Nothing in hospitality is permanent. Hotels aren’t fated to stay the same forever, but instead to evolve and change with the times.
These times, for the past few years, have been rough, as hotels have scratched and clawed their way to sustained business. However, with the market poised for a rebound, hotels are again charged with the task of revamping.
Hotels have keyed in on a strategy for the upturn: make the most of what they have. In lieu of new construction, hoteliers are focusing more and more on renovation and conversion.
Durability and sustainability carry the day; by investing in quality now, hotels are doing a better job positioning themselves in the long run. This focus neatly coincides with a drop in construction costs. Investors find themselves in a prime position to capitalize: they can find properties with potential value (in a city center, for example) and rehab and renovate them. Past owners didn’t have the resources to invest in their hotels, but now with money back in the picture, new management can restore hotels to their past glory, and do so affordably.
The hospitality world has been priming itself for a market upturn, and when customers come, hotels will be ready: renovated to be stronger, sturdier and better.