A vacant hotel is a very interesting and lucrative market to invade. It can be a fun and challenging market to enter, as there are never enough resources to go around!
In the past, when people needed a hotel stay, they went through large organizations likeriott chains. These organizations controlled most of the market and set high standards for quality.
Today there are no controlling organizations, so it is up to the individual entrepreneurs to create quality rooms at good prices. It is an artesian battle!
In this article, we will discuss some tips on how to unlock the potential of a mid-to-low quality hotel by renovating it into a luxury haven.
Recognize the potential
When a hotel is empty for a short period of time, it can benefit from some renovations. Some businesses offer free or discounted remodeling services, so it is not always easy to recognize the potential.
Some projects are opportunities to update the lobby or refresh the exterior. Another option is constructing a new building onsite, which would mean complete control of the project and completion.
Whatever your choice is, when there is a vacant hotel that could use some help, do not hesitate to take action. There are thousands of dollars worth of upgrades you can make, and if enough people offer complimentary services, you may find someone willing to help you out.
Take into account cost and time
When planning a renovation adventure, it is important to account for cost and time. Even with the latest technology tools available, do not underestimate the amount of time it takes to organize and plan an entire renovation adventure!
While you can probably schedule a meeting with your engineer and designer to get some initial ideas for the project, the truth is, they will take very little time to organize and plan a full renovation adventure.
You will need to figure out how much time you will have to work on your project, how much you will need for other projects while training and preparing for your renovation adventure, and how much you will spend on what equipment and materials you need.
While some engineers do not use proper safety equipment when working on projects, it is important to know what type of equipment is needed for this type of project.
There are many online resources where designers can test their skills by performing “naked” experiments in their projects.
Plan your renovation carefully
As mentioned earlier, a vacant hotel can be a great source of financing. During their down time, they can be used to plan and offer educational programs for the community.
Some businesses find success by entering into a partnership with a local organization to manage their program. A renovation adventure is a great way to begin this process.
Since these types of programs are hard to identify, there may be more opportunities outside of business ownership. As a owner-managers, coaches, and/or mentors you have the special skills and experience needed to take your organization to the next level!
It is important to determine if your hotel has any special needs or needs before undertaking a renovation adventure. For example, does it need fresh air intake systems changed? Does it need new heating/cooling/ventilation systems installed? Does it need accessoriealthings replaced? These questions can help you determine if this is the right project for you and your hotel.
Get expert advice
A vacant hotel is a unique environment to study because there are no people in them. They are considered non-occupied, or empty space.This is important to note!
Vacant hotels have some appeal, especially if there is a vacancy nearby. Developers can exploit this by creating a highly desirable location for their upcoming project.
This is what happened to the Legendary Hotel in downtown Orlando, Florida. This hotel was demolished and new development built next door, resulting in an exciting renovation adventure that got out of control!
In this article, we will talk about how you can unlock the potential of a vacant hotel and bring life back into it.
Know what renovations to make
When a hotel is nearing the end of its life span, it is time for a renovation adventure. While it is not always possible to completely fix or update everything on-site, you can learn some good lessons about sites that are not used very frequently.
Many times, when a hotel is renovated, the previous owners add new expensive features that never seem to be used. For example, newer luxury hotels often install lavish parking garages and great sized rooms in an attempt to draw in more business.
If you have the skills and knowledges to handle this opportunity, then you would have succeeded in your previous projects.
Choose your colors wisely
Choosing the color of a room or a whole house is an integral part of designing a new room or house. It’s not a universal rule, however, when doing so.
Some colors appeal more to some people than others. When choosing colors for a house, it is important to consider how each color compliments the others and what colors go together.
When investing in a color collection, it is important to find ones that match well and that are in stock at your local stores. Having one or two very strong colors such as red, blue, and gray would save money in buying more neutral shades that do not match well.
Having two different colored rooms within your property can add some flair and variety to your collection.
Upgrade your lighting fixtures
Changing up your lighting fixtures is a fun way to do some re-modeling. Add new light sources or add some back!
With the right resources, you can add new furniture, decorations, or even a new window seat or room.
For example, adding switching lights or LEDs is a popular way to update a space. Or moving from tung oil to LED bulbs? You can do it.
While there are many online sites that offer tips and tricks for this type of remodel, here are some basic tips that can be found in most reliable sources: Do not change light sources equally. Give more weight to the brightest source of light compared to the least intense source of light.
Instead of moving from one tiny bulb to another, try investing in an LED desk lamp or night-light! These solutions give more bang for your buck and help give your hotel room (or other property) an updated look.
Update your bathrooms
Changing how you wash your hair and how you groom your body is a small but important step in upgrading your bathroom space. New fixtures and new ways to organize old gear help make a big upgrade in space and quality of experience.
Many remodeling adventures call for adding a new commode, new way to hold the water while washing, or adding a sink or two. Sinks are expensive but worth it!
While one might only spend money on one major upgrade, it is important to have this list of upgrades from the beginning. Having extra sinks before embarking on any remodel gives yourself time to properly organize and systemize these upgrades.
When looking for new bathrooms, do not be limited by what is available to the user.