Survey Reveals More than 40 Percent of Hotel Owners Plan Major Property Renovation in Next Twelve Months

October 27, 2015

More than forty percent of hotel owners in the United States and Canada are planning a major property renovation requiring a General Contractor (GC) over the next year, with 28 percent renovating their hotels in the coming six months. 

 

This is according to a survey conducted by Cicero's Development Corp., a property renovation contractor specializing in the hotel lodging industry. Results underscore the continuing optimism of the hotel industry which is currently enjoying occupancy rates hovering at fifteen-year highs of 65 percent.

 

"The best gauge of hotel owner confidence is whether or not they are willing to invest in a needed renovation," said Sam Cicero, Sr., founder of Cicero's Development Corp. "Our survey showed the highest levels of planned short-term hotel renovations we've seen since the mid-2000's and demonstrates that the hotel industry continues to improve at a steady pace from recession lows."

 

Cicero's surveyed approximately 3,000 hotel owners/operators to gain better understanding of their perspectives on such issues as: property renovation timelines; criteria in selecting a GC, and price versus quality.

 

Other findings from this year's survey include:

  • 50 percent of respondents prefer to contact a GC by sending both a Request for Quote (RFQ) and a Request for Qualifications. 

  • Once they have narrowed down the group of potential GCs, 37 percent of hotel owners want to interview the project team face-to-face. Twenty-one percent ask to interview former clients.

  • When it comes to final criteria in selecting a GC, nearly all respondents put "ability to deliver within budget and schedule" as their number one concern, followed by project experience and price proposal.

  • Eighty-seven percent said "no" to the question as to whether a higher priced GC would be disqualified if they successfully met all other criteria.

     

     

     

     

     

     

     

     

     

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