Thursday, April 25, 2024
HomeDiversityHospitalityHow hotels are diversifying their services to increase revenue, especially during pandemics?

How hotels are diversifying their services to increase revenue, especially during pandemics?

With events and travel delayed last year, all hospitality industry segments have been forced to rethink their business strategies to stay afloat. While there are signs of recovery, such as increased hotel bookings, the pandemic has drastically altered consumer wants and expectations, necessitating businesses to adapt their offerings.

Hotels, in particular, have been forced to rethink their traditional business strategies and come up with innovative methods to utilise their available space. Hotels have begun to use their suites as coworking spaces, offer in-suite private dining packages, and offer a range of incentives to generate money throughout the pandemic. While COVID prompted the implementation of these new revenue techniques, guests will continue to seek unique experiences that are secure.

Day bookings for remote work are available. 

With remote work becoming the new normal and the chance of office lease renewals being low, many people are searching for a change of scenery, allowing hotels to provide them with a means to remove the “home” out of “work from home” and shift to “work from hotel.”

Taking advantage of enormous areas for small gatherings 

Despite how accustomed we have all become to virtual meetings, there is something to be said for meeting colleagues face to face. 

While corporations may have traditionally reserved huge meeting spaces for large conferences, hotels may now use these more extensive facilities to connect in person while maintaining a safe distance.

Providing incentives for more extended stays 

Going to a new destination for a longer-than-usual stay has proved appealing for those trying to scratch their “travel itch” during the pandemic due to quarantine limitations after visiting. Employees who have never worked remotely (many for the first time) have discovered a whole new world for those who have the flexibility to relocate and work from various locations for months at a time. Hotels can take advantage of this opportunity by giving discounts on prolonged stays to this demographic.

Private dining reimagined 

Developing a constant stream of recurring customers requires creating unique and memorable experiences for guests. Making use of hotel rooms as private dining rooms is a fantastic approach to create a memorable experience.

In addition, hotels with restaurants have collaborated with their staff to provide takeout meals for their guests or those in the surrounding neighbourhood who want to get a quick bite to eat. Hotels have offered grab-and-go markets, curbside pickup, meal kits, and collaborations with delivery apps to increase dining revenue.

Taking the initiative to move forward 

The hospitality business is regaining its footing. More people are getting the COVID-19 vaccine every day, and many feel optimistic about resuming their pre-pandemic lives. People are starting to feel more secure than they have in over a year. 

With spring and summer activities on the horizon, hotels can begin preparing to welcome guests back with open (six-foot distance) arms if they haven’t already. Finding innovative ways to provide unique visitor experiences while increasing revenue will be critical for hotels to continue their path to recovery.

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Himanwita Mazumdar
Himanwita Mazumdar
Assistant Editor at Business Review Live. Currently pursuing Masters in Media and Communication Studies (MSc) from Savitribai Phule Pune University, India, with a Bachelors degree in English Literature. She specializes in Feature writing.