How To Upgrade Your Newly Bought Hotel Property

On 20 Apr., 2022

When you buy a new hotel for sale in NH, you should consider the following tips to make the necessary upgrades and improve the value of your hotel.

How To Upgrade Your Newly Bought Hotel Property

Rarely will you buy hotels for sale in New Hampshire (NH) that do not require upgrades and renovations. The hospitality industry is very competitive and most hotels will require renovation sooner or later. Whether you are launching a total renovation or upgrading the lobby furniture, the renovation project should be managed continuously and thoroughly to achieve the desired results. If the renovation process is not monitored, the chances of the cost will overrun or/and inferior quality increase dramatically. Here are a few tips on how to upgrade your hotel.

Establish financial parameters

It is crucial to determine the total funds available for the renovation project. This is a very important step. Too often a hotel property owner assumes a renovation will increase the occupancy rate substantially and the daily rates. In a real sense, the project should be undertaken to maintain market share.

Examine the building conditions

Before you set a property renovation budget, you should examine the current condition of the building. Every component of the hotel should be inspected and evaluated by a professional. When we talk about every component of the hotel we mean all aspects of the building, from plumbing to carpeting. If a deficiency is overlooked, major budget issues will occur later on.

Project mission statement

You should develop a well written and detailed statement that defines the objectives and goals of the renovation. E.g., is the main purpose of the project to meet the needs of a specific franchise company? You should put some thought into the project as it will determine how the renovation team will do their work after you buy a hotel from a property buy sell online platform.

Define the scope of the work

Based on the evaluation of the property, you should define the scope of work clearly and professionally. The interior design firm and the general contractor should base their costs on the entire project and the desired quality.

Set a realistic schedule

The parties involved in the renovation project should agree on a schedule for the project. Will the property remain open during the renovation or do you plan to close all the operations? you should plan ahead to reduce the negative impacts on guests. When renovation schedules are not adhered to, bookings for the hotel will be severely affected. If your guests must be relocated to other properties, it may be hard to win them back when you start your usual operation.

Minimize impact on your guests

You should keep the guests of your hotel informed as the renovation project progresses. The more knowledge they have through color boards, drawings and printed progress reports, the more they will feel a part of the renovation process. Reduce negative impacts by scheduling the work around the needs of the guests.

Keep the staff informed

Do not just buy hotels for sale NH and start renovating without telling the staff what is going on. You should keep the employees aware so that they can provide answers to guests. Informed and excited employees will have a positive impact on your guests even when renovations and upgrades create a disturbance.

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