At a time when quality opportunities for new builds are somewhat scarce, the comparatively cost-effective and transformative impact of a quality conversion is an appealing alternative—particularly for owners and operators whose properties are under performing.
Typically, the cost to do a conversion is substantially less than new-build construction. However, the market still views conversions as new properties, making it possible to capture more market share and significantly improve the asset value without the risk and investment of building a new hotel from the ground up.
Hotel owners considering a conversion need to think carefully about what brand would be the best fit for the property and the market, what resources and logistics will be required to renovate the hotel, what the timeframe and turnaround will be and what strategies they need to deploy to make the hotel successful. Read more
Published in: http://www.hotelnewsnow.com
By: Joseph Smith