When the hotel industry is in record breaking mode, a funny thing typically happens. Expense creep typically kicks into overdrive. Salaries go up, brands demand more upgrades, and customer expectations soar.
We saw this happen to a great degree the last time the hotel market peaked in 2007. When the bottom dropped out of the hotel market during the Great Recession starting in 2008, those expenses conspired against hoteliers, driving losses to levels so great it cost people their businesses.
So, the industry is getting smarter. They’re looking for ways to reduce top line expenses now to prepare for the inevitable; the loss of pricing power in coming years. We’re already seeing occupancy level out, and demand slow. That makes now the right time to rein in those expenses.
Fortunately, top industry decision makers are seeing what we see, a smart way to reduce a massive cost without affecting customer experience. When we attended HotelPoint earlier this month, held May 1-3 at the Broadmoor in CO, we interacted with many industry leaders representing the major leading hotel companies actively seeking innovative ways to keep those expenses in check.
HotelPoint aims to connect hotel industry executives with innovative architecture, construction, design and engineering suppliers in a variety of settings designed to “improve their business and to expand their business partnerships.”
They were successful in their goal. Both the pool of buyers and suppliers were exceptional. But, what we enjoyed most, was the opportunity for a mix of boardroom style presentations, which were then complemented by a host of one on one meetings. The exciting format gave us the chance to share our story to 8-10 executives at once, and then drill down to specifics with individuals.
We shared our story during the boardroom presentations, where TRT was matched with a group of executives expressing interest in learning about our company and its services. These leading executives heard all about how we save properties up to 80 percent when compared to buying new. But we were also able to share how we can help reinvent and reposition a hotel too. This is particularly relevant as hotels are sold and switch brands as part of taking on a new identity.
Whether a piece needs to be reconfigured or reinvented, The Refinishing Touch has myriad solutions. We’re able to create factory fresh looking pieces by changing color, adding stone, laminate or glass elements. We also reengineer furniture for new uses such as house custom minibars or refrigerators that make a hotel more money. Other ideas include swapping out hardware for a contemporary look. And reupholstering seating is also a great way to create the like new look without buying new.
The buyers were also impressed this method helps hotels achieve sustainability goals, which appeals to today’s ethical traveler. Plus, they like the notion that all that work is done by American craftspeople too, which supports our country’s workforce.
The only drawback was we didn’t have enough time to see everyone we wanted to, but that’s why we’ll be attending next year too.
For more information on TRT and how we help reimagine spaces while saving hoteliers money, contact us at: (800) 523-9448 or via email at [email protected].