Abstract
ABSTRACT Opportunities to convert existing product provides one highly viable strategy for adding hotel rooms to a company's portfolio. By repositioning the property, selectively renovating and operating with a more market defined emphasis, certain properties can be turned around and made profitable. Assessing which of the many functionally obsolete hotels can be successfully salvaged is a difficult task. Through the process of trading down on services offered and establishing a more market acceptable price value relationship, properties have a chance to become more competitive. The process of conversion involves a total redevelopment of the product. Renovations differ from conversions in that the conversion process involves a multi-faceted approach to revitalize the property. A more than one-dimensional mode is needed focusing on the total property and its long-term viability as hotel real estate.
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