How renovations will maximize your Property Improvement Plans (PIPs)

Throughout the 35 years that The Refinishing Touch has been working within hospitality industry, we have become quite familiar with the struggles and fiscal-commitments that come with implementing mandated Property Improvement Plans (PIPs). While a large number of corporate brand owners suspended PIPs during the economic downturn, the recent upswing in the industry (as we highlight in our most recent blog post) has PIPs being re-implemented and franchise owners everywhere scrambling to comply.

But not all brand owners force franchisers to come up with the money for PIPs by themselves. Choice Hotels International, one of the world’s largest lodging franchisers, is giving its Comfort Suites and Comfort Inn hotels the opportunity to snag a piece of its offered $40 million in PIP incentives. The proposed plan provides eligible hotels with the chance to use a portion of the money for establishment renovations, as outlined in their PIPs, to move the brand forward at a faster pace.

And that fast-paced movement is more and more common. As development in the hotel industry has taken a sharp turn for the better, those who are able to take advantage at the right time will gain, and maintain, significant competitive edge. However, it’s crucial for franchises looking to complete PIPs without breaking the bank to consider more superior alternatives to purchasing new furniture. Most PIPs require hotels to meet new design requirements – a particular color nightstand, upholstered headboards, or dressers suitable for plasma televisions – and solutions such as furniture asset management can ensure requirements are met, while reducing costs by an average 80 percent.

By making the choice to refinish, re-upholster or repurpose existing furniture assets instead of purchasing new, hoteliers can re-allocate budget to meet necessary PIPs in the scope of a single project, as opposed to multiple phases or over an expanded time frame. Additionally, by reducing the need to purchase new furniture assets, PIPs can leave your hotel with a green stamp of approval, something that is sure to increase customer retention and ROI.

To learn more about The Refinishing Touch, our projects, and what we can do for you, please visit our website today! For more information surrounding Choice Hotels International’s initiatives, access the full article here.