So, you got your Property Improvement Plan (PIP). What’s next? Adhering to the terms detailed in a PIP helps to maintain a property’s alignment with a specific brand’s franchise requirements. Many hotel owners can become flustered by the lack of guidelines that need to be followed in order to execute a Property Improvement Plan. This is something we can help with.
This post will assist you with implementing your PIP in the best possible way. It will also help you achieve the ideal investment cost, the best finished cost as well as the most efficient operational effect on your business.
Here’s a mantra of 5P’s that you should remember throughout your PIP implementation:
What this means is doing things correctly from the beginning to pave the way for a smooth implementation and minimize operational disruptions during any renovation.
You may be faced with the “pay now or later” question. Don’t wait. There’s no point in delaying the requirements of a PIP or trying to cut corners to save costs. This often results in unnecessary delays to the project or lack of quality workmanship. It may cost more but it is always best to hire trained professionals to assist with any PIP.
Build a Project Team
Behind every great project is a great team and PIP implementation is no different. Start by putting together a primary project team. This means having a someone in charge of every aspect and making sure each team member clearly knows their responsibilities.
While your team’s makeup will be determined to some extent by the scope of the project, you will likely need a:
- Brand or Franchise Contact
- Design Professional and/or Architect
- Civil or Structural Engineer (if necessary)
- Construction Project Manager
- FF&E Procurement Manager
- Hospitality General Contractor
The quality and experience of team members in these positions will determine the speed and efficiency of your project, as well as achieving the desired results. Select professionals that are qualified, capable and will do their best throughout the project.
Choose a GC with Design-Build over Open-Bid Process
As you move forward with implementing your PIP, you’ll need to decide whether to engage with a general contractor (GC) in a design-build agreement or to use an open bid process. Both options have their advantages. However, an extended open bid process can result in delayed milestones that may cause a lot of unnecessary headaches. Moreover, pricing can change quite quickly; the farther you get from the PIP deadline date, the less likely prices are expected to remain the same.
Working with a GC utilizing a design-build agreement is a better option for many reasons. A GC specializing in the hospitality industry can be a valuable partner. They understand the demands and challenges of working in the hotel industry and appreciate the importance of the ROI on the property as it is renovated. They also have a good idea of how to build the economies of scale, saving money in ways that contractors outside the industry may not be aware of.
Set and follow a realistic calendar
Setting a realistic time frame for the project is just as important as your putting together an all-star team. This combination of time and resources will serve as the foundation of your project. Your entire team should be aware of the timeline and key milestones such as:
- FF&E Procurement
- Project Close-Out
The schedule, calendar, timeline, or whatever you call it, may be considered the most important detail regarding your PIP. A well-planned renovation can be the difference between satisfied guests and guests asking for a refund. As such, you will want to allow extra time in the project schedule for any unknown challenges that may arise.
Keeping the Brand Intact
Most importantly, do not lose sight of your brand requirements. This is a major component, if not the main component, in your PIP’s success. Keep open lines of communication with your brand contact and project manager. Remember, a successful renovation is a win-win process. Each property offers unique features and holds special values. The idea is to find the right fusion between the brand’s strengths and your property’s unique advantages.
When you are ready to implement your PIP in the best way possible, contact Triple Crown Construction.
About Triple Crown Construction:
Founded in 1991, Triple Crown Construction built a reputation for itself as a reliable partner in the hospitality and commercial construction industry by understanding and delivering on its partners’ expectations. Based in Frederick, Maryland, Triple Crown Construction strives to approach each and every project with the goal to deliver quality, service, and value, and is committed to raising the standard of excellence in all areas of its work. The company operates with a family mentality, a commitment to the greater community, and a desire to work with those who aim to improve their customers’ experience.