Improving Your Hotel Property? Considerations for Your Hotel Financing
When you own and operate a hotel, you must do all you can to help your business stand out from the crowd. However, updates and additions can be costly. This is where hotel financing comes in. No matter where you obtain your financing, whether it is through a small business loan, commercial loan, SBA loan, or a line of credit, it is important that you are thoughtful with your options when it comes to updating your hotel. Here are some ideas for how to invest your money:
1. Invest in Your Marketing Efforts
Your hotel needs a good advertising campaign, especially if you are not a large chain. An investment in your marketing campaign can be extremely lucrative. You can have a professional website built with booking capabilities, increase your social media presence through paid advertising, or partnering with a large booking site.
2. Provide New Amenities
If your amenities are looking a little stale, you should consider an upgrade. You want to stand out, and amenities are often a sticking point when it comes to customers choosing your property. Adding a technology room, a whirlpool in your spa, or new gym equipment will help you drum up business by offering good amenities to customers.
3. Hire Employees
Few things are more frustrating for hotel guests than having to wait in long lines at reception or waiting hours for some extra towels or toiletries. You do not want your hotel to ever be understaffed. Your hotel financing dollars may be best spent by hiring additional employees to ensure your property has enough help at all times. When you do not have adequate staff, word of mouth will quickly spread and can severely damage your reputation.
4. Upgrade Your Interior
You want to leave a lasting impression on your hotel guests. There is no better way to do that than with a beautiful interior lobby. You want to show your guests that you offer a clean, comfortable, and upgraded place to stay. If your furniture is getting worn or outdated, finance some interior redesigns.
5. Upgrade Your Exterior
On the same token, you may want to consider an upgrade on the exterior of your hotel. If your exterior is looking drab, you may want to upgrade your landscaping, paint, or outdoor reception area.
When you decide how to use your hotel financing dollars, do so carefully. Base your decision on what will improve your property the most and bring in the most return on your investment. For further assistance, contact services like Davis Hotel Capital.
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