An impossible question to answer without the bigger picture facts. Hotel 1 appears to outperform with rooms revenue 💰. However, Hotel 2 excels at optimising other revenue streams such as F&B, Lobby, Retail & Leisure. It focuses on value packages, up-selling, space maximisation and customers retention – making Total Revenue 1.5m better off overall.
Today we discuss the oncoming boom – the wall of money (£170bn of excess savings) who are ready to spend, spend, spend. 💲💲💲 Where are you bursting to go? I am counting down to a spa break.
A favourite metric of mine is Total Revenue Per Square Foot – optimising space and experience. In this example, Hotel 2 comes out £22 TRevPSF ahead.
Ways to capitalise on pent-up demand:
💰 Hold steady on rate – people are prepared to pay
💲 Don’t leave money on the table – upskill staff on up-selling
😀 Audit and fix any customer experience gaps
🎯 Stand out from the competition with targeted marketing
💑 Communicate, communicate and energise teams