Hospitality property investments are facing a hard time due to the unprecedented set in of COVID-19. The entire world went through a phase of change due to the pandemic. However, with a vaccine in sight and things slowly getting back to normal, there are some steps people who made hospitality property investments should look out for.
Here are some things commercial real estate investors should keep in mind when they invest in hospitality properties in 2021:
1. Respond to challenges:
Adhere to the challenges laid down by authorities. These restrictions are placed to prevent the spread of coronavirus. Businesses will have to respond and adapt to the consumer’s changed behavior and expectation. Properties will have to build back the trust in consumers. A hospitality business should be able to maintain and follow all the safety regulations to build trust within the customers again. Even after the pandemic phases out, be ready to face any challenge and respond as quickly as possible to make the most out of your investments.
2. Reimagine customer experience:
You will have to offer your customers a clean and stress-free environment. There should be proper sanitization protocols laid down, coupled with rigorous and frequent cleaning. Properties accepting larger amounts of the crowd should have temperature checks at entry or before service. Restaurants should have seating facilities that facilitate social distancing. Hotels should have “sealed” rooms where you assure the guests that no one has entered the room since it was cleaned. Such steps need to be taken to provide your customers with a whole new dimension of hospitality experience.
3. Moving customer touchpoints online:
Across the entire hospitality sector, every business will have to take the opportunity to move touchpoints online as a move to protect the health and safety of customers and employees alike. From digital menus to online casinos, every possible touchpoint needs to be made digital in the coming future. Hotels can make use of smartphone apps to bypass the front desk with mobile check-ins. These are just some moves that you can comply with to make it possible to survive the pandemic through technology.
4. Using technology to alleviate issues
Though the pandemic is upon us, technology has made it far more comfortable to face such adversities. Since COVID-19 rendered it inoperable to work with typical levels of staffing, technology helped lighten the burden. Non-invasive thermal scanning technology to monitor incoming customers can be used in restaurants and hotels to intercept potentially ill individuals. Technology had also helped several hospitality Investments to communicate when the rooms were last cleaned with the use of gadgets like UV lights and electrostatic sprayers, etc. All this technology also helps improve the value of your hospitality property investments.
You have to face the situation no matter what. What lies in the future is highly unpredictable; however, considering the current trajectory, people will be further prepared to face such instances and also prepare their hospitality property investments to be potent enough to survive such pandemics.