The Refinishing Touch Blog

Hospitality was among the hardest-hit industries in the economic recession. Yet despite declines in hotel operating profits, property values and mortgage capital, both hotel buyers and brokers stand to benefit in the near future in several ways.

One way buyers benefit is that they can purchase properties for bargain prices. Past recessions have demonstrated that hotel values typically drop to between 30 and 40 percent of their replacement cost. HVS, a global hospitality consulting organization, conducted a sample of transactions involving U.S. branded hotels in 2009, and they found that current hotel room prices appeared to be close to the bottom-out range and room prices were significantly less now than they were in 2007.

In addition, many highly discounted hotels are located in neglected areas and markets that have halted or slowed development until the economy recovers. This creates a barrier will help prevent buyers from overbuilding in the future.

Most hotel owners are steadfastly clinging to the hope of economic recovery before putting their properties up for sale. According to HVS, the number of hotel transactions that took place in 2009 were roughly one-quarter the number that took place in 2005. On the bright side, private equity funds have raised billions to purchase deeply discounted hotels with equity capital once they’re put up for sale, which means the funds could provide much-needed financing once mortgage debt becomes available again.

Hopefully the combination of private equity capital, a limited number of transactions and slowly improving occupancy rates will result in increased room rates and an improved market, and with any luck, these efforts will only drive the hotel industry to an even more rapid recovery.

Labels: 2010, economy, Hotel Industry, HVS

Recession has taken a toll on a number of industries, including, as we’ve touched upon here, the hotel business. Companies that have weathered the storm have found unique ways to maintain customer loyalty. Among the businesses that have managed to stay afloat? The modern day jam band.

Bands like Phish and moe. have established a business model that is almost entirely different than other artists. They don’t sell many records, they keep concert prices low and they encourage taping at their show. Although this might seem to hinder the band’s success, when Phish announced a tour in March 2009, it had 10 million requests for 400,000 tickets at $50 each. By keeping tickets relatively inexpensive, Phish promotes a community concert experience. Devoted fans can travel to shows at a fairly low cost, and do it alongside their peers. This experience keeps Phish fans coming back.

Hotels are charged with the same task: generating loyalty amongst travelers. By giving customers what they want, they will return, and what more and more travelers want are environmentally-friendly facilities. If hotels are trying to meet customer demand, establishing green practices isn’t a bad place to start. Battling unfavorable economic conditions requires thinking about more than short-term gain, but about cultivating long-term relationships and financial viability. Taking steps to become environmentally conscious sounds like it fits the bill.

‘Widespread Panic’ is a jam band, not a prognosis for the hospitality industry. Hotels, like jam bands, can learn to appeal to customers and keep them coming back.

Labels: consumer trends, economy, Environment, Going Green, Hotel Industry

For many organizations and hotels, the uncertainty of 2009 means that 2010 needs to start with a definite direction. But where to head?

In 1900 L. Frank Baum published The Wonderful Wizard of Oz, also known as the ‘Great American fairytale’. The story resonated with readers across the globe, with engaging characters, narcoleptic fields of poppies, winged monkeys and the notion that ‘there’s no place like home’. When a tornado lands her in Oz (on the Wicked Witch of the East) Dorothy finds herself wondering where to head after being told to see the wizard in Emerald City for help in getting back home. She’s in an unknown land and doesn’t know quite what to do.

Many hotels, recovering from the tornado of the 2009 economy, find themselves in a similar bewildered state. They’re in an unknown land – one full of low occupancy rates, harsh business conditions, increased competition – with no given directions. Where do they head now?

There may not be a yellow brick road to follow, but a greener path continues to present itself for industry leaders to follow as a means to achieve more sustainable business practices in whatever way possible.

Refurnishing and refinishing are two ways that businesses can help themselves as they continue on their way in 2010. From hotels in need of updating accommodations to provide modern and pleasing décor for guests at reduced costs, to colleges that need to update dorm rooms with slashed budgets, reviewing alternatives to ‘rip and replace’ are not only environmentally-friendly, they’re green – good for the planet, the business, and its reputation.

