New independent hotel revenue streams to explore in 2019

Generating additional revenue is always top of mind for independent hoteliers, but identifying new revenue streams can be challenging in an already fast-moving business.  Here are a few thought starters that independent hoteliers can leverage to drive fresh revenue in 2019:

Meetings and conferences

Analyze how visitors are currently utilizing your existing facilities and explore converting and/or dedicating space to host meetings and conferences.  Having the capacity to offer guest rooms and on-property meeting space can open independent hotels up to a new segment of customers.

Co-working space

With the expansive growth of the gig economy and freelancing, more office-less professionals are looking for comfortable workspaces with strong wi-fi and other basic amenities that independent hotels routinely offer.  Hotels with available workspaces may have an opportunity to tap into this lucrative market.

Flexible outdoor space

Weekend farmer’s markets and food truck fairs are a great draw in many local communities.  Independent hotels may be able to host these events in their parking lot and/or greenspace.  While rental fees paid by vendors may need to be applied to city permits, the foot traffic and brand awareness generated by these events can deliver solid long-term returns.

Local artists and merchandise

Similar to the flexible outdoor space concept, hotels with flexible indoor space can offer local artists space to sell their hand-crafted merchandise.  Whether on consignment or in-person, connecting local artists with travelers can produce a nice revenue stream for independent hotels.

Pet-friendly guest rooms

Designating pet-friendly guest rooms can quickly endear your hotel to pet-loving travelers who are more than willing to pay an additional fee to bring along their furry companion.  While these rooms will require specific housekeeping and service offerings, the potential for new bookings can quickly deliver great value for the entire property.

Redefined fee structure

Redefining fee structures for bookings can better protect hotels against cancelations, as well as mitigate the fears some travelers have of non-refundable rates.  For example, rather than not allowing refunds or changes to pre-paid, non-refundable room rates, consider allowing changes for a fee that doesn’t result in travelers losing a full night room rate but still allows your property to collect revenue and maintain positive guest relationships.

Learn more about how innRoad helps independent hotels unlock value and generate greater returns by speaking with one of our experts today.

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