People visit hotels because they’re on vacation or needing to see family members or because they are working nearby.
Sometimes hotels become a place of refuge when we can’t live in our own homes due to storms, electrical outages, or other major and minor disasters.
Hotels are a second home, born of necessity.
So what happens when hospitality properties are damaged? Hurricane season is upon us, and all of the coastal properties and those not too far inland are at risk. Before the season ends, there will be property damage to homes and to our properties which serve as second homes.
If you happen to suffer damage to your property, either from wind or water damage or even hail, you actually have an opportunity.
You’re going to have to make arrangements, contacting insurers, adjusters, and contractors insurers, adjusters, and contractors.
But you should also contact GRP Capital.
If you have ever dreamed of renovation, the time when nature has done your demo work is actually ideal. Insurance will cover much of the cost of repairs, but you can also access additional modest financing to upgrade your property in ways that will make it more attractive to potential customers, allowing you to increase your revenue and your occupancy.
It’s counterintuitive to think about big dreams when recovering from damage, but do think beyond just repairing. What other upgrades to your property have you always wanted to take on, but you never had the time or the money to do so?
Downtime for part or all of your property is a good time to consider enhancing guest rooms, common areas, outdoor spaces, and even rebranding. If you are often at full capacity or run out of a certain type of room, this can also be a time to consider changing your room make-up or adding additional guest rooms.
Are you prepared for an emergency?
• Do all of your staff members know where to go and what to do if bad weather comes?
• Is your equipment in good working order? (Generators, fire extinguishers, flashlights)?
• Is your first aid kit filled?
• Do you have your insurance agent contact information handy?
• Do you have sufficient supplies if you have a surge in guests? Consider purchasing a double supply of bedding and towels, lots of non-perishables for breakfast and supplemental food to sell in the gift shop, including low-cost water.
Whether you are expanding your existing portfolio or investing in your first business, GRP Capital has the resources to help you meet your required capital needs. Our services include divisions of Real Estate Capital Markets, Small Business Financing, Construction Lending, GRP Capital Debt Fund, and Consulting and Advisory. Learn more at grpcapital.com.