News and Press Releases
“When selling an asset, expect some negotiations from the buyer. “
“A smart buyer will look not only at the existing or new brand-required property-improvement plan, but also the condition of the physical plant itself. That reality means there will inevitably be components—based on the hotel’s age—that must be dealt with, either prior to the sale or calculated into the property’s asking price.”
“At the end of the day, with proper planning, keeping up a robust CapEx plan doesn’t have to be terribly stressful. In fact, it can reduce anxiety levels because the scope of work will have been preplanned.”
“No matter what the revenue per available room, average daily rate and occupancy numbers show, it’s essential to plan for the longterm health of your hotel, which
includes developing a wellplanned capital expenditures strategy.”
“If you have a good ADA consultant, have a good architect, have a good designer and they all work together, they can pretty much accomplish most everything,”
In one of the event’s last panels, Suzanne Saunders, VP of design and construction at HVMG, and Stephen Siegel, principal at HCPM, came together to discuss building and renovating hotels to meet ADA requirements.
“From the start, you need to have someone who is pushing the schedule, making sure we’re hitting the timelines and making sure we’re keeping within the budget provided for us”
From start to finish, a project needs to not only stick to its timeline and budget, but also stay true to the vision. In order for the process to run smoothly and to satisfy all parties involved, there are a few core principles to follow.
Article pulled from – InspireDesign
“An important element to keep in mind when contemplating modular is discussing this construction approach with the local building department.”
As the cost of construction continues to grow and timelines lengthen, modular construction could be a viable option for certain projects, but owners and developers should be aware of the challenges going down this route.
Article pulled from – HotelNewsNow.com
“… it’s crucial to find a contractor that you trust and set your contract vows accordingly. ”
When looking to purchase an existing hotel, its extremely rare for a buyer to find a property in “perfect” condition. In fact, its typical for properties to be sold under the condition that a property improvement plan, commonly known as a PIP, will be enacted.
Article pulled from – HotelManagementDigital.com
“Knowing how to work within these guidelines will create a successful project.”
When it’s renovation time, remember to “expect the unexpected.” Smart planning is the key to a successful renovation because unexpected surprises can throw you over budget and off schedule.
Some tips to make your next project a success:
Article pulled from – HotelManagement.net
“Consider the rise of extended-stay hotels and serviced apartments, rentals which are more generously sized. Think ahead about the floor plan and create one that looks forward in time to the realistic possibility of eventually combining two rooms into one free-flowing space.”
“Once you start creating large conference centers, meeting spaces and ballrooms, you drive the cost of the building up, so you have to be able to justify those ballrooms and even the restaurants”
“On the renovations where they’re buying an asset and there’s a lender involved and you have to do those capital improvements as part of the change-of-ownership PIP…”
“The project manager should know the different design teams or design players in the brand, which helps quite a bit.”
“Don’t get your uncle or aunt to be the interior designer, and don’t use your contractor brother-in-law to do the work…”
“…efficiency and a fast path to opening may take a bit more thought while trying to meet brand requirements.. ”
“More common these days: brands are rolling out all sorts of new programs and design schemes. ”
Don’t look for the trend of rising construction costs to reverse anytime soon. Here are some reasons why.
“Identifying a viable hospitality candidate for adaptive reuse requires considerable effort. And having a suitable candidate is only the first step ”
Finding Opportunity In The OldBenefits, considerations and practical advice on how to breathe new life into an old structure
Today, many cities have prominent structures with a solid physical plant in excellent locations. These buildings can be an excellent fit for redevelopment through public-private partnerships.
Article pulled from – Hotelier Magazine
“What’s even more important, which I call the feel-good moment, when people walk in and go ‘WOW, this is unbelievable, totally different, not what I expected!’ ”
Stephen is President of H-CPM (Hospitality CPM), a construction project management and owner representation firm specializing in managing hotel renovations, conversions, repositioning and new construction projects.
Prior to H-CPM, Stephen served as VP of Construction for Prime Hospitality and was responsible for over $1.0B in new hotel construction and managing capital improvement for a portfolio of over 200 hotels. Stephen holds a Bachelors & Masters Degree in Construction Management from the University of Florida.
In This Episode, Stephen Talks About:
- How the 2008 recession affected his construction management company when most properties didn’t have the access to capital, and how the pipeline for deferred maintenance and construction projects filled rapidly when money started flowing.
- What he would do differently for the next economic downturn, and what he recommends hoteliers do now to be proactive.
- The Due Diligence process for acquisitions, property improvement plans (PIPs), brand standards, and the many ways they assist owners throughout the process.
- Conversions, new construction projects, and how they make it work despite the rising costs of construction these days.
- Doing feasibility studies to make sure proposed projects can withstand a significant, prolonged drop in revenue.
- What happens when things go wrong, whether that be delays, budget overages, product failure, etc.
Podcast pulled from – LodgingLeaders.com
“our commitment to providing our owner partners and their property guests with the highest quality accommodations”
FAIRFIELD, NJ—Hospitality Construction Project Management (h-cpm) has completed an all-inclusive renovation of the Homewood Suites by Hilton hotel in Mt. Pleasant, SC.
According to Stephen Siegel, president of h-cpm, the renovation is in line with Hilton’s “Take Flight” design model, one that places an emphasis on creating a community feel and providing additional areas for guests to plug in, connect, and relax.Renovations were done to the entire hotel, including each of the 107 guestrooms.
The four-story Homewood Suites by Hilton hotel, located at 1998 Riviera Dr., Mt. Pleasant, SC, is near shopping, restaurants, the beaches of Isle of Palm and Sullivan’s Island, Patriot’s Point, Ft. Sumter and downtown Charleston.“This comprehensive renovation is a great example of our commitment to providing our owner partners and their property guests with the highest quality accommodations,” said Siegel.
Article pulled from – Hotelbusiness.com