It wasn’t long ago that the ideas for new hotel revenue streams didn’t extend past tiered guest rooms, food and beverage.
As the industry has changed, consumer demand has shifted and competition has increased, more properties are getting creative in finding ways to generate income.
Here are a few ideas for how to increase your cash flow with new hotel revenue streams.
ID VIPs ASAP
Travelers have become increasingly accustomed to the idea that if they’re willing to pay a bit more, they’ll get a bit more – think extra leg room and access to lounges – and it’s an idea that has room to grow in hotels, resorts and timeshares.
Giving guests a tiered experience opens up new hotel revenue streams and elevates the experience at your property. Think beyond just room size to offer premium parking spaces, wellness-themed amenities such as aromatherapy and exclusive access to nearby attractions.
Shut Down Your On Property Laundry
Another non-room-related way to increase hotel revenue streams is to shut down the linen and laundry service in hotels, partner with a commercial laundry service and transform the space once held by hotel laundry equipment into a shop or spa.
Hotels and resorts that have shut down their on property laundry operations have gotten results by converting the space from a cost center to a generator of revenue.
The former home of hotel laundry equipment has been turned into:
- Day spas
- Gift shops
- Back offices so that the existing offices could become a new shop.
And you’ll be saving the environment while saving money. A hotel laundry serviceuses modern offerings such as tunnel washer technology to handle large quantities of laundry using smaller amounts of water and energy.
If you already partner with a laundry service and haven’t yet reclaimed the space from your former OPL, keep in mind that you have plenty of options.
What Will You Try First?
Opening up new hotel revenue streams can not only make your property money, it can attract guests and visitors drawn in by your new offerings and amenities. In that sense, it’s a win-win.