Author
Symmons Industries
The design choices once made your hotel stylish is likely to eventually fall out of favor as the tastes and trends change. Therefore, in order to keep up with the competition in your area, it is important to perform key guest room renovations to keep your hotel looking its best. Although the renovation process can seem daunting, upgrades can actually boost your annual hotel revenues, proving to be a great investment. If you are trying to determine how to keep your revenues maximized year after year, explore the financial impact of hotel guest room renovations to see if this choice makes sense for your hotel.
Reason to Increase Your Rates
When you perform key renovations in all your guest rooms, you give yourself more room and reason to increase your rates. The newly renovated rooms will help reinforce the value of your hotel, which can serve to support a smart increase in rates. When hotels have not undergone renovations for more than a decade, they must offer the lowest rates to stay ahead of the competition.
During the renovations, you will need to equip the rooms with materials and features of a similar quality to the competitors you are targeting. To bring increased value to your guests’ experience at your hotel, you may want to add jetted tubs with Roman tub faucets, blackout drapes with decorative panels, and power outlets with USB plug-ins. If your hotel’s features and finish materials outclass the competition, guests will feel more comfortable booking at your hotel even with a higher price point.
Improvement to RevPAR and Occupancy Rates
Renovations help to increase RevPAR, or revenue per available room, and occupancy rates across the board. Most of these improvements come from word-of-mouth advertising from happy customers. When your guests leave satisfied, or even impressed, with their hotel experience, they tell their friends, family, neighbors, and anyone who will listen. These individuals may also leave glowing reviews online for others to use in their decision on the best hotel to visit on their travels.
As word spreads about the impact of your renovations, visitors will likely flock to your hotel, potentially keeping your occupancy rates optimized through every season. With a high occupancy rate, your hotel will generate the revenues you need to reach your annual goals.
Generation of Publicity
Hotel renovations are a great way to drum up publicity and increase the popularity of your hotel. This is especially true if you decide to take a unique approach to your hotel guest room renovations. Renovations at hotels that design their rooms around themes, for example, keep everyone watching and guessing until the end.
You can also use your renovations to build buzz by writing about your remodeling experience and sharing the progress on your blog and social media accounts. As your guests eagerly await the renovations, they may be inspired to schedule a visit before and after each phase of the project is done. Local and industry media outlets may also want to promote your renovation story, which will attract more visitors. With this approach, you will undoubtedly see your hotel’s biggest supporters by your side along the way.
Plan Your Renovations to Improve Your Hotel’s Revenue
If you are ready to maximize the annual revenues generated by your hotel, start planning your hotel guest room renovations today. The money, time, and effort you put into improving your guest rooms will help give you a reason to raise your rates, maximize interest, and improve the popularity of your hotel. With the right renovations and the help of the Symmons Hospitality team, you can stay ahead of the competition year after year.
