Panel: Think outside the room for new revenue streams
With worries about the state of the hotel cycle and slowing rooms revenue growth, hoteliers are looking for new and novel ways to drive revenue and profitability at their properties.
Speaking during the “Beyond rooms and F&B: Total revenue management practices” panel at the Hotel Data Conference, sources said there are several ways that many hotels are leaving money on the table.
Isaac Collazo, VP of performance strategy and planning for InterContinental Hotels Group, said there are lessons to be learned from how music festivals and amusement parks manage to create tiered experiences based on how much consumers are willing to pay.
“There are ways to make things easier for the customer and make revenues on that,” he said. “At music festivals, you can buy a regular ticket or a VIP ticket. In hotels, we don’t really think about things that way. We need to figure out what’s a VIP item we can charge for. It helps make the experience better and makes money for the hotel.”