With the pandemic still fresh in everyone’s mind and with different variants emerging, COVID has turned much of the past year and a half on its head, including travel and the hospitality industry. Yet, the hospitality industry is slowly recovering and now may be the perfect time to take advantage of hotel lending to market your competitive offerings.
Hotel Lending Can Help Fund Marketing Efforts
As restrictions are easing, many people are traveling for the first time in quite a while. So, now may be the time to start increasing your marketing efforts to boost business. Hotel financing may help provide the funding needed for increased marketing and operations after such hard times.
Capturing the attention of travelers is crucial. Many people are willing to spend a little more after feeling isolated during shutdowns and quarantines. Also, with convention and business travel still lower than average, it may help to focus on individual travelers for now. It may be a good strategy to help increase occupancy rates.
Some Competitive Offers Hotels Have Over Vacation Rentals During COVID
One somewhat surprising, but potential silver lining of the pandemic is that it may have helped even the playing field between hotels and vacation rentals. There are a few reasons for this. First, people have a higher awareness of cleanliness. They expect a professional clean every time to help protect them from germs. In addition, many people are looking for more flexible cancellation policies in case of sickness or other issues. The rising costs of vacation rentals may also be a contributing factor. Many hotels have several competitive advantages over vacation rentals that they may be able to leverage. One study even found that more people who traveled since March of 2020 stayed in hotels than any other property type. This may be due to the confidence that hotels provide professional cleaning.
Amenities can also be a major selling point for many hotels when compared to vacation rentals. Offerings like room service, prime locations, breathtaking views, pools, activities, and more can be a major marketing point for many properties. With more people looking for adventure and novelty after stay-at-home orders, this may provide more opportunities for hotels and resorts to up their occupancy rates.
To help travelers feel safe and for added convenience, many hotels are also looking at contactless options for many things. Hotel loans may help provide the funding needed to invest in contactless check in and check out, virtual concierge services, and other additions that give travelers the option to choose how much contact they have with others in the property. This, too, can be a competitive edge for many properties.
Hotel Financing Experts at Stonehill
When you need hospitality financing solutions, our team at Stonehill offers sophisticated services and customized offerings to suit your needs. As a leading hotel lending provider, we are here to help provide the funding you need for growth and stability. Contact us now to learn more and get in touch with our experts.