With the economy slowly recovering, hotel owners are taking a close look at where they’ll be investing their money. Beth Kormanik of Hotel Interactive predicts that, while large-scale renovation projects may still be a few years off, hotels will begin wisely investing in smaller improvement projects that will enhance the character of their properties and distinguish their brands from the competition. Projects that give hotels a more upscale feel will attract new customers and persuade returning customers to spend more.
Hotels are planning to spruce up areas of their properties that all of their guests will notice– adding water features to lobbies, improving food and beverage offerings or enhancing pool bars. Kormanik reported that Loews Hotels plans to update lobbies and food and beverage facilities in one third of its hotels, in preparation for future business.
This isn’t to say that hotels will ignore the basics. Brands are still demanding that hotel owners take care of the essentials such as upgrading to flat-screen TVs, installing high-speed Internet, and purchasing premium bedding, according to Hotel Interactive.
Now that hotels have a little more money to play with, we think the focus of their spending is smart—it will position them to make money now and to continue building their brands once the economy is back on track. We’ll be looking to see how these predictions play out over the coming months.