Brody has the best answer here; however, I would also stress the importance of price per key, especially on an all-in basis (most brands will require a PIP/reno on change of ownership which can be anywhere from $5k/key to $100k/key). Price per key is important because if you can take a 150 room and add 15 rooms by getting rid of a ballroom or other space that is not being used, you effectively improve your top line by 10% and hopefully aren't taking on additional fixed expenses (and honestly few additional "variable"). This also assumes you're in a market where you'll maintain your occupancy/rate levels with the additional rooms (which should be easy if you renovate correctly, have the right revenue management team in place, and are offering a newly renovated product).

 

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