Hospitality Broker Analysis: Benefits of Working with a University
As hospitality brokers, we see a lot of unique ways that hotel owners bring in revenue. One method we’ve seen that can prove especially lucrative is partnering with a university in your area. A partnership done properly can bring in a lot of revenue streams and give you steady, reliable income throughout the year. Today in the Southeast International Hotel Brokers blog, our hospitality broker team gives its take on the benefits of partnering with a university.
Benefits of Partnering with a University
There are many benefits to partnering with a university, but we’ll just cover some of the more significant ones. The biggest benefit will come with the customer referrals you receive from the university. One of the most significant revenue boons you’ll see is when the university hosts events for visiting parents. Obviously, the parents won’t be staying with their children in the dorms. A simple reference from the university could convince a lot of them to choose your property. Sports games are another opportunity for big increases in revenue. Away teams, their fans, and alumni visiting from out of town can all choose your hotel as their primary accommodation. Also, anytime the university needs a place to hold a conference or staff meeting, they can use your hotel’s conference rooms and event spaces if you make them available. Finally, one of the biggest intangible factors is the amount of exposure and marketing opportunities it gives you. As you can see, a university partnership can be a great thing for business.
How to Reach Out
Now that you’ve seen some of the benefits, you may be wondering the best way to reach out. Since this is a big decision for the university, you’ll need to talk to people in higher up positions. A hospitality broker would recommend contacting the university and simply asking who you need to get in touch with. Putting together a strategy that shows the decision makes sense for both sides is the best way to propose your idea. Show them how they can benefit from this decision too. Our hospitality broker team has noted a few factors that typically influence their decision: your hotel needs to be in close enough proximity for the decision to make sense, you should have event and meeting space to provide the most value for them, and you should consider discounted rates for referrals through the university. The combination of these factors should help influence their decision in your favor.
Speak with a Hospitality Broker Today
If you’re in the market to buy or sell your hotel, make sure you choose the best in the business. Our hospitality brokers have the experience and knowledge you need. For more information, and to speak to a member of our hospitality broker team, contact us today.