Overview

This chapter aspires to address some of the issues relative to a product that is constantly evolving within a physical property not designed to accommodate major change. Further, the value of the product rests in its financial performance, derived from its service, property standards, location and profile. We define profile as an established international brand or brand name.

• Context

• Market demand and capital constraints

• Branding

• Market segmentation

• Planned growth

• Product development

• Refresh or reposition

• New product

• Mixed use developments

• Conclusion.

Context

For many centuries hospitality properties have been developed and built for the purpose of providing accommodation and ancillary facilities in every part of the world. As with the materials and methods in construction, the nature and systems in hospitality have evolved over time. Consequently there are examples of buildings constructed over four hundred years ago as coaching inns that are still in use today as hotels. Such properties have been altered, adapted or extended at different times to suit, so far as possible, the prevalent requirements or standards of the industry. The great railway hotels built around the world, some hundred years ago, are today generally either large premier or luxury hotels having been subject to much change over the years. Similarly, many of today s classic luxury or premier city centre hotels were built in the early part of the last century. Examples abound, including the Ritz hotels in many of Europe s capital cities, and the Plaza and St Regis in New York; often these buildings...