What are the things you should pay attention to while renovating your hotel?

Hotel Renovation

The hotel industry in India has achieved record-breaking heights over the last few years. This is partly due to the growth of the tourism industry and the easy availability of loan for hotel businesses in India. Existing hotel owners are responding to the huge competition with an emphasis on hotel renovation.

Renovation of a hotel comes with its own unique set of challenges- procuring the right sources of finance. However, you can use a business loan to grow your hotel, there are certain things that you should pay attention to while you change its aesthetics. Let’s take a look at how you can handle the long drawn process of hotel renovation and make it easy and affordable.

1. Proper planning is essential – Only a few hotels go for complete closure during renovation or repair work. Pausing operations for that long might impact on your future revenues, so plan with your management teams and your hotel staff to properly execute the renovation process.\

Proper planning also includes making financial arrangements for the renovation. Revamping or restoring your hotel can be expensive, and you will need substantial financial backing to keep your staff on payroll while your hotel is going through renovation. You can opt for a customised loan for hotel business in India for financing the project.

2. Stay true to your brand – Every hotel has a particular niche of customers, and you should change the aesthetics accordingly. A complete shift will attract some new customers, but you might lose your existing clientele in that process. Approaching the project with an intention to keep the brand intact, and introduce new elements to attract fresh patrons. Your hotel will have a timeless appeal if it keeps its brand intact.

3. Make a budget – Before you start the work make sure you have a all-inclusive budget that includes every aspect of the renovation. Remember to include the cost of electricity, essential amenities for the building workers etc. Also, acquire multiple bids before you choose the contractor for the work.

Remember to opt for a good contractor while you review your bids. You want the best raw materials with the highest quality workmanship that is available to you. A loan for hotel business in India can provide the funds to meet the expense.

4. Coordinate with the workers – Constant coordination with the refurbishing team is the best way to help them understand what you want as the end result. It will also keep you updated on the progress of the job.

Also, coordinate with you staff so that they don’t face any issues during the renovation procedures. They are the first line of contact for your guests, and they can prevent an issue from escalating into a complaint. Your hotel staff can help you get the right setup to run a successful hotel business.

5. Maintain an emergency fund – Renovations can quickly go over the budget. You might have to tackle issues like delay in raw material supplies, damaged fittings, etc. You should set aside additional funds to cover such unforeseen events.

The amount of an emergency fund should depend on the complexity and scale of the project. For smaller upgrades like flooring, lights, seating etc., a 4% to 5% extra fund should suffice. For more complex modifications, a 10% buffer to the overall budget can help in contingency plans.

A renovation will improve your customer experience and bring additional revenue to your business. With multiple financial institutions offering loan for business in India it has become even easier to go for the overhaul without worrying about your savings.

Richa Sharma is a freelance author and writes for a variety of online publications. She actively writes blogs and articles and very fond of writing content on different trendy topicss related to Education, training,resources,health and technology.