From intuitive room layouts and inviting communal areas to incorporating sustainability and thinking creatively about dead space, design is becoming an increasingly important tool when exploring how to enhance asset performance and improve the bottom line.
Rethink
And leveraging every square foot by utilizing dead space appropriately is big thing which can held drive revenue.
Benjamin Brunt, managing principal and chief investment officer at Noble Investment Group emphasized the importance of transforming public areas into revenue-generating spaces, highlighting a project Noble embarked on where the company partnered with Hilton and Hilton’s coffee partner Bluestone Lane to create a market experience as opposed to just a coffee shop.
“It’s really about activating as much of the public area component of a hotel and trying to figure out a way to create revenue generating spaces where in the past, in larger square footage properties, you'd have dead space.
We’re very much into efficient use of space and figuring out different ways to drive revenue,” Brunt said.
Joseph Piantedosi, executive vice president of asset management at Park Hotels & Resorts echoes this sentiment. “Opportunity lies in taking what you have, concepting it, repositioning it and reconfiguring it.”
He shares an example a dilapidated beachfront bar in Key West was transformed into a two-story rooftop bar and event space. This renovation not only doubled the seating capacity but also significantly increased revenue.
To read the rest of this article, visit our sister site Hospitality Investor.