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 June 2024 edition of Hotelier India.
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 June 2024 edition of Hotelier India.
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
Why Western Couples Are Choosing India For Their Big Day?
Decoding the reason, and how to cater to them...
A Match Made in India
Director General of Tourism Mugdha Sinha's grand vision for wedding tourism...
Tee Off in Style
Hoteliers are giving golfing facilities a boost even as they offer putting greens that make the sport popular.
Bespoke Getaways: What Makes Them Desirable?
Boutique hotels are increasingly becoming the first choice among discerning guests as they provide meaningful breaks.
Blending Tradition with Innovation
The balance of honouring tradition while adding a dash of modern flair is what keeps the culinary scene fresh and exciting...
DON'T THINK, OUTSIDE THE BOX
The oft-quoted maxim, \"Think out of the box!\" does little to encourage creativity or innovation and often is their enemy.
Putting the Wow into Weddings
As hotels become the preferred venue choices for weddings, the industry is certainly shaking things up.
Innovation Is Not an Option but a Necessity
Emphasizing the need for the Indian hospitality sector to innovate and disrupt itself in the current transformative period.
Why Marriott built its GCC in India?
Drew Pinto, Executive Vice President and Chief Revenue & Technology Officer of Marriott International, tells Hotelier India all about finding the best talent in India...
FROM POTENTIAL TO POWERHOUSE
In an exclusive and candid interview with Hotelier India, Gajendra Singh Shekhawat, India's Minister of Culture and Tourism, speaks about how tourism and hospitality will power India's economy by 2047.