Businesses are more prepared now than ever for the challenges that might present themselves along the way. Similar to America’s beloved fairytale, the business challenge of 2010 will demand a brain, a heart and courage to push us along. In terms of direction, we know that the green-brick road is a solid start and look forward to the adventures we are bound to meet along the way.

Labels: 2010, economy, Green, Sustainability

At The Refinishing Touch we have a deep interest in wood: where it comes from, how it is logged sustainably and how the furniture interest can support the US industry, and avoid needless and unsustainable logging. With that in mind, this story about a logging community in Oregon is close to our hearts.

John Day, of Grant County, in Oregon has only one wood mill left (Malheur Lumber Co.) after a rapid decline in local mills over the last twenty years. Lumber mills have been the backbone of Grant County since anyone can remember and the local community is bleak about the chances it has for surviving.

The problem isn't so much the log demand, the pine trees are growing thicker than before, but the money driving the mills. The recession has obviously only added to the problems, swallowing up loggers, wood-product makers and mills across the state. Prices for an average ponderosa pine log fell from $500 for 1,000 board feet last year to less than $240 this year.

John Shelk, managing director of the Ochoco Lumber Co. in Prineville, OR told The Oregonian recently, "We have a real strong feeling for the John Day community. We feel an obligation to keep the mill open if possible, but we have had multiyear losses."

With Grant County being a mountainous terrain, the option to use the land for other re-useable energy projects is almost zero. With canyons and the thick forest covering vast areas, there has been no talk of wind turbines or solar panels to plug the gap left by logging. However, something that looks like it could work would be a biomass plant, something that would require logging to take place – but this is years down the line.

TRT feels strongly about the topic. The concern for wood isn't just about the sustainability of the environment – it's about the sustainability of communities. We see far too many pieces of furniture that come needlessly from far-off lands and are made of rare and endangered woods. It's important that American consumers and American manufacturers support our own sustainable logging industry.

Labels: economy, logging, Malheur Lumber Co., Oregon

TRT has been taking great interest in the G8 summit, which is the first attended by President Obama.

As ever, green is on the menu, led by climate change. There are negotiations, ideas and debates and as expected, final decisions are hard to come by. A deal for G8 nations – plus India and China - to reach a unanimous 2050 decision on carbon gas emissions was quickly dispatched after the developing nations ruled for a stronger commitment by 2020 from the developed nations, including the US, on emissions.

However, all is not lost. This summit has been hailed as 'historic' due to all the G8 nations and 17 developing nations accepting a two-degree goal to limit the rate at which the world is warming. Michael Froman, President Obama's top negotiator on international economic issues, said the declaration 'represents a significant step forward in terms of adding political momentum.' Other topics being discussed are the fragile state of the global economy, and farming initiatives in the developing world.

Watching the G8 announcements, as an individual, family or a business, it's easy to feel that not enough is being achieved on issues such as climate change. But keep in mind the scale of the changes – the population of the countries involved, the global impact of even the smallest decisions – there is a glimmer of hope, and incremental successes will lead to larger ones. We all live in hope, and that's not a bad thing.

Labels: economy, G8 summit, Green, President Barack Obama

We have spoken before about budgets being cut on a multitude of levels. From hoteliers and restaurant owners to your average family, every American is focused on smart spending.

Last week, as President Obama presided over the 100^th day of his presidency, the nation's attention was focused on the budget that was successfully passed through Congress.

Promising to halve the national deficit (currently standing at more than a staggering $11 Trillion) while satisfying the objectives for reformed healthcare, energy and education goals, the President's plans have been successfully laid out to begin paving the road to economic recovery.

In our economic climate it has become a necessity to have leaders and managers who are confident in their approach toward making decisions in the interest of working toward a common good. News of businesses cutting travel budgets is hitting the hospitality industry amongst others. Pulling back from superfluous spending is a precautionary measure that organizations are taking to remain in line with tighter budgets and to best ensure the financial stability being demanded by shareholders and investors.

As news of reform and positive change continues to build surrounding our government and its leaders, we need to look to industry leaders to sit down and really think through each aspect of their budgets. If plans can be made to save in place of making blanket cuts, then surely that solution would better benefit an organization in the long run.

