Where You Can Make Extra Income After You Buy a Hotel

Running a profitable hotel isn’t an easy venture by any means. You have to dedicate time and effort to make sure everything’s running smoothly. With this being the case, you’d probably welcome the idea of easily making some extra revenue for your property. After you buy a hotel, you’ll probably be looking for any extra income sources you can. Today, Southeast International Hotel Brokers highlights some fairly easy changes you can make to add some dollars to your bottom line.

Potential Extra Sources of Income

The first things that may pop into your mind when thinking of extra revenue are things like an in-hotel restaurant or exclusive suites and experiences for high-paying customers. While these are great revenue drivers, they can take a lot of planning and execution to get them to the point where they’re turning a profit. Instead, we’ll be focusing on some more simple things you can do.

Sell Your In-Room Products

Whether you have an in-house brand for your shampoos, conditioners, body washes, towels, and sheets, or you’ve partnered with an independent company, you should consider selling these products. Some guests love the shampoos or towels they use so much that they’re willing to pay to bring them home. Adding a shopping section to your website that sells these products is a great way to bring a little extra revenue to your hotel.

Offer Discounts and Promotions for Referrals

If you have a rewards program — or even just a customer database — you should take advantage by reaching out to satisfied customers. Sending an email after their stay is a great and easy way to drive repeat and new business. For instance, you could send an email thanking them for their business, along with a coupon for 10% off their next stay. This gives them an incentive to return. Another great email is one that offers them a discount for referring a friend. This gets new customers in the door who will receive that same email after their stay! It’s easy to see how this cycle can drive business.

Make Changes to Your Energy Usage

After you buy a hotel, it’s a good idea to get a complete picture of the utilities and how they work. You may be able to spot some places where a simple change could save you a lot of money. Changing your lights to LED, for instance, can save you a lot on your energy bills. See what the process is for washing towels and sheets and if a more energy-efficient washer and dryer could benefit your bottom line. Doing this assessment right after you buy a hotel allows you to make these changes at an early stage, rather than trying to implement them down the line.

Weigh the Pros and Cons

As with any decision you make to change your hotel, there will be pros and cons. The question you have to ask is whether the extra effort to make the change will benefit you in the long run. The ideas we discussed today don’t take too much time and effort, so they’re usually at least worth considering. When you buy a hotel, it’s up to you to decide if a change fits well with your business model and the way you see your hotel. Always make sure to do a thorough assessment before starting a project, and you’ll be able to more confidently make your decisions.

Buy a Hotel Through Southeast International Hotel Brokers

If you’re in the market to sell or buy a hotel, choose Southeast International Hotel Brokers. We have decades of experience and a vast network of connections to help you find the best property for your wants and needs. Contact Southeast International Hotel Brokers today, or continue browsing our website for more information.