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Top 3 Areas to focus on for Renovation to Increase Property Value

Investing in hotel renovations is a great way to boost your property value and bookings over time. However, renovations need to be made strategically and only performed on those areas of the hotel that have the most potential to drive up property value. Here are 3 of the best areas to focus on when renovating your hotel.

1. Technology.

Find ways to optimize your hotel for the technology age. Make sure plenty of outlets are available throughout rooms and public areas for charging devices and keep up to date on the latest technology. Consider, for example, implementing electric vehicle charging stations or automating your check-in process using new hotel technologies.

2. Lobby.

The appearance of your lobby gives your guests the very first impressions of your hotel. Make sure these impressions are the best they can be. Focus on creating an ambience tailored to your hotel through effective use of lighting, placement of decor, and availability of furnishings. Creating a public lobby that guests enjoy socializing in is a great way to potentially boost revenue through encouragement of purchases of snacks or merchandise present in the lobby, as well.

3. Meeting space.

Hotels with quality meeting spaces draw in business travelers. Not many hotels offer unique meeting spaces, so making sure your meeting space is up-to-date in terms of technology and functionality sets you apart from competition.

Keeping your hotel property up-to-date, attractive and well-functioning helps draw in customers and benefits the overall value of the property. By focusing on a few keys areas for renovation, you can greatly maximize your property’s value while minimizing cost and effort.