Hotel construction is unlike any other commercial construction project. No other structure has the complex demands for plumbing, electrical, HVAC, or the other components of a construction project. Because of this, it can prove challenging to optimize your hotel construction costs. Here are a few tips that can help you get the most from your investment:
- Utilize value engineering to control hard costs- You want every dollar you spend on construction materials, labor, equipment, and other assets to provide maximum benefits. For example, when you need one bathtub for a different type of project, spending a few extra dollars with no real value added doesn’t hurt too much, but when you have a 500-room hotel and need 500 bathtubs, that decision takes on more weight.
- Utilize value engineering to control soft costs- There isn’t as much leeway when it comes to most soft costs, as expenses such as insurance, permits, taxes, surveys, financing costs, engineer fees, and legal fees are less controllable in terms of value for your investment. However, care must be taken to not inflate these expenses through poor communication, missing deadlines, or other failings. Take the time to investigate options, too, such as finding the best financing options for your project with terms that make sense.
- Utilize value engineering to control operational costs- Your costs do not end upon fulfilling the hard and soft costs involved with hotel construction. They extend far into the future. If you do not make decisions that are advantageous for sewage, water, and electrical utility expenses, your net profits could be adversely affected.
At Z Construction, LLC, we offer hotel construction services throughout South Carolina and utilize value engineering to help you control costs in the most efficient and effective manner. Our team has more than 100 years of combined experience to deliver exceptional quality from start to finish. We demonstrate honesty and integrity every step of the way, so you can be confident your hotel has the greatest opportunity to be a huge success.