The new year is a chance for change and setting new goals, and we’re not just talking about personal transformation. The upcoming year is also an opportunity to revamp your property, create new strategic goals, and improve processes to enhance the experience of guests and employees alike.
When it comes to hotel renovations, there’s really no best time of year to make major changes. However, the new year does offer a great opportunity to make hotel improvements if your property experiences fewer bookings. Depending on this (as well as the financial situation of the property and the extent of the hotel holiday renovations) you may want to consider a partial or staggered renovation.
Regardless of the time of year, it’s always essential to be proactive about making renovations and repairs rather than waiting for things to fall into disrepair.
Making physical changes to the property is more effective when you also take the time to reposition your brand. If you continue with business as usual after making hotel improvements, you may see an increase in customer satisfaction. However, revenues and profits may not see any real impact.
Conducting a repositioning exercise and evaluating the price vs. value of hotel holiday renovations helps to ensure the changes you make will have a positive impact on your bottom line.
And speaking of finances, the new year is also an opportunity to reevaluate your budget. Consider what worked in 2021 and what didn’t. While the travel and hospitality industry is still facing unprecedented circumstances, we can still look ahead at some of the anticipated trends for 2022 and make changes accordingly.
Being proactive about new trends by changing your budget can help you have a more consistent cash flow throughout the year, especially when it comes to spending.
What are your goals for your property in the new year? Maybe you want to improve your marketing efforts with a remarketing campaign to entice returning guests or perhaps you’re hoping to make more cosmetic changes to solidify your brand. It’s important to not only have goals for the new year, but to also ensure they are achievable and, most importantly, measurable.
Setting realistic goals ensures that you can reach them. Additionally, having a clear path to measure the success of your goals can go a long way to showing investors and other stakeholders the impact of these changes.
The new year is fast approaching, but it’s never too late or too early to begin revamping your property for 2022 and beyond. Whether you have questions about hotel renovations or want to learn more about the hospitality industry from experts, contact the team at Main Street Hospitality Group. We have a variety of hiring and partnership opportunities around hotel development that can help advance your knowledge and career in the industry.