Hoteliers Find Ways To Turn Parking Lots Into Profit

Overflow Parking, Event Activation Contribute Revenue

25 June 2021
costar

Hotel parking facilities can be highly efficient profit centers, but often are underutilized by hoteliers who lack revenue management discipline.

Michael Doyle, managing director and executive vice president of asset management company CHMWarnick, said well-operated parking lots and facilities can benefit both the guest experience and returns for ownership.

Selling parking spaces is similar to selling hotel rooms as both require the same level of revenue management discipline, he said. But if there is no revenue management discipline, then a hotel is missing out on opportunities to maximize the performance of its parking operation.

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