Great article by Bloomberg Businessweek earlier this month on how hotels are building spaces – skating rinks, yoga studios, meeting rooms that can be repurposed for nighttime cooking parties and everything in between – to bring in new streams of revenue. The spaces are also intended to appeal to local residents, businesses and government officials, who can rent and use the spaces for their own needs. In fact, our parent company Starwood recently announced plans for the $100 million renovation of 10 W hotels in North America; the revamp will entail the reworking of public spaces such as lobbies, bars and nightclubs, with a focus on “drawing in locals.”
Trend Watch: Maximizing Real Estate to Maximize Revenue (and Appeal to Locals)
Sheraton Denver Downtown Upgrade Sets Tone for Brand's Makeover
The $70 million renovation of the Sheraton Denver Downtown Hotel has been completed, and is one of several key overhauls of urban hotels that Starwood executives say will showcase the nearly complete $6 billion global upgrade of the Sheraton brand.
In a sign of the importance Starwood has placed on the brand overhaul, Starwood CEO Frits van Paasschen and Sheraton senior vice president Hoyt Harper II (who oversaw the project) came to Denver for ceremonies marking the culmination of the renovation that turned the former Adam’s Mark, Colorado’s largest hotel, into a showcase Sheraton.