Top Challenges of Developing New Hotels in Historic Zones
By Fred B. Roedel, III Partner & Managing Member, Roedel Companies, LLC | October 28, 2008
Developing a new hotel property in a historic area presents an exciting opportunity to develop a unique property. It, however, also presents significant challenges that if not kept in mind can become roadblocks to success.
Why would anyone in their right mind choose to take on the extra headaches commonly associated with developing a hotel in a historic zone? The answer is that a properly planned and well-thought out hotel development in a historic zone leads to the creation of a truly unique property that often becomes an important focal point for the surrounding community. Both factors result is a positive economic return for investors.
The development of the Hilton Garden Inn in Manchester, NH, which is located in the historic millyard district of the city, is an example of the successful development of a new hotel in a historic zone. If you are considering developing a property in a historic zone, be sure to address the following.
Locating a hotel in the middle of a historically significant area may be interesting, but if your guests cannot easily get there, or the neighborhood is dark and unwelcoming at night, it will not matter how nice you make it, they will not stay there. Never lose focus of the fact that hotel guests must be able to get to your hotel with relative ease and must feel comfortable being at your hotel when they are there.
2. Positive Market Analysis
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