1. Implement a Systems-Based Continuous Process
    • Establish a structured, repeatable approach to ensure long-term CapEx success.
  2. Support Continuous Process Standards for Consistency
    • Define and maintain clear guidelines that streamline CapEx planning and execution.
  3. Focus on Data Integrity
    • Ensure accurate, reliable data management by keeping information in the appropriate system.
  4. Choose a System and Process That Provides Transparency
    • Link all relevant systems to enhance visibility and collaboration between stakeholders.
  5. Take a Long-Term View
    • Capture and track all projects to align with the property’s future investment strategy.
  6. Ensure Ownership Review & Approval Process Compliance
    • Design the system to accommodate necessary approvals from ownership and stakeholders.
  7. Support Portfolio-Level Planning
    • Create a process that facilitates strategic planning for both ownership and management companies across multiple assets.

By following these seven key steps, hospitality businesses can optimize their CapEx planning, ensuring efficient resource allocation, improved financial performance, and long-term asset value growth.

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