Among the biggest mistakes a hotelier can make in slow economy is to act like he’s in a slow economy. While competitors are pulling back, your best bet is to pull out all the stops when it comes to packaging and promotion. And that means renovating.
When times are tough, travelers are looking for the best value they can get. Think “under-promise, over-deliver.” Give them a look and feel that’s a notch higher than what they’re expecting and you can bet they’ll return and tell their friends.
So why is a down economy a great time for an upgrade?
- Less loss of revenue: Upgrading or renovating during slow times when many rooms are empty already means you won’t be turning away business.
- Negotiating power: During economic slowdowns, franchises and vendors likely are feeling the money squeeze, too. So, they’re more likely to negotiate the scope and costs of renovations and upgrades.
- Maximizing your property’s value: Upgrading or renovating during an economic downturn will not just protect, but help maximize your property value. When the market rebounds (and it will) you’ll be set for a greater return on your investment.
Now, how should you invest? If it’s been a while since your last redecorating, new furniture and fixtures is a surefire way to immediately boost your property’s ambiance. Microwaves and refrigerators increasingly are in demand for not just higher-dollar suites, but lower-cost guest rooms as well. A major complaint of guests in rooms near ice machines is the constant humming and rumbling sound. Invest in a quieter, more customer-friendly model. And hotel-grade flat-screen TVs equipped with programming and gaming options add a sleek, modern feel.
Don’t wait for an economic rebound. Get ahead of the game now by calling MDM Lodging at 800-673-0929.