Three Ways to Maximize a Hotel’s Return on a Renovation

renovation return on investment - painting a wall

Marjorie Feltus Hawkins, founder and principal of FH Design, and Marco Manzie, CEO of Paramount Hospitality Management, offer the following advice for hoteliers looking to get the greatest return on investment from their renovations.

1. Embrace the necessity of renovations.

“Speaking candidly, hoteliers don’t have a choice if they want to stay competitive in the marketplace. There are so many independent boutique hotels going up today, and even ‘big box’ hotels are building their own versions of boutique hotels.”—Marjorie Feltus Hawkins

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2. Plan ahead.

“It’s all about planning. Make sure you understand the product and what your needs are going to be years down the road. Understand the useful life, try to understand your competitors, and be a step ahead of them. You always want to be a step ahead of your competition capture a fairer share of the business and get better average daily rates in your comp sets.”—Marco Manzie

3. Personalize it.

“Today’s travelers want personalization. They want the front desk to know their names and their preferences, right down to the type of pillow they prefer. The savvy traveler expects more and the bar is set higher now. If you want to stay relevant in today’s world, it’s critical to update the brand to reinvigorate profitability.”—Marjorie Feltus Hawkins