Today's Hotelier - February 2018 - 19

 8-MINUTE READING TIME

1. Define your objectives. 2. Timetables are split in thirds.
Be as specific as possible and
make sure that these are written
and approved by your ownership
group. My mistake this time
around was that my vision was
very different than that of my
spouse, which resulted in serious
cost overruns and time delays.
Similarly, you must be perfectly
clear with all the key stakeholders
and establish a chain of command
so that there aren't conflicts that
arise mid-construction. And one
important note, never let your
spouse be your interior decorator,
even if eminently qualified!

Whatever you are proposing, figure one third of your time will be spent
planning, another third in the actual execution and the final third in quality
control or adjustments. Do not underestimate any one of these segments or you
will find yourself in a compromising position. I've seen many projects where the
quality assurance portion wasn't given sufficient time. The result was launch
dates that were set back by weeks and the retooling of all subsequent public
relations plans. These delays can be expensive, as sales and marketing tactics
built on this opening schedule cannot easily be altered, nor can launch events. In
one instance, a group was booked for a property a few weeks after the projected
opening, which inevitably had to be pushed back. The cancellation fees included
rebooking the group in another property, paying for transportation and other
ancillary expenses.

3.
Accurate budgets never last for
more than the time they were created.
There are more ways for costs to overrun than you can count. I thought our
planning on this condo was generous, but we ended up about 30 percent over
budget, and that included several areas of significant cost savings. It's natural
to use a renovation to augment deep cleaning, upholstery renewal, upgraded
security systems, LED conversions, soft goods and the implementation of new
technologies. It all adds up and you must leave some buffer in the budget for
these wildcards.

4. What's behind the walls?

5. Hire a great general contractor (GC).

Simply put, you have a hotel to run, not a construction site. Don't even think of doing both simultaneously. You need
someone who will manage the project on your behalf. Our GC became my single point of contact for the project, helping
streamline communications and saving me time. He collected all my notes and disseminated them to the multitude of
tradesmen onsite. He also fed back issues and presented potential solutions. Lastly, if you think that you can delegate this
to a junior member of the team, take heed; this is no place for on-the-job training.

TODAYSHOTELIER.COM | FEBRUARY 2018 | 19

MACROVECTOR/SHUTTERSTOCK.COM

Our condominium is only 17 years old, so there were no crazy surprises
like you would find in a centuries-old building. Nevertheless, we
discovered significant shortfalls in wiring, plumbing and HVAC that
all needed to be corrected before we could begin the fun stuff. Of
course, these resulted in further cost increases and time delays. The
lesson here is to thoroughly inspect the state of affairs 'under the
hood' before finalizing the scope and budget. Sometimes, this is not
possible. I recall a project for a property where the plans involved some
smashing of walls yet did not account for pipes that had to be removed.
This surprise turned into a massive headache to say the least!


http://www.TODAYSHOTELIER.COM

Table of Contents for the Digital Edition of Today's Hotelier - February 2018

Letter From the Chairman
Letter From the President & CEO
Government Affairs
CEO View
The Great Extended-Stay Boom
12 Easy Pieces for a Hotel Renovation
Key Money Incentives: To Take or Pass?
How ADA Compliance Laws Affect Your Hotel Website
When Small Businesses Prosper, America Prospers
Hotel Financing Q&A
AAHOA @ Industry Events
Aahoa Founding Members
Aahoa Vendor Partners
Classifieds
Advertiser Index
Today's Hotelier - February 2018 - Intro
Today's Hotelier - February 2018 - cover1
Today's Hotelier - February 2018 - cover2
Today's Hotelier - February 2018 - 3
Today's Hotelier - February 2018 - 4
Today's Hotelier - February 2018 - 5
Today's Hotelier - February 2018 - 6
Today's Hotelier - February 2018 - 7
Today's Hotelier - February 2018 - Letter From the Chairman
Today's Hotelier - February 2018 - 9
Today's Hotelier - February 2018 - Letter From the President & CEO
Today's Hotelier - February 2018 - 11
Today's Hotelier - February 2018 - Government Affairs
Today's Hotelier - February 2018 - CEO View
Today's Hotelier - February 2018 - The Great Extended-Stay Boom
Today's Hotelier - February 2018 - 15
Today's Hotelier - February 2018 - 16
Today's Hotelier - February 2018 - 17
Today's Hotelier - February 2018 - 12 Easy Pieces for a Hotel Renovation
Today's Hotelier - February 2018 - 19
Today's Hotelier - February 2018 - 20
Today's Hotelier - February 2018 - 21
Today's Hotelier - February 2018 - Key Money Incentives: To Take or Pass?
Today's Hotelier - February 2018 - 23
Today's Hotelier - February 2018 - How ADA Compliance Laws Affect Your Hotel Website
Today's Hotelier - February 2018 - 25
Today's Hotelier - February 2018 - When Small Businesses Prosper, America Prospers
Today's Hotelier - February 2018 - Hotel Financing Q&A
Today's Hotelier - February 2018 - AAHOA @ Industry Events
Today's Hotelier - February 2018 - 29
Today's Hotelier - February 2018 - Aahoa Founding Members
Today's Hotelier - February 2018 - 31
Today's Hotelier - February 2018 - Aahoa Vendor Partners
Today's Hotelier - February 2018 - 33
Today's Hotelier - February 2018 - 34
Today's Hotelier - February 2018 - 35
Today's Hotelier - February 2018 - 36
Today's Hotelier - February 2018 - 37
Today's Hotelier - February 2018 - 38
Today's Hotelier - February 2018 - 39
Today's Hotelier - February 2018 - Classifieds
Today's Hotelier - February 2018 - 41
Today's Hotelier - February 2018 - 42
Today's Hotelier - February 2018 - 43
Today's Hotelier - February 2018 - 44
Today's Hotelier - February 2018 - 45
Today's Hotelier - February 2018 - Advertiser Index
Today's Hotelier - February 2018 - cover3
Today's Hotelier - February 2018 - cover4
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