Renovations are a necessary part of the hotel and motel industry. The reasons can be to renovate old buildings/furniture, reposition the brand, or modernize and improve customer experiences. Therefore, renovating is not as easy as it appears, and most hotel renovations projects fail due to improper planning and higher project costs. Thus, for a successful hotel renovation contractor, many factors play an essential role. Moreover, owners cannot achieve their expected Return on Interest (ROI) and Return on Value (ROV). Hence, it can be attributed to the lack of a strategic and quantified approach.
Aspects to Consider for Successful Hotel Renovation Contractor:
To assist owners in successfully conducting renovations, here are 12 key aspects that should be considered:
Define the Vision
Clearly define the vision or purpose of the renovation and the scope. Find the best hotel renovators and general contractors for successful project completion.
Communication Strategy
Establish a robust communication strategy to act as a platform to record. It helps to ensure that the end product is as desired and falls within planned budgets. Moreover, it conveys timely updates or changes to stakeholders, contractors, project managers, suppliers, and vendors.
Set the Budget
Set the budget and define the ROI and ROV expectations. Perform thorough market analysis to understand the brand positioning. Furthermore, perform analysis to identify the magnitude and impact of expected results.
Identify KPIs
Define Key Performance Indicators and metrics. It is to measure the renovation project execution efficiency. Furthermore, plot the degree of deviation in the strategy.
Value management
Conduct value management to uncover the best possible equilibrium of renovation gains following the overall budget. It can be a prime factor in controlling costs and ensuring ROV.
Discussion with Project Teams
Discuss with project teams and define reasonable schedules. Hence, it would be best if you made sure teams adhere to these schedules and update work status regularly. If any unexpected delays happen, conduct a thorough analysis. Also, make sure it will have a minimal impact on the overall project costs.
Collaboration
Collaborate with stakeholders, contractors, vendors, and all involved in the project. It is because to conduct an in-depth study to predict and mitigate the potential risks.
Communicate to Guests
Ensure to communicate to guests about the renovation work and educate them about safety standards.
Customer Feedback
Follow market trends, elicit customer feedback on best customer experience practices, and incorporate these inputs into the renovation project.
Decor products
Decor products are one of the crucial factors leading to customer experiences. They speak and elevate brand value. So, make sure to have experienced hotel designers for designing interiors or procuring products.
Furniture
Furniture is a critical component of the hotel industry y. But, to ensure environmental security in the United States, EPA has defined material standards to reduce carbon footprints t. While procuring, make sure you refer to those standards without fail.
Safety
Safety and security are the most neglected thing in renovation projects s. Thus, resulting in severe injury or loss of life of a worker or the one who visits the si e. So make sure people who visit the renovation site strictly adhere to all safety standards.
