The hospitality industry has never been more competitive than it is today, as hotel owners face consumers’ increasingly high standards and reduced travel budgets, as well as increased operating and construction costs. To survive in the industry today, it’s essential to understand the tax strategies that result in increased cash flow and can actually provide funding for renovations, improvements, and energy efficiency upgrades. Understanding the tax opportunities that are currently available will allow you to develop a comprehensive plan for improvements that makes financial sense and allows you to maintain a property that offers everything today’s consumer demands.

Hotel owners face some unique challenges in maintaining a financially viable business. There are building maintenance and renovation concerns, interior furnishings and often extensive exterior elements to oversee, as well as day to day operations, staffing and customer service. Hotel owners looking at a “big picture” scenario of saving money through energy efficiency have to consider the cost of making the necessary improvements to the property. You might want to retrofit your existing hotel property with energy efficient lighting, HVAC or upgrades to the building envelope in order to save money on energy costs, but you’ve first got to ...