exterior and physical structure upgrades and repairs;
amenity upgrades; and
furniture, fixtures, and equipment changes.
A required timeframe for the improvements, which is typically negotiated.
The branded hotel manager or franchisor usually proposes the property improvement plan either with:
The branding or rebranding of a hotel on the acquisition of or change in hotel ownership.
The continued ownership of a hotel. For example, under a long-term management agreement, the hotel manager may have a right to propose a new PIP on designated events or times.