Hotel Restaurant Renovations Can Improve Your Bottom Line
Planning a hotel restaurant renovation? At the 2019 Hotel Data Conference, some interesting data was shared at the How F&B can be your meal ticket to profitability panel. The “U.S. hotel industry is currently worth $218 billion per year, with rooms providing $96 billion of the pie and F&B contributing $38 billion.” Also of note, “Hotel F&B is enjoying an increasing growth trend, from 2.2% in 2017 to 2.6% in 2019.” http://hotelnewsnow.com/Articles/297807/As-rooms-metrics-stutter-FandB-receives-renewed-emphasis
With the new focus on F&B revenue management, hotels need to look at maximizing revenue in their restaurants and lounges. Are there time periods, like mid-afternoon, when you have staff but no customers? What is breakdown of revenue from hotel guests versus the local community? What are your profit margins for food and beverage?
Restaurant renovations allow you to cash in on your most profitable revenue streams. For some restaurant renovations, that could mean adding a spectacular bar area to capitalize on high profit margins on alcohol. For others, it could mean adding a wall of windows to increase visibility and interest from locals. You may also want to create a unique area where guests will take pictures to share on social media and online review sites.
When planning your restaurant renovations, consider your brand. Color can increase brand recognition and impact your guest experience. Changing the paint color is an easy way to update your restaurant and change the ambience. Light colors provide a relaxing environment for guests to stay a while, while bright, warm colors help increase your turnover rate because they become irritating over time. For more intricate wall designs, wallcoverings come in a variety of styles and textures. As with paint, color selection is key.
Another impactful element to address is flooring, which takes a real beating in restaurants. From heavy foot traffic to food splatters, installing new flooring can refresh your restaurant. There are a variety of low maintenance flooring products that look great and stand up to stains.
FSN-Hospitality has the experience finishing contractors you need to complete your restaurant renovations on time and on budget, with minimal disruption to your guests and staff. Contact us today at (410) 564-5876 or [email protected] to be matched with contractors for your project.