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. Those commuters who do return to the city centre office may want parking long term, instead of risking Covid-19 infection on public transport.
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.
Of course utilising these spaces, in an Air B&B style may require an update to the company’s commercial insurance policy, as the primary use has changed somewhat. If the parking premises are essentially unsupervised, then the potential for legal action after a vehicle has been damaged, or a driver injured by someone else parking poorly, are worth considering.
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