Beyond Rooms: How Hotels Are Boosting NOI by Monetizing Parking
🅿 Hotels traditionally offer parking to guests, but selling extra parking to non-guests, particularly during high demand periods, can be profitable. Self-parking has a margin greater than 60%, while breakfast offers approximately a 30% margin. Utilizing parking OTAs (Online Travel Agencies), hotels can list available parking and increase Net Operating Income (NOI) without significant upfront investment. New technology enables low-cost solutions that scale with revenue, allowing hotels to eventually invest in equipment like gates and staff, further driving NOI. Partnerships with parking companies should prioritize the guest experience and offer incremental revenue with minimal operational impact. Ethan Glass, CEO & Co-Founder of Ocra, specializes in increasing NOI for hotels by selling underutilized parking to non-guests.
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