How to Save Money After You Buy a Hotel

After you buy a hotel, you may be scrambling to find ways to cut back on costs and save money. There are plenty of great ways to save money in the hotel industry, you just have to know where to look. Today, the Southeast International Hotel Brokers blog will be going over some ways that you can cut down on your costs.

Areas Where You Can Save Money

After you buy a hotel, you should do a frank analysis of what is and isn’t working in the hotel. Look for areas that can improve, and implement effective changes that will save you money in the long run. Let’s talk about some examples where your hotel might be lacking.

Go Green

Going green is more than just good for the environment, it’s good for your bottom line. There are a ton of ways that going green can save you money. Reducing waste is a good start. Are you using too much water and detergent when doing laundry? What about your toilets? You could save a lot on water if you implement a less wasteful flushing system. Or you can consider the bane of hotel owners everywhere — customers leaving their lights on or their heat and air conditioning at full blast. While the upfront costs may be considerable, a smart thermostat and lighting system could make a huge difference in your energy bills. You could even look into solar panels. Finally, setting up a recycling program can be beneficial as well, and it can make guests happy about your environmentally-friendly initiatives.

Keeping Employees Happy

A less obvious way to save money is making sure your employee turnover is low. Happy employees mean happy guests. Regular guests enjoy seeing employees that they met the last time they stayed as well. Plus, the time cost of constantly hiring and interviewing new employees can be detrimental to your bottom line. If you buy a hotel with staff already in place, it’s not a bad idea to find out what they did and didn’t like about previous management. This can show them that you care about their needs and that you value their work. If you buy a hotel that isn’t staffed, make sure you interview people carefully. Look for people who are reliable and looking to stay with the company. Your hiring process should always be thorough.

Make Sure Your Changes Don’t Affect Customer Satisfaction

Whatever you do, it’s important to make sure that major changes won’t affect the satisfaction of your guests. There’s a difference between being smart with your money and being stingy. You don’t want guests to view your hotel as cheap. For instance, downgrading your toilet paper, soap, and shampoo to a dollar store version will undoubtedly save you money, but it will also negatively affect your guests. As long as your changes benefit your hotel without taking away from guest experience, it’s probably safe to implement.

Buy a Hotel Through Southeast International Hotel Brokers

If you’re in the market to sell or buy a hotel, choose Southeast International Hotel Brokers. Our extensive experience and vast network of connections allow us to help you find the right hotel for your needs. Contact Southeast International Hotel Brokers today for more information.