Aspen Associates Works With Thayer Lodging Group on Fairview Park Marriott
Photo credit: marriott.com
Due to our strong relationship with Thayer Lodging Group on previous projects, Aspen Associates has been chosen to oversee FF&E procurement, logistics, and installation for the renovation of the Fairview Park Marriott in Falls Church, VA.
Thayer acquired the property in July 2010, purchasing the 395-room hotel from JER Partners. The hotel was last renovated in 2008, when JER updated the property’s lobby, lounge, and restaurant. After debating between an addition and a renovation, Thayer decided to engage in an extensive renovation of the hotel’s ballrooms, meeting rooms, and other public spaces.
Aspen will be working closely with the Richmond, VA based interior design firm Baskervill, who has assisted the firm with several previous projects.
Hotels No Longer Deferring Maintenance
In another part of the slow rebound from 2008’s recession, many hotels are beginning to engage in the maintenance projects that were put off during the economic downturn.
According to NYU’s Tisch Center for Hospitality, Tourism, and Sports Management, American hotels will spend up to $3.5 billion on improvements this year, an increase of 30%.
During the recession of the past few years, many hotels chose to defer any maintenance projects that were not extremely urgent. However, as the Tisch Center’s study indicates, hotels are taking up those projects again in response to increased customer demand.
One reason for this upswing is that many hotels, having gone without maintenance for a few years, are beginning to show noticeable wear and tear. Another trend behind the maintenance increase is a hopeful spike in customer demand.
The hospitality industry has suffered over the past few years as economic constraints forced the average American to cut down on their travel expenses and take less vacation time. However, as we are slowly emerging from that recession, many in the industry are hopeful that Americans will return to their former travel habits and spend more on hotels and other amenities.
National chains are starting to demand that their local branches engage in many of the updates that have been put off, and customers themselves, with their increased buying power, are demanding up-to-date amenities and accommodations. This combination of necessity and increased demand is making many hotels ripe for investment and renovation.
Tips for Executing a Successful Hotel Renovation Project
Effective renovations are an excellent way to make sure that your property remains highly competitive within its market. When considering renovating your hotel property, you should carefully analyze what you want to achieve with the renovation and how much you want to spend on it.
The most successful renovations are those that make the most of the hotel’s existing assets.
For example, if the property has a longstanding reputation for excellence but needs a facelift, consider the elements that give the hotel that reputation and make sure that your preserve those elements.
Or, maybe the current structure is not taking full advantage of the current property. Consider adding windows and rooms to take advantage of a beautiful room, or sprucing up your street entrance to take advantage of a bustling location.
These same principles apply if you are looking to purchase and renovate a property. Look for properties that have historic reputations and strong name-recognition but that need a structural facelift; or for rundown properties that are situated in bustling or up-and-coming locations. These types of properties already have excellent potential, and your renovation could make them thrive.
Superficial improvements aside, the most successful renovations broaden the appeal of the property by adding value for the customers and drawing in new revenue for the owners.
Additional service elements, such as restaurants, bars, and spas, are a great way to augment a property’s value and attract new customers. These more luxurious accommodations can increase room rates even while increasing customer demand.
Even after adding appeal inside your property, it is important to rethink and update the street appearance of the hotel. Curbside appeal is a crucial element in drawing in new customers. Open your building up to the street with a more welcoming facade and an entrance that gently draws customers into the site.