Hotel financing is a vital factor when renovating essentially because it is a process of rebranding, in advertising parlance! Whether it is a structure or an image, rebranding has to subscribe to your business philosophy. Keep these five factors in mind when you commence your hotel renovation project:
1. Image Curation: The first step in a renovation process is to get the design philosophy to match your hospitality mission and budget. This means you have to invest a lot of time and resources in researching for the perfect theme, concept or perspective around which the renovation would commence. Once the concept is determined, say bringing the outdoors inside, adding maximum greenery elements to interiors then the process of image curation should commence. Move the ‘bling’ components away from the exteriors.
2. Budget Allocation: Opt for clean straight lines to define light entry spaces like windows and doors. However, ensure that you have a complete idea of your budgeting scheme so that you have the required funds at the required timeline. This would mean that you will have the maximum funds when you are at the most expensive stage of your hotel renovation. Typically the structural changes, such as the expansion of doorways and windows, bathroom renovations, replacement of ducts and pipelines should form the maximum budget guzzlers.
3. Choosing contractors: So, you have your financial components proportionately divided, the design and drawings to commence work finalized and in drafting stage at your design studio or the architect. Then begins the most challenging segment of the renovation project, that of choosing or hiring the contractor. You need to first call for quotations from multiple providers, short-list the best qualified in terms of budgets and experience and hire after reviewing past projects.
4. Follow-up: The next segment of hotel renovations is follow-up with the cross section of people involved in the project. Interfacing with the design studio, reaching out to the bank officials to get the release of next phase of funding, following-up with suppliers, finalizing colors, brands for furniture or type of woodwork will be critical to the efficiency and timely finishing of the project.
5. Wrapping-up: In the concluding stages of the renovation process, you will have to explore more options in obtaining finances if you have overshot your budget need minor extensions in loan payment so as to help you cover last-minute issues and purchases. It has to be noted that in a rush to finish the project on time, there could be a lot of overtime work by workers. Purchases of several hardware components could also escalate as many would have to be bought and fitted on a need-basis.
To summarise, funding plans are essential at the pre-design stage itself as image curation of your hospitality facility will be subject to the limitations of the budget at your disposal. Moreover, restructuring your hotel to match your ‘Go Green!’ campaign is more purposeful and involved than renovation for purposes of style and design only.