While the COVID-19 pandemic has recently brought the world to a complete halt, it doesn’t mean the hospitality industry will be shuttered indefinitely, and when business and life do resume, hoteliers, franchise owners, and others in the travel and hospitality industry who plan now will be poised to impress when we’re all given the green light to socially interact once again.
Shifting Needs. New Demands.
For those in the commercial real estate market, shifting and adapting to meet the needs and demands of business owners, key stakeholders, and, of course, the stock market is nothing new. The same is true for the hotel industry.
In the past decade, we have seen a growing shift in hotel ownership led by big name hotel chains who are altering course to maintain a more asset-light strategy. This change has resulted in roughly 80 percent of branded hotels being operated by franchise owners in 2019, up 10 percent from just a decade ago, according to research from STR and JLL.
What a Rise in Hotel Franchise Ownership Means for SoFla Builds
In the commercial construction industry, the growth of the franchise model should be viewed as a positive. Not only do individual franchisees benefit from the name and reputation of a big-name chain, they also have some freedom to differentiate their properties in unique ways in order to better meet local demand.
At Seacoast Construction, we recognize the complexity involved in franchise buildouts, but we’ve also witnessed the success. While hotel franchise owners are restricted to certain brand and build guidelines, more and more opportunities exist to replicate the look while still differentiating a property’s place in the market.
For the past 20 years, we’ve been a part of evolving South Florida’s commercial construction scene. We’re in tune with the local needs and experiences the market is calling for and have experience managing complex franchise builds.
If you have questions about navigating this brave new franchise world for hotel owners and what a hotel renovation could mean for your business, get in touch with our experienced team at Seacoast Construction.
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