When it comes to revenue opportunities for a hotel, there are two main categories: Sales and Savings.
Both categories are useful and can be applied in different settings. Adopting strategies and implementing new tactics that save money by cutting back on a cost is very beneficial, and is more of a long-term strategy. Investing money up front, perhaps in some sort of product that can be sold, is also an excellent source of income for a hotel.
All too often the quick-pace of life gets in the way of taking the time to assess where more revenue might be saved or acquired, ultimately hurting a hotel’s bottom line.
We’ve compiled a quick list of some often overlooked revenue ideas for hotels from both categories. Ways to save revenue (thus increasing it over time), or to immediately increase revenue.
Though it may be more fun attracting leisure and transient travelers, group and meeting business make up a substantially larger piece of the revenue pie for hotels. Often times, group and business events make up nearly 50% of a hotel’s revenue – that’s some serious cash! Most likely you’re already well aware of the revenue percentage your hotel receives from groups and meetings, but are you equally as aware of every ancillary income opportunity? Do you have the most profitable strategies and practices in place, that will help positively impact your bottom line? As we head into the new year, it’s imperative that your entire management team has the knowledge and tools in order to hit every revenue goal throughout the year. Heed the following advice and practices, and you will be one of the profitable hotels exceed all revenue goals for 2016.
Bistro 880, Newark’s newest eatery offering locally sourced comfort food, sushi rolls, and hand-crafted cocktails, announces its fall 2015 grand opening. (Newark, CA) Bistro 880, a new eatery set to open this fall in Newark’s DoubleTree hotel, is gearing up to become one of the Bay Area’s most unique dining experiences. Promising “a transformation of
We know, it’s tricky. The restaurant has seen better days since opening its doors in the early nineties. It’s outdated, perhaps even “tacky”? Meanwhile, the rest of your hotel has been updated to reflect modern times. It’s painfully obvious, your restaurant is in desperate need of a renovation, but the task seems overwhelming, so the
Keeping up with the constant evolution of marketing, and all of its related tools can be tricky at times. Between Google constantly changing the rules of the game, shall we say, and the ever-changing social media scene, how can an organization know where to allocate resources, and where to pull back?
When it comes to hotel operations, one of the least glamorous topics of discussion is housekeeping. It’s usually not a crowd-pleaser, but it’s imperative to a hotel’s success and bottom line.
It’s easy for efficiency to be lost, resulting in a loss of revenue. A huge challenge in this department is figuring out how to reduce the overhead, without compromising output quality. Any loss in quality will consistently result in negative reviews and a loss in revenue.
The millennial generation is shaping the hospitality industry. This is the generation born from the early 1980s through the early 2000s. A generation accustomed to instant gratification, constant technology updates and evolutions and the ability to both be alone and connected all at once. It’s imperative that your hotel management team understands this generation, and exceeds their needs and expectations. Especially considering within the next 10 years, this generation will comprise the largest customer segment within the travel industry. By 2025, this generation will account for 75% of the workforce, according to this study.
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