As the number of major renovations increases, it becomes ever more important to manage and control the process. One reason for the increase is that many hotels built in the 70s and 80s need more that a facelift and con't compete with newer product.
As hotel-motel appraisers and consultants, our fir inspects hundreds of lodging facilities each year. Our experience and imaginations have led us to formulate the following list of amenties that would characterize the perfect luxury hotel room.
During 1996, hotel values in some parts of the U.S. increased by as much as 60 percent. To someone unfamiliar with the concept of hotel operating leverage, this enormous rise seems impossible.
The lodging buzzword of the 1990s must be asset management. Many hotel companies are offering it. Most hotel owners need it. But very few people really know what it is.
Recently. the trade press has been buzzing with articles addressing the topic of hotel feasibility studies and whether they accurately portray the future operating results of a proposed hotel.
In forecasting revenues and expenses for a lodging facility, progressive hotel appraisal firms use a fixed and variable compenent model.
Hotel, motel and resort feasibility studies are used for many different purposes. Most studies assist in defining markets and justifying the demand for proposed projects.
Devolping a new hotel or motel typically requires a feasibility study verifying market demand and proving the project is economically viable.
Hotel overbuilding is a subject which has been frequently addressed by hotel and real estate professionals during the last few years.
Most hotel/motel market studies and appraisals quantify the demand for transient accommodations using a factor known as a room night.