Why the Tourism Industry Is Crucial for Hospitality Brokers
Hospitality brokers are in a unique industry. They serve customers by giving them the best possible experience, whether it’s at a suburban hotel next to the airport, a cozy mountain inn, or at a bustling convention center in the heart of downtown. Hotels thrive on more than just business travelers. The other part of the puzzle is the tourism industry. Today’s blog from Southeast International Hotel Brokers explains why the tourism industry is crucial for hospitality brokers.
A Lucrative Industry
Tourism generates nearly $1.6 trillion in America’s annual GDP in economic activity. Hotels account for around one-fifth of that total. Tourism is a lucrative part of the hotel industry. However, hospitality brokers realize that not all tourist destinations are the same.
For example, Las Vegas relies heavily on tourists. But it’s also become a major business travel destination due to many high-profile conventions held in the city. Other cities, such as Seattle, Chicago and Dallas focus primarily on business travelers. However, there are plenty of tourist destinations in and around these metroplexes. Rural and rustic hotels and inns, located outside of cities, need tourism as the lifeblood of their businesses. Hospitality brokers must recognize that there are plenty of opportunities for hotel owners if they cast a wide net to bring in as many occupants as possible.
Tourism Helps in Slow Business Times
Tourism has ups and downs as well as busy seasons and off-seasons. However, business travelers experience the same thing. Empty beds don’t make money, whether they occur during slow times for business or tourism. That’s why tourism is one key to your property’s puzzle. Hospitality brokers understand that seasonal tourism can help fill in the gap when business travel slows down.
For instance, your tourism season may be the opposite time from a business season. Think about ski resorts or beaches. One season relies heavily on tourists, but the opposite season may be perfect for business travelers. The reverse may be true for business-heavy areas. Seattle and Phoenix may see tons of business travel in the winter, but summers may swell with tourism activities. Hospitality brokers can help you pinpoint ways to take advantage of varying seasons for travel.
Partnering With Travel Organizations
You’ve already partnered with your local chamber of commerce. But have you considered a convention and visitors bureau? The job of a convention and visitors bureau is to market the area to tourists, and this type of organization provides a primary way to get your hotel’s name out to more potential guests. Hospitality brokers may suggest simple ways to partner with a local CVB for additional exposure for your brand.
Hospitality Brokers & Southeast International
Hotel and hospitality brokers, such as those at Southeast International, offer dozens of quality properties to elevate your portfolio and create investment potential. We also provide tips and tricks to enhance your business model. Contact Southeast International Hotel Brokers or call (417) 865-2520 for more details on our properties.