News for the Hospitality Executive
.TG Renovations Surpasses $700 million in Hospitality Work
Industry Experts Forecast Increased Demand for Hotel Renovation Services
|Santa Barbara, CA - July 31, 2009 – With the recent completion
of the $30 million renovation to the Parc 55 Hotel in downtown San Francisco,
Tg Renovations has surpassed $700 million in hospitality renovation project
To achieve this milestone, the company has completed a wide spectrum of hotel and resort projects in markets across the United States. The firm’s 18-year portfolio of renovation projects includes luxury resorts, convention hotels, ballrooms & meeting spaces, boutique properties, spas, food & beverage outlets, and historic properties.
“Some in the industry best know Tg Renovations for our extensive major renovation work on large properties like the Parc 55 Hotel,” said John Tynan, the company’s president and founder. “However, the innovative and customized project approach developed by Tg Renovations also allows our firm to provide outstanding value and service to owners with smaller, focused renovations.”
Given the state of the economy and financial markets, some hospitality experts are forecasting an upward industry trend in renovation project work.
“This tracks with the strong demand we have recently seen for our renovation services,” said Brian Nystuen, Tg Renovation’s Senior Vice President. “In the first six months of 2009, we have completed renovation and property assessment projects in the Chicago, Los Angeles, New York, and San Francisco markets.”
While occupancy rates are down across much of the industry, this is an advantageous time to renovate, reposition, or rebrand a property. Hotel and resort owners can take advantage of current market conditions and lower construction costs to upgrade their properties and enhance ADR’s so they are better positioned to capitalize as the market rebounds.
“Not only is this a great time to renovate with lower occupancies, but we are also seeing 20% to 25% lower costs from general contractors, subcontractors, design professional, and vendors,” added John Tynan. “Once the economy recovers and excess capacity is absorbed, this opportunity may not exist.”
To meet the anticipated increase in hotel renovation, rebranding, and repositioning projects over the next few years, Tg Renovations has taken steps to further leverage its strong track record of delivering on-time, on-budget projects.
The firm has created a new strategic alliance with Green Ideas, one of the nation’s leading environmental building consulting firms. With Green Ideas now part of the Tg Renovations team, the company brings a wide range of environmental consulting disciplines and the experience of more than 70 LEED registered developments to every project engagement. And, on the marketing front, Tg Renovations has also launched a new web site (www.tgrenovations.com) featuring its menu of services and project history.
“Providing clients with a ‘one-stop shop’ for turnkey renovations – or a menu of customized, tailored à la carte services – allows us to best meet the needs of each owner and project,” continued Brian Nystuen. “Our capabilities and flexibility well position us to meet the renovation needs of owners, operators and management companies.”
About Tg Renovations
Tg Renovations specializes in helping clients successfully orchestrate the renovation process. The firm’s professionals are renowned for developing customized turnkey renovation strategies designed to increase project efficiencies and mitigate guest inconveniences. Leveraging more than $700 million in renovation experience, the company offers program/design management, estimating, scheduling, budgeting, construction management, FF&E management, and property evaluation services. Tg Renovations is a division of TynanGroup, Inc., a national leader in hospitality project management.
|Also see:||TynanGroup Appoints Alex Stanford Director of Renovations / December 2008|
|TynanGroup Appoints Siemianowski Vice President Overseeing Projects in the Southwest Region / November 2008|