That is according to the U.S. Lodging Industry Capital Expenditures Trend Analysis Report by Bjorn Hanson, an adjunct professor at the New York University School of Professional Studies' Jonathan M. Tisch Center of Hospitality. The report is based on extensive interviews with operators, press material, information around brand standards and other data.
Capital expenditures are defined in the report as costs incurred with the purchase and installation of capital assets to maintain, renovate and enhance hotels. For example, wall coverings and carpeting are generally included as capital expenditures. Smaller improvement like painting generally are not. New construction, room additions and major construction to convert a hotel to a significantly different property were not included as capital expenditures for the report.
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