Renovations maximise a hotel's return on investment
AW Rostamani Building Industries is currently carrying out a full renovation at the Hilton Beach Resort and Spa, Ras Al Khaimah for RAK Hospitality Holdings
Paul Boldy, head of pre-contracts at AW Rostamani has told Hotelier Middle East that the UAE’s hotel sector has an impressive and enviable position amongst the world’s hospitality elite.
He said that consistent high occupancy is driving a sustained programme of expansion, while strategic growth in the nation’s infrastructure is powering diversification in hotel brand and chain scale to fulfill both current and future forecasts of demand.
Emphasising on the importance of refurbishment and renovation, Boldy said: “Hotel renovations are vital to maintain positioning and ensure continued revenues for owners and operators alike. In an ever more interactive and fast paced social environment, the need to stay ahead of the market has never been more important.”
Boldy also stated that it would be easy to align hotels with the latest trends and fashions, however as the hospitality industry is multifaceted and vulnerable to changes in market conditions, demographics, and economic drivers, it is a complex issue.
“It is therefore important to establish the metrics that will determine the maximum return on investment (ROI) for a renovation project, for all stakeholders,” he added.
He also noted that whilst it sometimes would seem counter intuitive to engage at the strategic stage with project managers and contractors, “the benefits of engaging with parties that understand the intricacies of hospitality projects in a live environment, along with value maximisation and risk mitigation, will help shape a project and provide the highest return on investment”.
Elaborating further he noted: “Assembling and engaging with the right stakeholders at the outset will ensure that the drivers for a successful project are considered with a single aligned focus.”
AW Rostamani Building Industries is currently carrying out a full renovation at the Hilton Beach Resort and Spa, Ras Al Khaimah for RAK Hospitality Holdings.