The hospitality industry struggled with lockdowns and travel restrictions during the pandemic, but there are clear signs of recovery and growth. According to a recent Lodging Econometrics report, the U.S. construction pipeline had almost 5,000 projects at the end of 2021. Hospitality projects in the early planning stage experienced an 18% increase during the fourth quarter of 2021, for a total of approximately 2,000 projects in the pipeline.
Projects are moving forward because bookings are going up. Vaccines and masks make people feel safer when they travel, as can be seen by the increase in hotel reservations in the leisure and destination sectors. Business travel is also picking up for in-person meetings and large conferences, which helps full-service hotels and resorts that depend on conventions for revenue.
With more companies putting construction projects back in the pipeline, competition for resources will be just as fierce as competition for guests. Supply chain shortages are forcing companies to come up with Plan A, Plan B and Plan C, at a minimum. The ongoing shortage of skilled labor means contractors have to be booked months in advance in order for hospitality companies to meet their deadlines. Budgets also have to have more flexibility, with contingency funds needed for higher costs for labor and materials.
Some changes made by brands to keep visitors safer during the pandemic will remain, such as digital check-in and check-out options, more outdoor spaces, and improved cleaning procedures and ventilation. The choice of materials remains important, with more thought going into surfaces that can be sterilized or hold up to constant cleaning, including paint, wallpaper and flooring. To make sure your brand’s hard work is recognized, your website and marketing materials should highlight your actions so visitors feel good about making a reservation.
Find and book vetted contractors now for work planned later this year to keep your projects on track. FSN-Hospitality makes it easy to find skilled finishing contactors specializing in paint, wall covering, flooring, drywall and glazing. From windows to walls, floors to ceilings, contact us today at (410) 564-5876 or [email protected] to find contractors in your area.