Top 9 Ways to Mitigate Risks During a Hotel Renovation
By Kurt Meister Senior Vice President , Distinguished Programs | January 06, 2019
You feel the pressure to make your hotel stand out from the crowd. And that means you must complete any hotel renovations more quickly than renovations of standard commercial buildings. After all, your hotel's guests expect the latest amenities.
But renovations bring considerable business risk, from missed deadlines and busted budgets to potential lost revenue, negative guest reviews and additional liability. So, before you begin your hotel's next renovation cycle, make sure you manage risk appropriately. Follow these nine tips:
1. Assemble the Right Team
Don't contact any designers, architects, general contractors or subcontractors until you establish a team that will be responsible for reviewing all contracts. Key members should include a lawyer, an accountant and a trusted retail insurance provider or counselor. Choose one that specializes in construction risk.
2. Fully Vet All Contractors
You'll ask for bids from multiple contractors. That's a given. But make sure they're contractors who specialize in remodeling, not just new construction. Seek contractors who know how to care for the needs of your guests by minimizing noise, staging material deliveries and keeping renovation areas visually appealing throughout the project.