In March, April, and May, many hotel renovation or construction projects ground to a halt. FF&E vendors stopped producing or slowed significantly. Hotel job sites closed or couldn’t receive shipments. Hoteliers who had been ready to begin their projects or place purchase orders paused.
Fast-forward to July. The reopening process and timing for states has differed throughout the country, and although there are some reopening rollbacks happening, the FF&E manufacturing and supply chain is returning to a more normal capacity. Hospitality FF&E projects are beginning to come back to life and resume activity. With the rise in hotel occupancies since mid-April, we are all able to visualize a path towards more normal, profitable hotel operations once again.
Because construction was one of the industries first declared essential during reopening, many of our new construction projects have continued to move forward with their work. With a slower ramp-up and some workers still on furloughs, FF&E producers often can’t manufacture and ship product fast enough to meet the demand and schedules of many of these jobs. In contrast, the projects most affected by the pandemic were renovations. Many of these went on hold this spring. Recently, however, renovations have slowly started work again and are regaining lost ground. After all, emerging from the COVID-19 recession with a renovated and higher-value asset will help those hotels better compete with others in their submarkets.
New projects that hotel developers already had in motion are also picking up where they had left off before the pandemic. Those who had obtained financing are moving more quickly, but even many who didn’t have funding lined up are able to generate discussions and interest. In short, the market’s activity is increasing. Even if there are continued COVID-19 setbacks, stakeholders in the US hotel market have the confidence to know that we will rebound again. We are moving in the right direction.
It’s essential to Innvision that your hospitality projects move forward and with a sense of urgency. As a partner, we can help you navigate challenges in manufacturing, shipping, logistics, and design and enable you to complete your renovations or new construction. If you have any questions, please contact the project specialists at Innvision Hospitality.