2 or 3 days. On site.
Luxury Hotel Training (LHT) can provide a detailed property improvement plan (PIP) to improve the hotel`s brand standards. An effective PIP will help owners gain market share, increase guest satisfaction, drive revenue performance, and enhance profitability.
In order to successfully do so, capital investments must be properly timed within an asset’s life-cycle, be supported by sound due diligence, and be distributed appropriately to those areas that demonstrate considerable return on investment (ROI).
To effectively evaluate ROI, LHT will asset the impact of reductions in ADR and occupancy, construction delays, and the entrance of new supply in the competitive market. For some properties, an effective PIP is a soft refurbishment of FF&E, whereas for others with large capital reserves a more extensive upgrade project can be undertaken if required.
For many owners, a number of scenarios, including repositioning, re-branding, or disposition, may have to be considered in order to determine the best option for the property’s future.
This investment increases a property’s ability to capture ADR and occupancy, improves operational performance, and enhances income potential. Potential synergies and cost-savings also exist if this update is part of a brand-wide initiative.
The capital investment, however, is usually substantial, and financing may be required. The timing and length of the update can have a negative effect on both cash flow and guest satisfaction.