â€œIn an era when the next big tech invention seems to arrive every week, we recognize that our guests require us to stay on trend,â€ Spillett says. â€œWe know that traveling can take its toll and sometimes leaves us vulnerable, without the comforts of home. These comforts increasingly fall in the technology category, so we make every effort to ensure that our guests have convenient access to the latest tech amenities and services.â€
Lodgingâ€™s current robust performance is creating a competitive environment when it comes to product freshness. The industry fundamentals have never been better, and these conditions are driving a flurry of construction projects, rebranding and conversion activity, and renovations of every scope throughout the United States.
In the last three years, an estimated 1.2 million hotel rooms have been renovated, representing more than 20 percent of the existing supply, Lodging Econometrics (LE) data reveals. According to Bruce Ford, LEâ€™s senior vice president and director of global business development, the number of renovations will likely trend downward as strong hotel operating profitability discourages owners from making rooms unavailable while being renovated. However, for those hoteliers willing to take the plunge and make some upgrades, here are some key takeaways for making the best renovation decisions for your bottom line.
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