Where the money goes | hotelsmag.com
The discussion between owners, operators and designers about renovation budgets are always a part of the project and seem to be unavoidable. The different interests of the involved parties are the reason for this. The precise estimation of the costs as the basis for a realistic renovation budget is most important. If the budget is not set right at the beginning cost overruns, delays and frustration of the involved are the consequence. There are lots of benchmarks around, which can be used. A very useful source is the ISHC CAPEX report, which is prepared by the International Society of Hospitality Consultants (ISHC) on a regular basis.
