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Is it time to invest in improving your hotel? Industry vet Steven Belmonte says you’d be crazy not to. Here’s why.

WINDERMERE, FLA. — FEBRUARY 11, 2010 — “Are product upgrades and renovations really needed during hard economic times?”

That’s a question I used to get asked a lot. But, as always, things change—and, obviously, not for the better, at least economically speaking these days. And so the question has changed. In these almost unprecedented hard economic times, the question isn’t so much whether a renovation is needed—rather, it’s whether a renovation is, first, viable and, second, whether it’s a smart thing to do.