The hospitality industry has been one of Covid’s hardest-hit business sectors.
And with a new variant emerging each season, the pandemic may continue for many years to come. The steep drop in business travel has had an especially dismal effect on hotel revenue. According to a special report issued by the U.S. Travel Association, business travel isn’t expected to return to pre-pandemic levels until at least 2024.
Unfortunately, waiting for occupancy rates to get back to normal can mean steep losses in average hotel revenue. Smart hoteliers and managers are busy finding ways to attract the right customers and capitalize on the business they currently have. But how can you know if you’re investing your time and energy in the right areas?
Hotel Revenue Ideas By Stasher Partners
We spoke to our partners in the hospitality industry and came up with 7 powerful hotel revenue ideas that get results even in today’s market.
Host Live Events
Hosting events is a fantastic way to generate buzz about your hotel, involve the local community, and earn extra income.
Your hotel can host a nearly infinite variety of events. As food and beverage services are major ancillary revenue-earning departments in hotels, hosting events in your in-house restaurant or bar is always excellent for boosting income. Booking musicians with active followings can introduce your hotel to a whole new crowd of locals who will recommend your facilities to their friends and family when they visit.
Open mics, poetry readings, and book signings can be particularly effective for early weeknights. Performers and authors often bring friends who will consume food and beverages. Cooking classes and wine tastings are wonderful events for offering your guests unique experiences while generating extra cash.
Taking professional and engaging photos and sending out press releases will not only create an audience for your events but will give your hotel plenty of material to share on your blog and social media.
Anyone who regularly travels with their furry friends knows that finding pet-friendly lodging can be a real hassle. Fortunately, pet-friendly hotels have been on a steady incline for years, and some major hotel chains have made their pet policy one of their most significant selling points.
Welcoming pets not only increases bookings. Luxury pet services can become a major revenue-generating department of the hotel. Dog and cat-loving travelers are often ready to pay a premium for grooming and other pet-pampering services.
Provide Unique Room Service Experiences
Many hotels still maintain generic room services and forgettable amenities, but today’s customers want more than mediocre minibars and evening turn-down service. Your hotel can rise above the competition by offering unique and personalized experiences.
Why not provide chefs and bartenders for in-room food and cocktail prep? Additionally, business travelers are always looking for unique ways to stay in shape, and offering private yoga, pilates, or personal training sessions can boost bookings from busy professionals. And these days, even budget hotels are offering pedicures, massages, and other in-room spa treatments.
Offer Personalized Packages
One of the easiest ways to boost your average hotel revenue is to create personalized packages. Why not upsell a suite by offering a romantic weekend package, complete with bubble bath, champagne, and comfy take-home bathrobes. You can even add a complimentary spa treatment or dinner for two at an extra cost.
Kid-friendly family packages could include toys, movie rentals, snacks, or an in-suite play area. Many Gen Z and millennial guests will pay hefty fees for an especially equipped room for gamers. If your business is in a state where cannabis is legal, you can offer a special 420 package that includes infused foods and bath items. Early check-in, late check-out, and luggage storage are package additions any guest will appreciate.
Rent Exclusive Smart Rooms
Have you been thinking about trying out some of the latest hospitality technology at your hotel? You don’t need to remodel your entire building. Instead, you can start by fitting only a few of your spaces with smart technology, charging a premium for the experience.
Upgrades may be as simple as keyless entry or smartphone-controlled lighting and heating. But some hotels cater to tech-savvy guests by incorporating virtual reality, such as transforming a wall into an undersea paradise or another fantasy environment.
Partner with Local Tourist Attractions
Is your hotel located near a museum, music venue, or another local point of interest? Most attractions are more than willing to create mutually beneficial partnerships with hotels. All you’ll need to do is feature the attractions on your hotel app, and you can make instant commissions for information your staff would be providing your guests anyway.
Golf courses, beaches, and nature trails all make excellent opportunities for partnerships. And with the ever-increasing fees for flying with oversized items, your hotel can make a killing renting sporting equipment. Tour companies are also happy to part with a small percentage of their fees in exchange for recommendations.
By opening your facilities to the public, you can turn your rarely used pool or gym into one of the highest revenue-earning departments in your hotel. With more people freelancing, co-working spaces are in high demand, especially if they’re equipped with audio-visual devices and dual monitors. You can also make extra cash selling printouts, copies, and office supplies.
Renting conference facilities to the general public at a discounted rate can do wonders for making up for lost business revenue. Hosting pop-up galleries, craft fairs, and community meetings are excellent ways to recuperate lost revenue while welcoming the local townspeople to your hotel, restaurant, and bar.
One of the easiest ways to earn passive income is providing travelers with luggage storage without requiring them to spend the night. As official transportation hubs and venues tighten bag policies, providing more limited and expensive storage, travelers are continually searching for alternatives. Partnering with companies like Stasher can earn your hotel thousands in supplemental income from just a few meters of unused space.
Join Stasher’s list of reputable hotel partners and start earning today!
Hi! I am George and I am the Content Lead for Stasher.com. I love travel, writing, making music and meeting new and interesting people.