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How to Maximize the Value of Your Upcoming Hospitality Construction Project

The hospitality industry was among the worst affected industries by the pandemic. Hence, now more than ever, it is imperative to ensure that your upcoming hospitality construction projects help you maximize not only your revenue but also your brand’s value, as the industry and your business slowly recover. 

The hospitality industry, as we know, heavily relies on client satisfaction. Therefore, a road map that aims to maximize the value of your upcoming hospitality construction project should be designed by keeping your potential clients in mind. The goal of your project should be to strengthen, escalate, and reinforce profits, but in a way that does not compromise your brand or its offerings. 

As a stakeholder in hospitality projects, there are certain key concepts you can keep in mind to ensure that your desired construction is able to produce significant profits. It is always about offering an experience to your guest rather than just a place to stay. Therefore, your hospitality project must add certain features that can enhance the experience of your customers. Some of them are: 

Integrating Technology

A luxury experience can be made even more luxurious through accessibility. And what better tool to enable accessibility than technology? However, this does not refer merely to including outlets for charging devices. Truly integrating tech into your project means adding features like contactless or touchless technologies, online check-ins, keyless entry, QR codes, digital menus, digital communication and engagement tools, and other innovative technologies. If you’re truly looking to level up, consider adding features like virtual reality or augmented reality, which leaves your guests wanting to try more of your offerings. As per a survey, new tech integration can boost revenue by 135% and reduce online complaints by 71%. 

Think Beyond Business Meetings and Weddings

While a major chunk of the revenue is driven by corporates hosting business meets, off-shore events, or people looking for wedding or party venues, tapping into newer audiences is never a failed bet. Offer up your location to events that can generate buzz and bring higher footfall to your project. These can include anything from political meets to book events. This is also a great way to capitalize on “word-of-mouth” marketing that can help you drive revenue by up to 6%. 

Go Sustainable

Research suggests that around 82% of travelers are keener on traveling sustainably, which also includes considering staying at places that truly are sustainable. Consider building around eco-friendly properties, boosting your energy efficiency, and investing in sustainability certifications. This can help you cut down on not just your investment, but also reduce your carbon footprint.

The immense competition in the hospitality industry, as well as the consistently changing trends and developments, can be tricky to navigate as you strive to maximize your project value. This is why customized construction plans are key to ensuring you are able to achieve your goals. If you’re looking to make this jump up, do reach out to us at Adkins Building and Construction for a free design consultation! We specialize in customized building solutions that are affordable yet remarkable.

 

References:

https://business.cornell.edu/hub/2021/12/14/building-a-sustainable-future-how-hotels-are-blending-design-and-tech/

https://gcfirst.com/2020/05/12/best-practices-for-hotel-construction/

https://www.pcl.com/ca/en/insights/for-all-it-s-worth–maximizing-value-of-hospitality-construction

https://www.cloudbeds.com/articles/top-7-ways-to-increase-hotel-sales/

https://hoteltechreport.com/news/hospitality-technology

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