We know as well as any one of our fellow industry players that often times, cuts that seem to be the easiest are those that most widely contribute toward the overall health of an organizational plan, perhaps just over a longer period of time. We invite and urge industry leaders to spend the time to look at the benefits of each dollar spent and how cuts will affect long term goals.

Just as we've seen our President take action, so must we. As we continue to listen for news of progress and gainful movement throughout our economy, we remain standing at the ready as providers of a sensible solution to budgetary spending.

Labels: budget constraint, economy, President Barack Obama

If you've been watching this space, or even just stumbled on our blog for a quick look, you will have noticed that we're intrigued and invested in hospitality industry. As news of today's hard-hitting times continues to drape the pages of just about every publication available, we've taken note of some trends; and highlighted five that seem to be at the forefront of the airwaves and editors' minds in the wake of the current downturn:

1. Travel industry's gloomy outlook – The airline industry has reported some of the largest passenger declines since the early 1980s.

2. Hospitality cutting back – Amenities and luxuries in hotels being reevaluated by some of the industry's largest luxury hotels.

3. Hotels working to get the world traveling again – Hotels have begun offering low rate travel packages as a means to put bodies back in rooms that have been showing vacancies more often than not.

4. Government involvement – The stimulus bill looks to create jobs across all industries, and is estimated to create or maintain 346,000 jobs for the hospitality industry.

5. Hotels turn to asset management – Hoteliers have begun turning to asset management as a means to save on bottom lines while maintaining the quality of stay on their properties for travelers.

But it's not all doom and gloom: In the next week we're going to look and question some possible benefits that have come from each of these.

Labels: economy, Hospitality, travel, trends

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

How can a recession translate into a greener economy? Recently, we discussed techniques for sales divisions to adopt for increasing business. Now, we'd like to focus on another initiative that all companies should take into consideration during a time of recession - taking time to revaluate current business practices. No matter what the current status of your business is during this time of turmoil and uncertainty, it's essential to look at your business, revaluate practices, and strategize new tactics to increase productivity and the bottom line as well as save money.

In a recently article entitled, "How the Recession Means More Green Buildings (and Why That's Good for the Economy)" shines a green light on the current economic depression we are in. While many companies revaluate business practices, it is also important to also consider the consumer and what is important to them as we move through these difficult economic times. In a survey done by the Opinion Research Corporation, 73% said they would pay more for products that are better for the environment and 89% said they would pay more for products that will reduce heat and cooling costs. Consumer behavior seems to be following the trend of "going green." With this in mind, businesses should consider ways to go green with the consumer in mind and areas that are most important to them when it comes to going green. This will not only cause an increase in sales, it will also cut overall costs in the long run. Consumers and businesses want to affiliate with companies that have a green plan and doing their part to help the environment.

With 2009 just around the corner and President elect Barack Obama preparing for office by assembling a green dream team, we at The Refinishing Touch believe green renovation is one of the most important ways business' can improve the environment and the bottom line. We have been in business for over 30 years, focusing on renovation and refinishing which not only benefits the environment but also helps your company in the long run. We are looking forward to seeing the country move towards a more sustainable future through Obama's proposal of a new public works program which will include not only a great number of jobs, but a focus on energy efficient buildings. The demand to go green and focus on green renovation and remodeling may provide the boost the economy needs while also providing many new jobs.

Labels: Business, economy, Energy Efficiency, Green

As we approach the end of the year, 2009 seems like a terrifying time for many businesses. 'Turbulent' is a word that could describe the world's economy all to well. As many companies struggle with the state of the economy and what lies ahead they are also striving to achieve measureable results corresponding with profitability and growth. We believe it is about how you react to these unstable times that will truly measure your organization's success.

What will be the driving force behind many companies' positive change during this chaotic economy?
Leadership. Leadership can and must come at every level. Companies may find themselves looking for a solution to set them apart or revamp themselves as a whole to stand out as a company that is doing things the right way or differently to survive a tough time. Empowering leaders at all levels will help be a driving force in the success of a company.

