Renovations: Difference between revisions
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{{General header}} | |||
== Renovations and new ideas == | |||
{{ | There are some problems in the hotel concerning the maintenance: some additional [[maintenance]] is well advised! <br> | ||
== Renovations and new ideas == | |||
There | |||
If you want to renovate parts of your hotel it is of importance to get grip on the [[costs]]. The costs are related to the | If you want to renovate parts of your hotel it is of importance to get grip on the [[costs]]. The costs are related to the | ||
[[investments]] made (the costs will be the depreciation and -sometimes the interest) and to the operational costs (staff etc.) per year. | [[investments]] made (the costs will be the depreciation and -sometimes the interest) and to the operational costs (staff etc.) per year. | ||
Check the | Check the [[Investments]] page and the very handy pdf which give detailed overviews of most logical costs to be made. | ||
This list is not the truth, but gives you an indication. Of course feel free to use other sources and adapt suggested-offered prices. | |||
And, please focus on the 'big picture' so it is not about small amounts: the turnover is several million and also groups of posts are all more in hundreds or even thousands of euros. Think as a company, not as a private person. You cannot just buy things in the supermarket: things should keep up health and safety standards as well as endurance and fitting in a maintenance plan. So all items will be much more expensive than your private comparable buys. <br> | |||
== Costs of the investments == | == Costs of the new investments == | ||
You have no problems | You have no problems with liquidity, so only bother about the costs of the investment, the [[depreciation]]! An indication is not to exceed the [[investment]] amount of € 900,000 per year. Other costs linked to investments, like interest, have not been recorded so far. Keep in mind, that additional costs have to bring | ||
* additional revenues: by higher [[occupancy rate]] or higher [prices | |||
* or bring the [[costs]] down. | |||
So always keep the ROI in mind: [https://igroupdesign.com/four-steps-for-calculating-the-roi-of-your-hotel-renovation/ for instance the ROI and renovations] or check for instance this report which give an [https://cdn.horwathhtl.com/wp-content/uploads/sites/2/2020/01/Industry-Report_ITALY_Construction-Renovation-Costs.pdf indication of renovation costs in the hospitality industry]. | |||
== Delay routine == | == Delay routine == | ||
The focus of your management should, of course, be on | The focus of your management should, of course, be on continuing the hotel. So see costs and revenues from new activities always in relationship to the height of existing costs and revenues. So it is all about thousands not about hundreds of euros. So do not specify small costs and keep the overview. Exactly understanding this shows entrepreneurship. So do not act [http://en.wiktionary.org/wiki/don't_be_penny_wise_and_pound_foolish penny wise and pound foolish]. <br> | ||
Please keep everything in perspective: so do NOT go | Please keep everything in perspective: so do NOT go too much into details: so for renovating the bathroom for instance use | ||
<br><hr> | <br><hr> | ||
Latest revision as of 13:08, 12 September 2023
Renovations and new ideas
There are some problems in the hotel concerning the maintenance: some additional maintenance is well advised!
If you want to renovate parts of your hotel it is of importance to get grip on the costs. The costs are related to the
investments made (the costs will be the depreciation and -sometimes the interest) and to the operational costs (staff etc.) per year.
Check the Investments page and the very handy pdf which give detailed overviews of most logical costs to be made.
This list is not the truth, but gives you an indication. Of course feel free to use other sources and adapt suggested-offered prices.
And, please focus on the 'big picture' so it is not about small amounts: the turnover is several million and also groups of posts are all more in hundreds or even thousands of euros. Think as a company, not as a private person. You cannot just buy things in the supermarket: things should keep up health and safety standards as well as endurance and fitting in a maintenance plan. So all items will be much more expensive than your private comparable buys.
Costs of the new investments
You have no problems with liquidity, so only bother about the costs of the investment, the depreciation! An indication is not to exceed the investment amount of € 900,000 per year. Other costs linked to investments, like interest, have not been recorded so far. Keep in mind, that additional costs have to bring
- additional revenues: by higher occupancy rate or higher [prices
- or bring the costs down.
So always keep the ROI in mind: for instance the ROI and renovations or check for instance this report which give an indication of renovation costs in the hospitality industry.
Delay routine
The focus of your management should, of course, be on continuing the hotel. So see costs and revenues from new activities always in relationship to the height of existing costs and revenues. So it is all about thousands not about hundreds of euros. So do not specify small costs and keep the overview. Exactly understanding this shows entrepreneurship. So do not act penny wise and pound foolish.
Please keep everything in perspective: so do NOT go too much into details: so for renovating the bathroom for instance use
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