Secrets to Boosting Accommodation Business Revenue

AquaTerra Brokers
Sep 20, 2024
2 min read

Updated: Oct 25, 2024

If you're planning to sell your accommodation business in the next few years, having a healthy profit and loss sheet is essential. One of the best ways to increase revenue—whether you run a motel, caravan park, guest house, or manage rights to an accommodation business—is to focus on attracting guests during off-peak times, such as midweek and outside of school holidays.

Secrets to Boosting Accommodation Business Revenue

Here are some expert tips to help you promote your accommodation property during the off-season, creating a successful revenue management strategy while preparing your business for sale.

Tip 1:

Align with the Season

If your business experiences slow periods, you can turn the season into an opportunity. Promote local events and activities that take place during quieter times, like winter sports, kids’ activities, holiday events, or themed parties (such as Christmas or Easter). Midweek events and Local Markets offer an excellent starting point to increase bookings.

Tip 2:

Collaborate with Local Businesses for Holiday Packages

Partnering with local businesses can add value to your accommodation. Work with restaurants, spas, golf courses and tour companies to create packages that bundle services, attracting guests while boosting your occupancy without lowering rates. It’s a win-win, enhancing both your business and the local hospitality industry.

Tip 3:

Promote Staycations and Business Travel

Take advantage of the growing ‘staycation’ market by marketing your accommodation to local residents looking for a short getaway. Special event packages (like for Valentine’s Day or Local Festivals) can entice guests.

Don’t forget about business travellers, who often require midweek stays. Offering amenities like free Wi-Fi and workspace within rooms can make your property an attractive option for corporate stays, helping you maintain higher occupancy outside of weekends and holidays.

Tip 4:

Harness Social Media for Awareness

A lack of awareness is one of the primary reasons for low occupancy. Utilise social media to reach potential guests, as it’s a cost-effective way to boost visibility. Grow your following by offering exclusive packages to your online audience and sharing interesting stories about your region, encouraging guests to explore and stay at your property.

Contact your database via email or Facebook of previous guests and companies that have booked with you over the years with any offers you may have for these periods.

Tip 5:

Consider Renovations

If you’re preparing to sell your accommodation business and want to enhance both its value and occupancy rates, a renovation might be worth considering. Focus on updates that appeal to your market, but always consult with a professional broker to avoid overcapitalising and ensure the improvements align with what buyers are looking for.

Let’s Help You Improve Off-Season Revenue

At AquaTerra Brokers, we combine industry and actual experience and in-depth knowledge to help you maximise the profitability of your accommodation business. Whether you’re preparing to sell or simply looking to enhance revenue, we can guide you every step of the way.