When strategising about the optimisation of your hotel’s revenue streams, hotel parking and its lucrative opportunities rarely come to mind. For most hotel managers, the parking they offer to their visitors is not only complementary and an essential part of the service, but it is rarely considered a multi-million feature that it actually is. Or rather, that it can become.
On an annual level, you hotel’s parking can rack up tens of thousands of dollars, if not millions if your business takes off, and in order to exploit and maximize this lucrative opportunity you need to implement the following steps. Here is how to boost the revenue of your hotel parking.
Embrace parking technology
Firstly, the majority of hotel parking charges are based on an honour system that doesn’t work, and that never will. Charging for parking only to your guest that admit to having a car and failing to monitor your daily parking occupancy can cost you thousands of dollars on a weekly basis.
More than 50% of visitors will park for free any given day, and by simply introducing a parking access and revenue control system (PARCS) you will not only eliminate unauthorised parking, but you will also be able to charge a valuable feature. This will help you pull in more revenue to better your business across the board.
Revenue control and guest parking
Rather than thinking of your parking space as a complementary amenity, you need to think of it as a small gold mine ready to be dug out. This will help you maintain the quality of your overall service, but also invest time and resources in training your staff to handle parking logistics and finances rather than just watching over the parking lot.
