Relying on a single source of revenue – rooms, for instance – increases the risk to your business. One of the surest ways to boost your bottom line and broaden your customer base is to diversify revenue in your hotel.  

The latest guide by Mews, the industry-leading hospitality cloud, explores the best ways to optimise space and maximize profit. It also reveals that lobbies, meeting rooms and gyms can be just as profitable as hotel rooms.  

Get your copy here. 

“The data shows that hoteliers are embracing the idea of hybrid hospitality and a more creative use of spaces – and are reaping the rewards,” said Matt Welle, Mews CEO. 

For instance, Mews customers reported up to A$100,000+ in ancillary revenue in less than one year since connecting parking to their PMS. So how do they do it? 

Moving on from RevPAR as a core metric and embracing metrics like RevPAG and LTV – even in independent properties – is a necessary mindset shift. Start measuring beyond available rooms, and you’ll have a much broader picture of your hotel. There’s been a huge boom lately in hotels offering additional bookable services, such as event spaces, health and fitness, and day use rooms. 

The big winners in the new era of hospitality are hoteliers who know how to capture blended travel, think of space as a resource, and most importantly, build a thriving community that draws in new business. They’re attracting a more engaged, higher-spending guest by offering unique experiences, investing in F&B and maximising upsells. 

Meeting the complex needs of modern guests will soon be impossible without a flexible tech stack. That is why Mews’ guide also covers the three highest impact areas that help to diversify revenue: open APIs and integrations, security and payments, and data and AI. 

“We’ve been able to turn a crisis into an opportunity to grow our capabilities and transform our whole tech stack in 12 months, giving us a modern operational platform to adapt to modern guest requirements quickly and deliver huge efficiencies internally,” said Paul McGrath, CEO of YHA Australia.

“Mews is a big part of our transformation, as it gives us the power to be more agile and aligns with our motto: simpler, leaner and stronger.” 
 
To learn more about this topic from fellow hoteliers and hotel tech innovators, download the guide: How to Diversify Hotel Revenue.