What are the best strategies to renovate your hotel without spending a fortune?
The first thing that comes to mind when you think of the word renovation is MONEY, and lots of it. But if you’re thinking about hotel renovations, then that’s just overwhelming. So, to help you make this a little less stressful, here is a list of strategies to renovate your hotel without spending a fortune.
If you want your renovation period to run smoothly, make sure you choose the right project manager and contractors. Create a strong bond because the contractors and project managers are very influential people on your project.
This is important because if you have a project manager who has experience in renovating within the hotel industry and a project manager with whom you share a common goal of creating a beautiful new space for your hotel, then that will help you overcome any hurdles with ease.
These types of project managers have experience and know exactly how to overcome certain obstacles. This will help you save time and save money by not wasting it on things you don’t know you don’t need.
Unique Aspect of your Hotel
Instead of renovating your entire hotel at once, focus on the key parts that should be upgraded. This usually includes public areas like the lobby, public washrooms, dining areas, etc. Or you can choose to redesign a room and give it a new theme.
Focusing on the main parts makes it easier to manage the project and not get overwhelmed, which is key for everything to run smoothly. It also helps you refresh your property on a decent budget.
Reducing Furniture Costs
The main reason the per room cost for upgrading a single room is so high is because furniture can cost a lot. A bed set and dresser can cost anywhere between $700-$1000, while a combination of a TV set and desk can range from $1000-$5000. That’s why it’s important to weigh your options and see which one is most important to replace and which one can be renewed with a fresh coat of paint or polish.
Starting your Renovation at the Right Time
One of the main points which helps reduce renovation costs is choosing the right time to start and staying on schedule.
If your hotel is located in an area where the peak time is during summer, then choose to renovate it during spring or fall. This way, you can renovate your hotel a little bit easier with less rush, and then you can promote your new upgrades for the upcoming busy season.
Staying on schedule is crucial as it allows you to stay at ease while the renovation is going on, but if it keeps on getting delayed, there’s a chance of you spending more money during that delayed time period. But you also need to add extra days to the schedule in case there are situations where a delay is inevitable, for example, if the contractor is waiting for the approval of a permit.