However, brighter days are on the horizon for the industry, as TravelClick’s June 2013 North American Hospitality Review reveals. The report predicts group travel and average daily revenue over the next 12 months will be more promising than ever while, according to the Global Business Travel Association, US business travel revenue will increase by 4.3 percent this year to a total of $273.3 billion.
And it’s not just the US – Canada’s market is also on the rise, with occupancy rising to 69.5 percent. Along with the rise in occupants, the average daily rate will also rise by two percent (to CAD $136.74) and the revenue per available room is increasing nearly six percent (to CAD $94.99).
As the reviving hospitality sector begins to move forward, many hoteliers are looking into renovations that may have been overlooked in the previous years. The Fairmont Princess in Scottsdale recently updated its conference rooms and ballroom, and is seeing direct correlation to sales and customer satisfaction.
The process of furniture refinishing, re-upholstering or re-purposing can reduce the costs of a renovation project as much as 80 percent, allowing managers to allocate monies to other areas within their hotels that may be lacking attention.
Eliminating the need to buy new saves on furniture costs and The Refinishing Touch’s on-site service allows establishments to remain open, with little to no guest disruption, eliminating any loss of ROI associated with downtime. Additionally, replacing existing assets results in zero-waste and the eco-friendly lacquers and materials used by The Refinishing Touch’s experienced service crews result in a fully sustainable project, increasing customer retention and ROI.