Should hotels look to diversify their income streams now?

In the last view point at hospitality Net we have had a very hot topic.

Lead by my dear friend Chris Hütter we have talk about "Should hotels look to diversify their income streams now?"

Here its my vision ...

We have been talking about total Revenue for a long time ... but after all these years I have the feeling we remain at the starting point. It's completely true during the pandemic hoteliers were forced to look after every single dollar that they could, some of them tried to improve their upselling and cross-selling processes, some of them tried to convert their rooms into office or co-working spaces and more new ideas came up, but today the industry is almost recovered and probably a big % of this ideas has been abandoned ..?Why?

All the hoteliers are facing now a really big problem,.. they are short of staff so they are not able to cover all the areas and they are focussing on our core business .. selling rooms ... we are hoteliers and our core business is that.

We need to start being competitive with others industries if we want to expand our sources of income... because nowadays we are not able to cover our 100% of needs in terms of the labor force.

Once we resolve that we can start to rethink our new ways of doing business ... and try to recover this pandemic feeling that every single way of doing business is pure gold.

We need to invest a lot of time and effort in the workforce to build some strong strategic plans to increase our ways of doing business.

• Co-working Experiences
• Extended stays
• Invest in F&B
• Online Store (Home Decor & Merchandise)
• Rental Spaces

From RevPar to TrevPar

Until we don't change the way we use our metrics we are forced to have a partial view of our business .. its important we change our vision and try to replace our most used metric the RevPar .. alias?"God"?in the Revenue industry to the TrevPar ... Total Revenue per Available Room.

PS: I named it God buy we all know the RevPar has a lot of disadvantages and one of them is we don't have the total incomes.