We, at The Refinishing Touch, believe in innovation and leadership. Looking at new ways to use existing assets or ways to go green while saving green can help businesses sustain the turbulent times ahead. The Refinishing Touch helps many companies save time and money by refinishing and re-upholstery existing furniture assets. Sometimes it's the smallest changes that can make the biggest differences in an organization. We'll continue to look at the current economic climate and how it affects business today while also helping to keep you empowered to survive during these tumultuous times.

Labels: 2009, economy, Green, innovation, leader, leadership, renovation, turbulant

The typical hustle and bustle of the holiday season around the world is missing this year due to the current economic climate. Since the US economic plunge hit, many travelers (business and leisure) throughout the world have scaled back. The global financial crisis has put a halt on the majority of travel around the world. The problem isn't the capacity for travel, the problem is creating the demand and need for it again despite current economic conditions.

Rome is one of the many cities around the globe seeing a dramatic decline in hotel occupancy.
Rome felt a 17.5 percent decline in October compared with the same month last year. In addition to hotel occupancy, global air travel has also fallen as the economic crisis takes a toll on the world economy.

The International Air Transport Association (IATA) said that international passenger traffic had decreased 1.3 percent in October compared with the previous year. As we all know, business travel helps drive both airline traffic and hotel occupancy rates. Whether for conferences held on site at hotels and resorts or at facilities elsewhere, airline traffic and hotel occupancy go hand in hand for business travel.

Premium air travel hit low in north Atlantic markets, between the US and Asia across the Pacific, and within the Middle East. Luxury brand five-star hotels, such as The Grand Hotel Plaza in Rome are also feeling the pinch. Other global cities are feeling this same pinch when it comes to hotel occupancy. Guests are looking for more affordable accommodations while they are traveling and are overlooking some of the high end properties that were once sought after.

When major global cities such as Hong Kong, Los Angeles, Madrid, New York, Paris, Toronto and Sydney start to feel the pinch - we know we are in the midst of tough times.

What's to come in 2009 is unknown at this time, however, we can only be optimistic that there will be change coming. In the meantime, we can continue to work with hotel executives to ensure budgets are in tact, existing furniture on property is maintained and guest relations continues to be a priority for those that are embarking on travel this holiday season.

Labels: economy, Hospitality, travel

It's no secret that the current economic climate is in rough shape. However, as the economy downturns, there becomes an opportunity for investors to look at new ventures as a result of the credit crisis and the global economic slump. It's the time to invest when property prices are coming down and this is also the case for commercial property such as hotels.

The future of three major hotel brands, Marriott, Starwood and Hilton, were strengthened this week, despite the current state of the hospitality industry, when the announcement of Fairwood Capital LLC, a hotel investment fund was announced. Three hotel industry gurus, Ed Ansbro, Robert Solmson and Richard Reiss will serve as the hotel investment fund's principals. The news definitely breathed new life into the future of each of these hotel brands since they will be the initial focus.

It was reported that Fairwood's partners and two institutional investors contributed $150 million in equity of Fairwood Hospitality Investors LLC. They will maintain offices in Memphis and New York City.

The company's investors project the company having a possible $300 million in equity over the next few years. Plans also include even further economic contribution with outside hiring for property management. It will be interesting to see what time of changes are made with Fairwood's investment. Could that mean more renovation projects? Opportunities for contractors as well as hospitality management?

Given the hospitality industry's role as a key player in the health of the economy, Fairwood's announcement comes as news of a much anticipated movement toward positive, profitable change.

Undoubtedly, Fairwood's establishment will mark the beginning of a trend that will keep development and prosperity on the horizon for the hotel industry. We here at The Refinishing Touch are looking forward to the stimulus that Fairwood strives to achieve.

Labels: economy, Fairwood Capital LLC, Hospitality

In my last post I chronicled my recent trip to China and shared more of my personal experiences throughout the journey. I wanted to take some to write about the trip from a business perspective as well and highlight the journey to the stone manufacturers plant as well as share some of my overall business and economic observations that came about during my trip.

