Ensuring your Hotel Establishments are up to your Brand Standards with Effective Property Improvement Plans
Hotel Property Improvement Plans
The Practical Application of a PIP
For developers and hoteliers, hotel properties are a huge investment. From the construction and establishment to continued maintenance, management, and operations, they require a lot of monetary, time, and personal effort.
Over time, as the hotel cruises through steady guest clientele and happy lodgers, the property itself can lose some of its charm. Along with that, the change in aesthetics of modern times, customer preferences, investment opportunities come up.
To handle the change, Property Improvement Plans or PIPs are performed for hotel brands. Strategically, the goal of a PIP is to recognize what changes and improvements are required in the hotel to improve its competitiveness and guest satisfaction.
The goal is to ensure the building and its services reflect what the brand stands for and hot it welcomes and treats the guest. In business aspects, the goal is to increase market share and drive more occupancy rates. This translates to enhancing the hotel’s operating profit and asset value by reducing fixed expenses and making improvements.
From a practical aspect, a PIP is a way to analyze and determine a renovation scope and timeframe. A complete assessment of the property, along with legal, marketing, financial, regulatory, and construction details of the business, is performed.
This creates a clear picture of what property improvements are required and the budget it will require to complete. The assessment addresses physical aspects of the building, such as the plumbing, room sizes, lobbies, electrical systems, additional spaces like meeting rooms, security systems, and internal structure. The PIP also addresses exterior aspects of the hotel like the landscaping around the actual building, lighting, parking spaces, security systems, signage, arrival experience, etc.
While these considerations are included in typical PIPs, more extensive programs go beyond the functionality of the hotel. For instance, they address the modification or addition of superlative amenities such as restaurants, bars, pools, arrival experiences, etc.
The purpose of having the property evaluated and creating a PIP is to maximize the hotel’s potential and differentiate it from the competition.
PIPs are most commonly delivered to developers and owners that issue it as a brand to however many franchises they have. Applying the necessary changes mentioned in the PIP is a crucial step to stay under the brand flag.
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Whether your goal is to update an outdated hotel or make improvements to current establishments for brand equity, a proper Property Improvement Plan is necessary.
If you require hotel property improvement plan services in, just give us a call at (405) 875-5435 to find out more information or to schedule a consultation to get a quote for your project.