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.