Renovations are on the Rise: Owners & Operators Get Creative to Put WOW Factor Back in Guestrooms

Creation Hospitality | January 20, 2014

During the Great Recession, the decline in hotel operating performance left very limited, if any funding for hotel renovation reserves. In recognition of these challenging times, hotel brands were more flexible with their franchisees in enforcing property improvement plans and capital renovation cycles, resulting in the deferral of capital expenditures. Today, lodging demand has recovered and hotels are busier than ever, thanks to the strengthening economy and increased travel. According to Smith Travel Research, overall occupancy rates across the U.S. were reported to finish the 2013 year at a 2% increase from 2012; RevPAR over this sam...