Hotels turn to parking revenue

Hundreds of hotels across the UK are earning valuable extra revenue by renting out their vacant car parking spaces, YourParkingSpace.co.uk has revealed.

The service provider suggests that hoteliers are set to earn over £850,000 this year from renting out their spare spaces through its website. Some 250 hotels, including big names such as Novotel, Holiday Inn, Thistle and Stay City are now using YourParkingSpace.co.uk’s online parking service, with some hotels generating in excess of £3,000 a month.

Despite an improving economic outlook, the rise of new travel technologies and alternative accommodations such as Airbnb, has meant that traditional hotels are having to create new strategies to increase income and reduce costs, so renting out unused parking spaces is a great way to earn extra, regular income.

The Copthorne Tara Hotel in Kensington, London has recently started renting out its spaces through the site, both on a long and short-term basis. ‘Our hotel is based in the heart of the city close to a number of popular tourist attractions and so demand for parking is always high,’ commented Niek Mestdagh, operations manager of The Copthorne Tara Hotel. ‘It made perfect business sense to rent out our underused spaces and I’d recommend any hotels with spare spaces to consider doing the same. It brings in welcome additional revenue and with YourParkingSpace.co.uk taking care of everything, you can continue to focus your time and resources on running your core hotel business.’

Harrison Woods, managing director at YourParkingSpace.co.uk commented, ‘Some hotels have seized the opportunity, and are now making significant amounts of money from their unused parking spaces but there are still many more hotels across the country who are losing out on this lucrative revenue source.’