The recent recession left its mark on the hospitality industry in a variety of ways, but one of the most influential effects were to brand’s existing and proposed Property Improvement Plans (PIPs).
PIPs provide hotel chain owners and franchisees with a roadmap for renovations and repairs in line with its peers, but in recent years financial hardship has left the majority of franchise owners and franchisees at a standstill – PIP deals have been broken and renovations cancelled due to lack of funds.
With the hospitality industry as a whole seeing an increase in travel and profits, the PIP conversation has made its way back to the boardroom. However, as Benjamin C. Tschann told LAW360, hoteliers are ‘trying to work with owners and not trying to overburden the hotel with capital improvements’. Essentially, more PIP deal negotiations are being made than ever before.
As experienced renovators in this sector, The Refinishing Touch was glad to see this conversation being brought back to the forefront and optimistic that the conversation on cost-consciousness is still prevalent. We know all too well the cost replacing existing furniture assets has to bottom lines, guests, and the environment.
The cost conversations taking place between hotel professionals should include furniture asset management. Refinishing, re-upholstering or remanufacturing existing assets, rather than replacing, drastically reduces downtime and guest disruption, cuts costs and keeps unnecessary waste out of landfills.
New furnishings have been cited as a top-priority for brands to accommodate flat-screen TVs. The Refinishing Touch’s armoire conversion services have eliminated this need for numerous hotels across North America by utilizing assets already in place and repurposing them into like-new, fully functional pieces.
If you’d like to access LAW360’s full article, please click here. To learn more about The Refinishing Touch’s various furniture asset management services, follow us on Twitter and email us at email@example.com.