Independent hoteliers are always searching for new and creative ways to maximize their revenue-generating opportunities. However, moving from “idea” to “implementation” can be a challenge, so here are some easy-to-execute ideas to help hoteliers navigate their way along the path to profits.
Develop an upsell strategy
Leveraging existing programs is generally the fastest way to new profits, so developing a guestroom up-sell strategy can help unlock value from a hotel’s most valuable assets. Both online and in-person, hotels should present travelers with options to enhance their stay with upgrades and/or add-ons. This can include selecting a room with a superior window view, greater square footage, different bed type, in-room amenities, specialized services and more.
When pricing upsell options, it’s important to evaluate various factors, including quality of execution, labor, product costs and prices offered by competing hotels for similar experiences. It can feel like a tightrope balancing act, but providing travelers with upsell options at a great value can generate excellent profits for your hotel.
Create partnerships and special packages
Another key area of opportunity for independent hotels exists just beyond the property walls. Establishing strategic partnerships with local community organizations, such as tourism boards, restaurants, attractions and large festivals, can provide independent hotels with the drawing power and marketing muscle capture greater annual profits.
For example, partnering with a local food and wine festival as their official lodging sponsor and offering special rates for attendees can help secure guaranteed room nights and revenue. By establishing the right partnerships and special packages, independent hotels can thrive with the increased exposure to new travelers and create new revenue streams that lead to record profits.
Learn more about unlocking value from your independent hotel by speaking with one of our hospitality industry experts today.