5 Hotel Renovation Ideas to Boost Revenue
When guests walk into your hotel, they’re expecting an experience that’s in line with your brand image. Your reputation depends on delivering that experience and doing it better than the competition.
A few cost efficient renovations can make every stay more memorable and increase revenue through word-of-mouth advertising from satisfied customers.
Make a “Third Space”
A “third space” is a place where people can go to relax and socialize away from home and work. Instead of having your guests head out to the local coffee shop when they need that kind of downtime, turn your lobby into a place where they can sit and work or kick back with a complementary hot beverage.
Wi-Fi access is a must in these cozy spaces, and it’s also a good idea to provide an onsite computer terminal with access to a printer. Cater to your target audience by adding other amenities, such as a fireplace if you’re in a popular winter vacation spot or a TV if you host a lot of sports fans.
Creating third spaces isn’t limited to the lobby. You can divide any open area into miniature lounges simply by adding some furniture. Design each area to meet the needs of the types of visitors you host for maximum appeal.
Provide Convenient Food
Many people staying at hotels wind up going out for meals two to three times a day. You can capture a percentage of that revenue by adding a “grab-and-go” café or coffee bar.
As a cheaper alternative to an onsite restaurant, this renovation is attractive to guests who are often in a hurry. They can pick up a cup of coffee in the morning or snag a sandwich on their way to the airport without having to research local eateries, and you get a revenue boost in the process.
More efficient utilities save you money and improve the comfort of your guests. For example, swapping out incandescent bulbs in favor of LED lights not only conserves energy but also may improve the atmosphere of the hotel.
Consider updating your HVAC to ensure even heating and cooling throughout the building. Newer HVAC systems maintain temperatures more effectively, so guests can keep their rooms as warm or cold as they like without sending your energy bills through the roof.
Give Bathrooms a Makeover
Everyone has to spend at least part of their hotel stay in the bathroom, so why not make it as pleasant an experience as possible? Replace countertops and tiles that show signs of wear, brighten up the colors and modernize the fixtures.
If you run a luxury hotel, consider incorporating large bathtubs or hot tubs with jets for something a bit more extravagant and relaxing.
Paying for Renovations
Now that you’re convinced that renovations are a great idea, how do you pay for them? By taking out a Working Capital Loan. Whether you own a hotel, motel or inn with one location or a dozen, you can be approved for working capital through ARF Financial.
A Working Capital Loan gives you access to the financing you need to start and complete a renovation project. Loan amounts vary from $5,000 up to $1,000,000 depending on your needs.
Don’t you owe it to your business and your customers to take the next step?
Contact us today to talk with a business consultant about taking out a business loan today.