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To succeed in hospitality, hotels must go beyond room bookings, tapping into ancillary services to drive growth amidst changing markets. In the competitive world of hospitality, maximizing revenue from room bookings alone is no longer sufficient for sustaining growth and profitability.
Well, here’s a trick called “ancillaryrevenue.” To put it in simple words, ancillaryrevenue or additional revenue is like a bonus income that hotels can earn from things besides just renting rooms. That’s exactly what ancillaryrevenue is all about.
What is ancillaryrevenue? Ancillaryrevenue is when you earn income from additional services or products offered at your hotel. By offering these added touches, you’re not just boosting your revenue; you’re creating memorable experiences that make your hotel stand out. It’s a virtuous cycle.
In today’s fast-paced hospitality landscape, staying ahead of the curve is paramount for maximizing revenue potential. As technology continues to evolve, so do the strategies and innovations within revenue management.
Hospitality leaders embrace technology for growth Our latest report, “ Travel Technology Investment Trends 2024 ,” reveals a strong commitment among hoteliers to increase their technology spend. As the hospitality industry evolves, it’s exciting to see more hoteliers recognizing the immense value of a CRS.
Guests are no longer satisfied with mediocre dining options at hotels. A robust F&B program can positively impact revenue in a significant way, driving repeat stays and attracting local guests. Distinctive dining options can set your hotel apart, making it a destination in itself.
Tock, a reservation, experiences and events platform for the hospitality industry, has partnered with Curator Hotel & Resort Collection. As Curator’s newest platform partner, Tock will empower member hotels and resorts to streamline their operations, drive ancillaryrevenue and elevate guest experiences all on one system.
And a Customer Relationship Management (CRM) system designed for hospitality has the power to make hotels stand out from the crowd. The one-of-a-kind set-up of hotel operations means the hospitality technology space is very fragmented. Positive guest interactions are the starting point for long-term loyalty and stand-out experiences.
The hospitality industry landscape is changing continuously. And with so many evolving hospitality trends for 2024, it can be very confusing. From hospitality technology to sustainability— the choices around them are never-ending. Let’s take a look at it one by one.
The hospitality industry has witnessed a significant shift towards digitalization, leading hotels to adopt digital keys as a way of improving internal operations, reducing costs, increasing direct sales, and enhancing hotel guest satisfaction. In fact, 70% of hotel guests would be more willing to stay at a hotel with digital key technology.
In the fiercely competitive hospitality industry, the essence of successful resort revenue management lies in data-driven decision-making. This approach is pivotal in optimizing financial performance and driving both revenue growth and guest satisfaction.
A well-crafted hotel business plan is essential for laying the foundation for success in the competitive hospitality industry. Hotel facilities and amenities: Detail your hotel’s facilities and amenities, including the number of rooms, room types, dining options, meeting rooms, and leisure activities.
The luxury Puerto Rico property has prospered despite a 4-year closure following Hurricane Maria in 2017, a global pandemic, and the adjustment of leaving the umbrella of one of the world’s largest hospitality brands.
Higher Spending: Members tend to spend more during their stays, splurging on room upgrades, dining, and other services. Beyond the Room: AncillaryRevenue Stream Last but not least, let’s dive into a side of hotel revenue that often gets overlooked but can be a serious game-changer for your bottom line: ancillaryrevenue streams.
Higher Spending: Members tend to spend more during their stays, splurging on room upgrades, dining, and other services. Beyond the Room: AncillaryRevenue Stream Last but not least, let’s dive into a side of hotel revenue that often gets overlooked but can be a serious game-changer for your bottom line: ancillaryrevenue streams.
Higher Spending: Members tend to spend more during their stays, splurging on room upgrades, dining, and other services. Beyond the Room: AncillaryRevenue Stream Last but not least, let’s dive into a side of hotel revenue that often gets overlooked but can be a serious game-changer for your bottom line: ancillaryrevenue streams.
Rising room rates drive greater focus on ancillaryrevenue Inflation and rising costs are squeezing room rate profitability, making ancillaryrevenue more essential than ever. When executed thoughtfully, these offers can boost revenue and elevate the guest experience by anticipating their needs.
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