Empty parking spaces offer financial lifeline for hotels but pubs and restaurants lag behind
Empty parking spaces can make additional income for the hospitality sector
Hotels are embracing additional money making opportunity renting out empty parking spaces but pubs and restaurants lag behind reveals YourParkingSpace.co.uk, The online parking portal currently lists parking spaces at 850 hotels, compared to just 85 pubs and 15 restaurants.
Hotels, restaurants and pubs hit hard by COVID-19 can make an additional income by renting out their empty parking spaces, advises online parking portal YourParkingSpace.co.uk.
Indeed, the hospitality industry has suffered particularly badly in the UK following the pandemic, with sales expected to be down by more than 50 per cent over the previous year. However, many hospitality locations could be sitting on a potentially valuable under utilised asset – their vacant parking spaces – advises YourParkingSpace.co.uk.
And data from the online parking portal highlights that hotels are embracing the additional money making opportunity more than pubs and restaurants, capitalising on having very large car parks.
Indeed, at present the online parking portal currently lists parking spaces at 850 hotels, compared to just 85 pubs and 15 restaurants.
Harrison Woods, managing director at YourParkingSpace.co.uk, said: “COVID-19 has had a devastating impact on the hospitality sector.
“Many hotels, restaurants and pubs still face an uncertain future, so any additional revenue stream could be invaluable.
“One such opportunity is renting out empty parking spaces to motorists needing somewhere to park.
“This is a particularly attractive proposition for those bars, pubs, hotels or guest houses located in town and city centre locations.”
Further data from YourParkingSpace.co.uk reveals that more than £200,000 is generated for hotels each month, with a handful of hotels earning five figure sums per month.
Harrison added: “With a second nationwide lockdown a possibility, and the worrying prospect of millions possibly losing their jobs, the hospitality sector can ill afford to miss any extra revenue-making opportunities and potentially recoup some of their losses.
“YourParkingSpace.co.uk is keen to work alongside any business that has empty parking spaces that could otherwise be earning them money when they are not being used.
“Even though they may have fewer empty parking spaces we would particularly encourage pubs and restaurants to embrace the opportunity in the same way as hotels are doing.”
For more information about YourParkingSpace.co.uk visit www.yourparkingspace.co.uk