Diversify my hotel's revenue sources

Aerial view of the swimming pool of Finca Es Cabàs (Photo: Jairo Iglesias).

Thinking that rooms are a hotel's only source of revenue is a common misconception, but the reality is much more diverse. The most successful hotels have learned to turn every area of their property into attractive and useful spaces for their guests, from the exteriors to the lobbies, bars and restaurants.

The recent pandemic has taught us how quickly circumstances can change and relying solely on rooms as a source of income represents a significant risk if external factors disrupt the market.

Expanding the range of services will allow you to attract a wider audience and reach demographic segments that were previously difficult to reach. Once a customer enjoys a coffee at your bar or pays to use the fitness center, they are more likely to become a repeat visitor and use other services and experiences at your hotel.

In recent years, many hotels have diversified their bookable services. Some of the most popular additional services include:

• Parking spaces

• Meeting rooms

• Co-working spaces

• Rooms for daytime use (rented by the hour during the day)

• Event spaces (such as weddings, retreats and corporate activities)

• Use of the swimming pool

• Use of health and fitness facilities, accessible to both visitors and guests

Adopting a diversified revenue strategy not only increases profits, but also enriches the guest experience, promoting loyalty and repeat visits.