About the hotel
I’m sure everyone are aware that any hotel renovations is really costly investment. If a hotel doesn’t get renovated when necessary, the success rate will soon depreciate. Whenever the management team of a particular hotel wants to sustain their business for the long term, all they need to do is to think of renovation of the hotel as the primary criteria. While several factors need to be considered prior to planning a renovation, the following are signs that it may be time: declining penetration index, brand mandates due to failed inspections and the most important – competitors are upgrading their facilities. You should be always step ahead of your rival. Ofcourse this is not always possibile but when you’ll see that other hotels are upgrading you should think about it too.
The cost of hotel renovations
No matter how large or small they are, one of the best ways hotel owners and investors can ensure that projects are completed within a defined budget is to pull together a team of professionals who have extensive hotel experience and will work together to oversee the entire renovation process. When it comes to hotel restaurant renovation costs they’re always relative to the size of space, materials being used and labor. The cost of remodeling hotel restaurants can start from $100,000. Equipment cost ranges from $30,000 to $100,000 depending on what you are getting.
What about the cost of the hotel rooms? Renovation cycle that begins around a five-star hotel’s third to sixth year, averages $8,000 to $12,000 per room, and works its way up until – after about 50 years – it costs approximately $100,000 a room. You may wonder these prices came from. Well, to take just furniture as an example, renovation prices can vary considerably. For example, a bed and night stand combination alone can range from $700 to $3,000. Additionally, a dresser, TV stand, and desk combination ranges between $1,000 and $5,000. Remember, it’s important to check all your options if you’re renovating your hotel because every hotel owner will pay different price for their hotel renovation.