2020 was a challenging year for all communities, and even more so for the hospitality and travel industry. With the second Quarter of 2021 underway and the vaccine slowly being distributed worldwide, there is hope for returning to what we once had before the pandemic hit us.
According to the American Hotel & Lodging Association, hotel occupancy will increase slowly from 44% in 2020 to 52% in 2021 and continue with its climb until reaching pre-pandemic numbers (66% or more) in 2024 at the earliest.
With this trend in mind, entrepreneurs that want to dive into the hospitality industry can slowly start planning their business ventures until the market recovers and is ready to profit again from 2024 onward.
Here are four tips to help you simplify your hotel construction process.
Choosing the Right Location
The location of your hotel significantly depends on your target demographic. Firstly, you will need to choose your hotel’s destination, and then, you can decide where in town you want to set it up.
If your target clients are traveling on business events, it’s better to have your hotel in the part of town where most high-end companies and industries can reach it. Availability is key.
On the other hand, if you are looking to cater to holiday travelers with luxury plans, you need to have your resort located in a town where your travelers can reach the most tourist attractions.
To obtain maximum room occupancy, you have to strike a balance with both tourists and business travelers to cater to both groups.
Accurate Financial Planning
In addition to knowing the initial costs to fund such a project and finding the right investors, it’s vital to have an accurate financial plan that considers any unexpected expenses during the procedure.
Carefully plan through each phase of the project, and have an expert look through any documentation you are unsure of.
Deciding on the Best Safety Features
When it comes to the best hotels and resorts in the world, not only are they at the top of their game for being the most luxurious and enjoyable places, but they also allocate the best features and resources to ensure the highest safety rates for their clients.
These features can be anything from rubber surfacing for pool decks for better safety in the pools to the simplest things like smoke detectors, fire extinguishers, and sprinklers. It’s crucial to have the safety features up to par with the industry’s standards, to ensure a pleasant and enjoyable stay.
Using the Right Team and Devices for Construction
Building something as grand and complex as a hotel is not an easy task. Apart from planning and researching budgets and trends, it’s crucial to bring the best team and equipment on board.
The workforce that will eventually set up the hotel is key to finishing the project smoothly. A general contractor, the construction crew, architects, and many more professionals need to be on top of their game to bring results.
After you have found the best team for your project, it’s time to make sure that everyone is equipped with the best tools that there are. This will ensure safety for your workers, as well as lower the margin for human errors.