Although 2021 has marked a positive shift for the hospitality industry, occupancy rates for hotels are still hovering below pre-pandemic levels. One large contributing factor is the decrease in corporate travel, which typically makes up a significant amount of dependable revenue for hotels.
While the rollout of vaccinations in the first quarter of 2021 helped boost hotel demand, most corporate travel policies remained constricted as companies did not want to take on the liability of increased travel. As a result, hotels in urban and city areas –which are often the site of corporate conventions – currently have lower occupancy rates than those in leisure destinations.
For hotels that generate a large percentage of revenue from corporate travel, there are creative ways to boost existing revenue streams while waiting on the corporate world to rejoin the hospitality industry. In this article, we’ll share three major ways your parking provider can help you shore up existing revenue streams.