The cost of PIPs could be staggering if they seem to all come crashing down at once, especially if a property is not meeting all of its current standards at a time when there is a potential change in ownership. Almost all franchisors have a Property Improvement Plan system, because their goal is to maintain the quality of each of their franchisees.
Wednesday, March 10, 2010
Hospitality Conversations - Keys To Success
Property Improvement Plans or PIPS, are a reality to today’s hotel owners and management groups. If a property is part of a franchised system, dealing with PIPS can be an expensive proposition both at the time of sale as well as in continuing operations. The purpose of PIPs is to keep properties in compliance with all existing and new brand standards, as franchisors strive to maintain brand standards to protect their brands as well as the investments of all the other franchisees.
The cost of PIPs could be staggering if they seem to all come crashing down at once, especially if a property is not meeting all of its current standards at a time when there is a potential change in ownership. Almost all franchisors have a Property Improvement Plan system, because their goal is to maintain the quality of each of their franchisees.
The cost of PIPs could be staggering if they seem to all come crashing down at once, especially if a property is not meeting all of its current standards at a time when there is a potential change in ownership. Almost all franchisors have a Property Improvement Plan system, because their goal is to maintain the quality of each of their franchisees.
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