Hotel meeting room: Rates strategy to boost revenue

What is a hotel meeting room?

A hotel meeting room is a dedicated space within a hotel, specifically designed to host various events, from corporate meetings and workshops to private gatherings and seminars. 

These rooms are equipped with modern amenities such as audiovisual equipment, high-speed internet, comfortable seating, and often, catering services to ensure a seamless and productive experience for attendees. 

The flexibility of hotel meeting rooms allows them to be tailored to the specific needs of the event, whether it’s a boardroom setup for executive discussions or a theatre-style arrangement for larger presentations. 

How does a hotel make money from meetings?

Hotel meetings and events are a great way to boost revenue at your property and attract a constant stream of professionals and business travellers.

Having or creating a function space at your hotel allows you to cater for a whole range of different purposes and visitors, which will usually translate into extra bookings in the hotel itself. This means you’re receiving revenue from two sources often for a minimum of effort, depending on what the event planner needs from you.

Engaging with Meetings, Incentives, Conferences, and Events (MICE) is the perfect opportunity to build the reputation of your hotel and exhibit it to potentially valuable and long-term business. For example, a conference on risk management could attract the top Fortune 500 companies to attend, exposing your hotel to these companies.

Hotel meeting room packages and rates

Hotel meeting rooms not only offer an additional revenue stream for hoteliers, but they can also serve to enhance the hotel’s reputation as a comprehensive venue for both leisure and business needs. However, just like consumer guests, business event needs are diverse and, sometimes, completely unique. Any hotel offering meeting room spaces must have packages and rates to reflect that:

Hourly rate

This is the most basic rate, ideal for clients needing a space for a short duration. It’s charged based on the number of hours the room is used. This package is perfect for impromptu meetings, interviews, or brief workshops.

Half-day package

Designed for events that span a portion of the day, typically 4-5 hours. This could be for morning sessions or afternoon events. It often includes basic amenities like water, notepads, and a projector.

Full day package

For events that last the entire day, this package provides the room from morning till evening. It might also include lunch breaks, tea, and coffee refreshments at intervals.

Residential meeting package

A comprehensive package for events spanning multiple days. It includes the meeting room, overnight accommodation for attendees, meals, and sometimes even leisure activities to relax after a day’s work.

Conference package

Tailored for large-scale events like seminars, workshops, and conferences. This package includes the main hall, breakout rooms, technical equipment, and catering services for the entire duration of the conference.

Custom speciality package

For clients with specific needs, hotels can offer a bespoke package. Whether it’s a themed event, an exclusive board meeting, or a product launch, this package is tailored to the unique requirements of the event, ensuring every detail is taken care of.

Additional services rate

Beyond the standard offerings, hotels can provide additional services at a separate rate. This could include advanced audiovisual equipment, special catering requests, transportation services, or even event planning assistance.

Hotel meeting room floor plan ideas

Boardroom style

Ideal for formal meetings, the boardroom hotel meeting room style features a large central table with chairs placed around it. This setup promotes face-to-face discussions and is perfect for executive meetings, contract signings, and small team collaborations. It fosters an environment of equality and direct communication, ensuring everyone has an equal voice.

Theatre style

This layout resembles a theatre setting with rows of chairs facing a focal point, usually with no tables. It’s best suited for hotel meeting rooms that will be used for presentations, product launches, and lectures where interaction between attendees is minimal, and the focus is on the presenter.

U-shaped style

This layout has chairs and tables arranged in a U shape, open on one side. This setup is great for hotel meeting rooms that will be used for workshops, training sessions, and medium-sized meetings where there’s a mix of presentations and group discussions. The open side allows for a presenter or facilitator to move freely and engage with participants.

Classroom style

This meeting room layout has rows of tables with chairs facing the front, similar to a traditional school classroom. This setup is ideal for training sessions, workshops, and seminars where attendees need space for materials, laptops, or note-taking. It combines the structure of the theatre style with the functionality of having a table.

Banquet style

This layout is best used for large, open hotel meeting rooms and spaces. This layout has round tables scattered throughout the room with chairs placed around them. This layout is perfect for award ceremonies and other social events. It encourages conversation among tablemates and offers a comfortable setting for meals and discussions.

Conference style

Another layout designed for larger hotel meeting spaces that uses a combination of the boardroom and classroom styles, the conference style features a long table (or several tables) with chairs on both sides and at the ends. It’s suitable for larger formal meetings, press conferences, and symposiums where there’s a central focus but also a need for discussion among attendees.

Exhibition or trade show

This layout is designed for the largest of hotel meeting spaces and includes an open floor plan, designed to accommodate booths or stalls. Wide aisles allow attendees to move freely, and each exhibitor has a designated space to showcase their products or services. It’s ideal for events where there are multiple presenters, and attendees have the freedom to choose which booths to visit.

How to increase revenue from hotel meetings

1. Focus on diversity and building relationships

A hotel with meeting rooms can be big or small and come in various forms. Either way, Make sure your hotel is seen as a functional space that can cater for many different events. For example, you might be able to hold large dinners, exhibitions, conferences, summits, or networking gatherings. If you’re a larger hotel you could even bid on the privilege to host particular delegations such as a sporting committee.

While the event is happening, focus on trying to lock the planners in for other meetings they want to hold or regular events that take place quarterly or yearly. This way you know you’ll be guaranteed room sales and revenue and can better manage your business’ finance.

2. Deliver a great experience

Obviously people are more likely to hold their event with you again if everything runs smoothly. Event planners have a lot to think about, aside from just choosing your facility to host their meeting and reserve rooms at. They have to plan attendees, seating, catering, key speakers, the agenda etc. Their life will be made much easier, and they’ll appreciate your property a lot more, if you can provide them a seamless and hassle-free booking experience.

With technology playing such a huge role in the online booking experience you need to make it easy for the event guests to reserve their rooms and make key arrangements around the meeting.

The less the planner has to get involved here the happier they’ll be so make sure your hotel has a great booking engine with seamless integration to your website.

One of the most important things you also need to remember is that planners are often running on a strict deadline. Nothing will annoy them more than delayed communication. It’s imperative that you respond to any enquiry as soon as possible and never more than 24 hours from the asking.

If you do everything right, you’ll increase your chances of referral and repeat business.

3. Create a flexible operating procedure

The chances are a lot of events might only be for several hours during the day or night. If you have the staff and ability to turn around quickly you can sell your spaces more than once in a day, giving you at least twice the revenue.

Depending on what each event requires and who will be attending, as well as your setup, you could even lift your bottom line further by running multiple hotel meetings at the same time.

4. Put long-term plans in place

Hotel meetings and events will make your revenue management more complicated so it’s important you have yield strategies ready that look into the future, as far as three years in advance.

Always make sure you’re working with and making yourself visible to travel agents, as well as engaging regularly with the event departments of corporate businesses.

A holistic approach is needed to maintain the overall profit of your hotel. Once you have done enough reporting and analysis you should be able to accurately predict demand and the results you’ll get, allowing you to start making adjustments.

5. Optimise your website content

The final tip is to highlight your destination as an appealing place to host events. Ensure you have a blog on your website and share insider knowledge, tips, trends etc to advertise your destination as a hub of activity that would be a cool place to hold hotel meetings.

Planners want to take their attendees somewhere that will interest and excite them beyond the event. Clearly advertise your ability to cater to different groups and conferences and publish the testimonials you collect.