Hotels traditionally generate revenue through a combination of sources. The core of their business lies in room stays, where guests pay for overnight accommodation and food and beverage services at restaurants, bars, in-room dining, and events.
NEW VISTAS
In today's dynamic hospitality landscape, hotels thrive on a diversified revenue generation strategy. While room rates remain the cornerstone, true success hinges on deploying effective pricing models. This necessitates a shift from static structures to dynamic ones that adapt seamlessly to fluctuating demand and seasonal trends. Furthermore, hotels can strategically target specific market segments to optimize their business mix. Accurate forecasting becomes the lynchpin of this strategy, empowering hotels to proactively adjust pricing and inventory management, ensuring they capture maximum revenue potential.
"Additionally, hotels can cater to long-term stays by providing special packages or discounts, which appeal to remote workers or digital nomads. Partnering with local businesses for tours, activities, or bundled packages can provide a unique selling proposition for guests. Loyalty programs and monthly or annual memberships for discounted stays, food and beverage offerings, or spa services can build guest loyalty and create recurring revenue streams," says Rayan Aranha, Vice President, Hospitality, Brigade Group.
MAKING A DIFFERENCE
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A Culinary Legacy of Over Five Decades
Chef Manjit Gill talks passion for food; responsibility and the future of Indian cuisine.
Franchise vs. Independent Restaurant Which Is the Better Investment?
Weighing the pros and cons of both...
Menu Engineering
...The key to reducing kitchen waste and improving profitability.
"A successful restaurant starts with a well-defined concept!"
Kula Naidu and Sid Mathur, Directors, Secret Ingredient, reveal the key components of a successful hospitality business
The Decade Ahead
What does the future of India's hospitality industry look like?
From a struggling asset to a thriving business
...Himalayan Hotels has grown 25X in revenue. Tarun Gulati, Director, Ganga Kinare Resorts & Hotels, parent company Himalayan Hotels, shares his success story.
"Unlike conventional resorts, our approach is rooted in Reverse Urbanization!"
George E Ramapuram, Principal Architect & Managing Director, Earthitects, shares the vision behind his unique brand.
Branded Residences: The New Flavour of India's Real Estate Boom
Dinesh Yadav, Founder and Managing Director, Fine Acers Pvt Ltd, explains the increasing demand for branded residences and resorts in the Indian luxury real estate investment market.
Women in Hospitality Serving Up Success
The hospitality industry is at a defining moment where service excellence and luxury intertwine with a deeper commitment to diversity, equity, and inclusion (DEI).
Dilemmas Of A Woman
Career women fight to balance home and work. Dominic CostaBir spots a counterintuitive growth hack that works for married women in India.
