15 Sep Infographic: 6 Proven Strategies to Transform Hotel Parking Into a Significant Revenue Stream

Turn Your Parking Facilities Into Dynamic Assets With Tangible Returns

Parking as a Key Revenue Stream

Parking can be a core revenue stream, just like rooms, F&B, or events. Parking is an asset and not just a service or amenity.

What Is RevPAS?

RevPAS, or Revenue per Available Space, is a key performance indicator (KPI) used at Towne Park to measure a hotel’s parking revenue and help optimize performance.

Much like RevPAR (Revenue per Available Room) in hotel room sales, RevPAS provides insight into how profitable your parking strategies are, how well you utilize space, and how well you generate revenue overall.

6 Strategies for Optimizing Revenue

1. Assess your parking as a revenue source

Before introducing any new strategy, assess your current parking facilities, conduct market research, and consider the viability of paid parking, which hotels of all types are increasingly adopting as a source of ancillary revenue.

2. Develop effective pricing strategies

Just as you would for rooms, treat parking spaces as perishable assets. Apply optimization techniques like dynamic pricing, based on real-time demand, seasonality, local events and rate, which uses historical data, market trends, and competitor pricing to determine the optimal rate to maximize RevPAS.

3. Implement an efficient revenue control system

Charging for parking requires an efficient revenue control system, such as a gateless digital solution like Towne Park’s T-Park®, an easy-to-implement option that requires no capital or investment.

4. Enhance guest experience

To successfully monetize parking, you need to personalize it to match guests’ preferences, ensure its ease of use, and emphasize a positive guest experience.

5. Distribute unused spaces online

Maximize parking utilization and revenue by selling spaces to non-hotel guests through online booking channels. Towne Park drives demand and optimizes price by utilizing our proprietary revenue management platform to automate the distribution of parking inventory across multiple channels in real-time.

6. Leverage data for real-time decision-making

Leveraging data in parking management can significantly enhance efficiency and revenue through market analysis, demand forecasting, and trend identification, with Towne Park offering industry-leading expertise in data acquisition, analysis, and implementation.

Get the Most out of Your Hotel’s Parking

With Towne Park’s 35 years of expertise, innovative solutions, and data and analytic capabilities, we can help you efficiently transition to paid parking and maximize your revenue and profit from day one.

Visit us online at Towne Park or contact us at tpark_contact@townepark.com.

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