Expanding Hotel Revenue Streams

Kevin Carey, the American Hotel & Lodging Association’s new executive vice president and chief operating officer, shares how hoteliers can position their own properties to expand and add revenue streams. “Given the breadth of the industry—from global brands all the way to independent bed and breakfasts—no one approach or one size really fits all,” Carey notes. However, he says, there are some proven strategies that every hotelier should consider.

Deliver on your brand promise.
“A tried and true method is to make sure you’re always delivering on your brand promise with your customers.”

Ask how you can reinforce your value proposition.
“It’s important for an organization of any size to continuously be focused on how it can reinforce and improve its value proposition with its customers.”

Build a mindset around innovation.
“Have a mindset around and embrace innovation. Be courageous and willing to create the new approaches that will be successful and are necessary for your business to thrive and prosper in the future.”

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