27 Oct Hotel Renovation vs. Hotel Construction
Before looking at the benefits of hotel renovation vs. construction and seeing whether or not you should purchase a hotel to redo, here is the first thing you should consider: How much will you profit? Maybe you bought an affordable property and are planning on renovating; consider why it might have been so cheap. Consider all the factors, such as location or integrity, before buying because if you cannot make a profit after the renovation, you should not purchase.
With the cost of construction rising, renovating is much more cost-effective. Constructing a hotel is very expensive to design and build from the ground up, and it takes much longer to start profiting from your investment. If you’re starting to get into the hospitality industry, starting with renovating an existing hotel is a great start!