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Diversificiation – When should you do it?

There are two core approaches to diversifying your hospitality business; the first is to expand on what you have already got, providing space and opportunity to attract different guests, and the second is to add something totally new, which supports your existing occupancy rates, increases RevPAR and potentially enables a price increase. The best approach will depend on the stability of your existing customer base, the space and scope you have for conversion, the experience you currently give your customers and how any diversification will dovetail with that, and also what you have a passion for, interest in and knowledge of.

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