Design experts emphasized the importance of flexibility, ROI, and budget transparency during a panel discussion at the ALIS Summer Update event in Dallas. Kimberly Miller of Duncan Miller Design stressed the need to redesign for profitability during CapEx on lifestyle hotels, focusing on achieving a return on investment through strategic design choices. Panelists also discussed the benefits of sharing budget information with designers early on to avoid conflicts later in the project.
Laura McKoy of Omni Hotels & Resorts highlighted the need for creativity in design and the importance of understanding the market when planning CapEx projects. Leslie Shammas of Virgin Hotels Collection emphasized the need for functional and flexible spaces within hotels to maximize revenue. Richard Luis of WATG stressed the importance of flexibility in public spaces to adapt to changing needs, such as wellness concepts.
Jeffrey Stulmaker of KHP Capital Partners discussed the impact of COVID on the hotel industry, noting that the pandemic has led to significant discounts on hotel acquisitions compared to building costs. Stulmaker highlighted the opportunity for investors to acquire under-renovated hotels at a discount and improve them to increase their value.
Overall, the panelists agreed that a strategic approach to design, focusing on flexibility, ROI, and market understanding, is essential for the success of CapEx projects in the hospitality industry. By prioritizing these factors, hotel owners and designers can create spaces that are both functional and financially successful.
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