Maximizing Hotel Space for More Profit

By Lily Mockerman Founder, Total Customized Revenue Management | January 06, 2019

It's a new year, and all around the country, people are creating their New Year's resolutions. Maybe you want to lose some weight, make more money or be more organized. But what about your business? Have you set goals beyond your standard budget and marketing plan? How will you develop your potential for profitability in the new year?

As any hotelier knows, empty rooms and areas within a property generate no revenue. Hotels deal in perishable inventory. Opportunities exist only for a specific time. Once that time passes, there's no way to recoup that opportunity. This is why it's so important to utilize every part of the property for revenue, not letting any area lie fallow.

An increasingly viable solution to this situation, one which is often overlooked, is maximizing your hotel space for more profitability. This concept brings us far beyond using a space for its pre-defined purpose, never going beyond that intended function. Maximizing hotel space means much more than maximizing meet space revenues. The goal behind this exercise is to re-evaluate all of the physical assets of one's property to find new and more efficient ways to generate ancillary revenues.

Many hotels, whether by design or happenstance, include areas of physical space that are underutilized. Looking at the property from a different viewpoint will surely turn up several areas of opportunity.

The Possibilities

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Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.