Every hotel or lodging house over two (2) stories in height shall be provided with permanent iron balconies, with iron stairs leading from one balcony to the other, to be placed at the end of each hall in and above the second story in case the hotel or lodging house be over one hundred and fifty feet (150′) in length, and in other cases such number of balconies with stairs as may be directed by the fire department or authority having control of the fire regulations of the city or town where the hotel or lodging house is located. The balconies and iron stairs shall be constructed at the expense of the owner of the hotel or lodging house.