Now more than a year into the pandemic, hotel owners and investors are still struggling to fully rebound from one of the most financially difficult years on record for the hospitality industry.
Financing is tight, bookings are low, and the question of when travelers will feel comfortable fully resuming their corporate and leisure activities is still up in the air. Many industry analysts predict the hotel industry may not fully recover until 2023 – or later.
Given the timeline and outlook for hotels, investors must continue to pivot. Those who have managed to survive the downturn have found new ways to meet their customers’ needs – some even seeking out a new customer market despite reduced financing.
Here are a few ways we have seen hotel owners make better use of their hotel properties and land without selling it off during the pandemic.
- Listen to their customers – For travelers to feel comfortable staying in hotels, the space needs to feel clean and safe. Hotels that have elevated their cleaning protocols are winning over customers. Adding touchless and contactless features like sliding doors and keyless entry are also enhancements that will continue to pay off down the road.
- Make better use of the outdoors – If your outdoor area has been neglected or simply taken for granted, give a fresh look at your space and see where and how you can create an improved outdoor flow for your visitors.
- Upgrade your rooms and services – While capacity is low, make smart investments in rooms to upgrade the space and improve the in-room experience. Update the bathrooms, consider potentially increasing the room sizes, and pay attention to amenities such as WiFi. Some work-from-home employees are taking advantage of hotel spaces as an office environment. How might you cater to this potentially new market?
The hospitality industry is already showing signs of rebounding, but it will still take months and years before travelers feel fully comfortable resuming old habits. Implementing creative, cost-effective solutions now can help you ensure a sustainable and profitable future for your property. We can help. Get in touch with us today at Seacoast Construction.
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