers have expectations for the quality of services and furnishings that they will receive when they book a room.

As our clients will tell you, refinishing furniture is an affordable way for hotels to ensure customers receive the quality they expect, even in a difficult period for the industry. Happy customers share their experiences and come back. With some alternate approaches and innovation the dilemma can be resolved.

Labels: Asset Management, budget constraint, cost-effective, Hospitality

As we blogged last week, we are releasing a new white paper titled "Government Employees with a Sustainable Future." The paper examines how public bodies can save money through better management of furniture assets.

Right now, the US Federal Government owns arguably one of the largest furniture assets in the world. The white paper questions the management systems in place for this vast furniture resource – in our opinion, there is little evidence of support for reuse and repair of many assets, and there is ample room for improvement. The paper gives specific examples to demonstrate the savings for both military and non-military government bodies, with all costs examined in detail.

The paper highlights a number of specific areas:

*How government bodies can reduce some costs by up to 80%
*Wasted costs
*Myths about furniture refinishing
*The process and the benefits of furniture refinishing

It's possible to improve the quality of furniture assets in most organizations while significantly reducing both the environmental impact and cost. And saving money is crucial for all organizations - both private and public - in this tough economic climate.

To request the white paper simply fill in your details here

Labels: Asset Management, government, white paper

The US Federal Government has one of the largest inventories of furniture assets in the world. At The Refinishing Touch we literally have hands-on perspective of many of these assets as we’ve completed federal Government projects from courthouses, US Navy bases and US Army barracks, to projects at The White House.

With all of this in mind we are publishing a new whitepaper next week that analyzes government spend on assets. Titled “Government Employees with a Sustainable Future” the TRT-authored paper is undergoing its final polish and will be available on Tuesday, April 14^th.

In it, we review how federal bodies manage furniture assets, and the costs involved - with some thoughts about how the principles of reduce, reuse and recycle could be applied as well as the financial and environmental benefits. We also come to some startling conclusions in terms of savings: recycling and reuse can slash some government expenditure by up to 84%.

At a time when the economy is in recession, it’s vital that governments innovate to ensure the use of the funds and resources at their disposal, and demonstrate a solid commitment to environmental sustainability initiatives.

If you have an interest in this please visit our website on Tuesday where you can request a free copy or send an email to sales@therefinishingtouch.com.

Labels: Asset Management, government, Sustainability

At the moment in time, the major financial indicators aren't the greatest that they've been for the economy. In a day and age where the terms "cost-cutting" "recession" and "financial downturn" are all common words, we recognize that this is a tough time. Each day, news of companies and organizations once thought of as untouchable are announcing plans to scale back in any way possible.

We've talked about this before. What does the recession mean for the industries we are most near and dear to? The hospitality industry has seen its largest players adopt belt tightening practices as a means to save where possible and the travel industry as a whole continues to stagger on with offers designed to get Americans traveling once again.

The Wall Street Journal recently published an article that announced the small changes that hotels are making to save on their bottom lines. It is, after all, the little things that make an otherwise ordinary travel experience one to categorize as "extraordinary."

So how much will travelers miss the lotion that was once left in the bathroom of their Marriott hotel room? Or the fresh flowers in the lobby of the Ritz Carlton? In this day and age, we know firsthand that the larger things matter most.

As we look to a recession that is expected to hold its grip for a while, it continues to be a necessity to look at the value of existing assets and plan budgets and bottom lines around economically sound decisions.

Labels: Asset Management, Hospitality, travel

As the count down is on for the historic Presidential Inauguration, today we have something to celebrate at The Refinishing Touch, we are pleased to announce that in the January/February 2009 issue of Defense Communities, a bylined article from our President and CEO, Mario Insenga, entitled 'Almost New Again' is included.

The article addresses making use of existing assets and the benefits reusing pieces has not only on the environment but also on an organization's budget, with a specific concentration on Government buildings specifically military departments. Today, we are starting to see that more military bases are starting to comply with USC Title 40 by renovating and reupholstering the furniture in residences which in turn will help the government save money as well as help the planet.

As the clock ticks leading up to the historical inauguration, we, at The Refinishing Touch, plan to share our thoughts on the new environmental plans that have put in place by under the new leadership of President-Elect Barak Obama and how we feel this new leadership will help create the change our country needs. We are looking forward to witnessing history in the making on Tuesday, January 20th.

Labels: Asset Management, Defense Communities, government

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

The second half of 2008 had many of our heads spinning with news of severe financial meltdowns that would demand government rescue plans to bailout key players in the US economy. The housing crisis pushed mortgage lenders to the front of the world stage being followed closely by Wall Street executives and soon after, the automotive industry's "Big Three" to appeal for governmental aid. It was only a matter of time before many other industries would start to feel the effects of financial crisis.

The latest in a growing list of industries seeking assistance are the players in commercial real estate. Many executives are now stating that an estimated $400 billion in commercial real estate mortgages will come due through the end of 2009. With credit now essentially frozen, commercial developers have found themselves in need of being rescued.

If the government were to step in, a series of resulting actions would allow lenders to offer lower interest rates on loans that would better enable borrowers with maturing debt to refinance.

In a time when everyone could use more than a little help, TRT further promotes the behavior of smart business practice beginning with asset management. To improve existing assets without incurring costs on new items is a saving in itself. Taking stock of what's on hand will be critical for hospitality, government and educational institutions. As financial struggles continue to unfold, it is our sincere hope that we will eventually begin to see a time of stability and resilience on the horizon in 2009.

Labels: Asset Management, commercial real estate, credit, economy, financial meltdowns, government aid, housing crisis, The Refinishing Touch

Some say that the recent economic downturn has been a long time coming. This week we've seen international governments follow suit in our nation's recent "bailout" with the lending of government funds to the global banking circuit. With the global economy showing the gripping effects of fear, we are watching history in the making. As the news unravels, we are seeing this situation is much more than just a "credit crisis."

At a time when economists and investors are shocked with minute-by-minute news on the state of Wall Street and global economy forecasts, we become subject to take a long hard look at the way enterprises conduct business.

Hospitality, as we've voiced before, is an industry that will continue to be an indispensable part of our economy. The need for business travel will remain necessary as part of the pursuit for new business and economic expansion, however, there will be a shift in the types of companies that are conducting business travel.

Current conditions are having a crippling effect on expansion plans across all industries and the hospitality industry is no exception. Industry statistics show that while travel may be down, an increased focus on the customer experience has paid off. Hospitality Net released figures, just a few months back, indicating an increase in customer satisfaction within the hospitality industry within the first half of 2008.

As a self-financed company, The Refinishing Touch recognizes the value of keeping our customers happy and consistently striving for an unparalleled customer experience. In a time when expansion projects are being put on hold, hospitality industry players are using this opportunity to turn their focus to the quality of service to existing and new customers while also reviewing existing resources.

With the current financial climate, the last few weeks have prompted businesses across the globe to look at their assets and realize the now urgent need for steadfast, wise management. As an industry leader in providing a means for sustainable asset management, it is an important practice to consistently look to existing assets to keep costs down and look at how the bottom line is effected - whether in an economic down or a steady economy

Labels: Asset Management, economy, Hospitality, Sustainability