The relationship between China and the United States becomes more and more apparent as the financial crisis continues to impact our economy. The housing economy has supported China's growth and the financial issues in the US have greatly affected China as a whole. US factories in China are continually growing more concerned about our economy and the potential loss of business due to our struggling economy. I learned, in fact, that many factories and businesses are closing down due to the economic slow down. China is throttling back exports to avoid overheating internal growth.

As we entered Hong Kong through customs we were the 5^th car in line and saw less than a dozen containers on trucks. Coming through customs usually takes 2-3 hours and seeing thousands of cars and containers on trucks is not an unusual sight. Even the hotels were empty - a sure sign of the times taking effect world wide.

On my trip I travelled to Shenzhen, now known as the furniture capital of the world. More than twenty years ago, Shenzhen just was a small fishing village called Baoan County, but in 1979, it was renamed Shenzhen City. When the Special Economic Zone was built, the city was divided into six zones, four of which are located in the Special Economic Zone.

While in town, I had dinner with a furniture manufacturer for whom we had done business with to finish furniture pieces on their arrival to the states. They own the factories and reported firsthand that many small and large factories are going out of business. Mostly all of the factories were dependent on the housing market bubble in the US, however now because of decline in the housing market they are now shutting down more and more.

The Chinese have a different approach to business. The locals I spoke to share a more thoughtful way of doing business they say it is "communism that works." Despite the fact that there are strong Western influences everywhere, the business side of things is still very rooted in Communism. I learned the average pay of a factory worker is $65-150 per month. I had the pleasure to have dinner with a group of workers from the solid surface factories and these people are highly educated with engineering degrees from universities. What astounded me was that these people make $350 a month at the factory and they are thankful for their pay.

The work ethic, conditions and culture in China are certainly nothing like they are in the US. Something struck me as interesting as I was sitting in the car waiting for some friends, I noticed leaves falling off of the trees onto the side walk- just as they do on an ordinary fall day in the states. The peculiar thing was not the leaves but that there were two women walking up either side of the street sweeping the sidewalks by hand to clear them of the fallen leaves. I couldn't help but think how this incident showed a very distinct culturally difference between the US and China - which is reflected in the culture both personally and professionally. This trip truly enlightened me.

Labels: China, Culture, economy, Financial Crisis

We've just returned from this week's Buyer Interactive Trade Alliance and Conference: Purchasing and Design West (BITAC) sponsored by Hotel Interactive, and had a chance to meet with both current and potential clients amongst 75 different groups. Amidst strengthening old friendships and forging new ones, we heard a lot of the talk at this year's event about the current conditions of the marketplace and where the hospitality industry stands. Based on the buzz at the event, it continues to ring true that the financial state of our nation has had its effect on the hospitality industry.

In the panic of the financial situation many capital budgets have been frozen and hotel owners and developers are realizing the need to be proactive whenever possible. We learned from our industry friends that the feeling is that renovations are more important than ever. Since a good number of the new builds in the pipeline may be shelved, industry players are coming to realize that keeping existing properties in a competitive stance is extremely important.

Another hot topic at the event was the greening of the industry. A panel discussion at the event discussed the definition of "green" in the hospitality industry and the need for universal standards throughout. The industry brings in a whole new set of issues and obstacles when it comes to implementing green standards and proves to be a challenge that everyone agreed is well worth the effort.

The hospitality business is one built on relationships. BITAC and Hotel Interactive understand this and cultivate it within their events. With a format lending itself to free thinking and relationship building without any constraints, BITAC is always an event that The Refinishing Touch looks forward to and is delighted to participate in.

Labels: BITAC, economy, Green, Hospitality

The travel and hospitality industries have been driving forces in economic prosperity and growth in America. In today's economic climate, the United States is one of many countries being affected by what is now qualified as a global crisis. Daily we hear mentions of national bailouts and continue to see the effects governmental rescue efforts have on an abysmal time in the stock markets.

Banks and industry players are scrambling to gain much needed support from backers and investment firms as officials continue crafting plans to make strides toward a realistic picture of stability. Through all of this financial turmoil, we are beginning to see former stronghold industries being largely affected by the economic downturn.

