A “Brand-First” Approach to Hotel Development
February 21, 2022
Real estate development requires significant effort to see a project through to completion. Through the process, one must focus on critical things such as defining and assessing the land, creating a financial pro forma and budget, securing financing, and finalizing architectural and design plans. It’s truly a monumental process – not for the faint of heart. But there’s an important step missing from many real estate developments — brand development.
As a partner at Longitude; a hospitality branding design group, I see so many hotel developments, deep into a development timeline, that lack a brand vision. Before undertaking the development process, it’s critical to consider the brand vision of the property. This vital step is important because, in doing so, it will unify and strengthen every decision along the way.
Often, the “brand” discussion doesn’t occur until all of the decisions have already been made, and if those decisions were made under the wrong premise or with an unclear vision in mind — this could be disastrous to the overall success of a development.
The amount budgeted for branding in real estate developments rarely reflects the important role that it plays in consumer decision-making.
The amount budgeted for branding in real estate developments rarely reflects the important role that it plays in consumer decision-making. Consumers care about what a brand represents, how it connects, and what it means to them. But too many projects fail to prioritize their brand both in timing and in budgetary consideration
Originally Published by Jeremy Wells on Notion Hospitality; Continue Reading Article
Partner at Longitude°
Jeremy is the author of Future Hospitality and Brand Strategist at Longitude°. As a member of the Education Committee for The Boutique & Lifestyle Leaders Association (BLLA) and a content contributor to Cornell University’s Hospitality Vision and Concept Design graduate program, he is a committed thought leader in hotel branding, concepting, and experience strategy.