The travel industry has recently shown that as in the past, it is not immune to the economic woes of the world. It is an industry that relies heavily on the stability of the economy and the people that drive business. As the global crisis continues to grip the attention of leisure and business travelers many consumers and businesses are having to rethink travel plans. While just a few months ago, the hospitality and travel industries alike could reasonably rely on international travel from abroad, these industries are realizing that this may now not be the case for the future.

With airlines reporting steep declines, travelers are forced to cope with either increased fares or hold off on travel plans in order to save money. The reality is a majority of consumers are cutting back on travel, due to the serious financial problem at large. Though they have since managed to remain unscathed, the hospitality industry is now seeing four and five star hotels being affected by the financial crisis and the hardships of the travel industry.

We here at The Refinishing Touch, like so many of our industry friends, are striving to make a difference in the hospitality industry during this tough economic climate. Now is the time when it makes more sense than ever to look at internal resources, manage assets, budgets and bottomlines. It's during the down turns that companies can become stronger in the long run when they focus on existing assets and resources.

Labels: economy, finance, Hospitality, travel

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

I live and breathe the hospitality industry. When I'm a guest, I can't stop myself from taking in my surroundings with a critical eye. I guess you could call me a connoisseur.

One of the hotel chains I like and support is Marriott. It has a focus on customer service, it supports and drives green initiatives and provides reassuring consistency of standards for its guests around the globe.

So on Marriott's announcement of a 28 percent drop in net income this fiscal quarter, I naturally feel concerned, not only about the industry, but for the chain itself. Though, like any bad news, you need to first accept it, and then review and understand it.

This announcement is no surprise. I won't go into the state of the economy, we all know that and I shared my thoughts last week. Hotel stocks are, like many others, under siege: Marriott's shares are down 29 percent year-to-date and Starwood's stock has fallen more than 40 percent.

The key concept to remember on taking stock of this news is that the hospitality industry has been around since time immemorial and has weathered many similar, and arguably worse, situations. Service industries need to be ready to meet the needs of the public at all times, even during economic turbulence.

Marriott was founded in 1927, and the Hilton Group was founded in 1919. They made it through the Great Depression, World War II and the economic malaise of the '80s.

Here at The Refinishing Touch, our aim is to help the industry change with the times. Our solution keeps costs down: it's hard fact that re-use and recycling of assets saves money straight at the bottom line. No matter what happens with the economy, people will always have a need to travel, whether it is to do business, to visit loved ones, or for personal pleasure. Hotels will always be there to meet those needs, and we'll be here to help them weather changing times.

Labels: economy, Hospitality, Wall Street

Currently, it's been near impossible to escape the news of our country's financial crisis. Phrases like "financial meltdown" or "the largest bailout since the Great Depression" are constantly the focus of the news. Earlier in the week, the Bush Administration asked Congress to pass a bill allowing Washington to purchase $700 billion in bad mortgage-related assets from U.S. financial institutions throughout the next two years, which, if passed, would push the National debt limit to $11.3 trillion. With Wall Street regressing so quickly, it's easy for people to enter panic mode and try to make decisions hastily. This government "bailout" is being promoted as a rescue effort, with concerns for middle class families trying stay in their homes.

So with all of this financial crisis, where do we stand at The Refinishing Touch? As a self-financed company, we know first-hand that managing existing assets is more important now than it's ever been. For our customers, the same rings true. If you've been borrowing against assets that have been dwindling, you need to be able to make the best of what you have and manage them wisely.

If you're finding yourself struggling because of Wall Street chances are you're not running out to replace all of your old furniture in your home. The industries we serve are feeling the effects as well. With less Americans traveling for leisure, the hospitality industry has to rely on more foreign travelers. Universities are searching for more funding to be able to help middle-class families afford to provide higher education to their children.

We're glad that we're able to provide some help in these troubled times to people and organizations who are looking for improved facilities but who can't push for everything to be brand new. Refinishing desks and chairs in a university dorm or conference tables in a small business instead of buying new pieces allows these organizations to continue to manage assets in the ways that are most important to them. As we continue in a country with financial uncertainty, it's reassuring to know that our efforts go beyond tables and desks to the lives of the people that sit at them.

Labels: economy, finance, self finance, Wall Street