Opportunity: Low hanging fruits within the Service sector: In a world where underutilized resources often go unnoticed, one startup is changing the game by tapping into the vast potential of hotels and resorts. ResortPass, a platform that allows hotels to sell day passes for their amenities, has recently made waves in the hospitality industry, raising $26M in funding.
Secret Sauce: It all boils down to a simple yet ingenious business model: connecting underutilized resources with people who need them, without owning those resources themselves. Much like Airbnb revolutionized the vacation rental market by connecting travelers with empty homes, ResortPass is doing the same for hotel amenities.
The concept is straightforward: many hotel gyms, pools, and spas are often underutilized by guests, especially during off-peak seasons. Meanwhile, there is a demand from locals and travelers alike who would love to access these amenities without booking an overnight stay. ResortPass bridges this gap by offering day passes for hotel facilities at a fraction of the cost of a full stay.
For users, it’s a win-win situation. They get to enjoy luxury amenities at a discounted rate, whether they’re locals looking for a day of relaxation or travelers seeking a taste of luxury without breaking the bank. On the other hand, hotels benefit from an additional revenue stream during slow seasons, all without any extra effort on their part.
What sets ResortPass apart is its innovative approach to the traditional marketplace model. Not only does it connect users with hotels, but it also provides the software for hotels to manage day guests efficiently. This dual revenue stream – from booking fees and subscription fees for its software – ensures sustainable growth for the platform.
The numbers speak for themselves: with over 900 hotels and resorts on the platform, including big names like Ritz Carlton and Four Seasons, ResortPass has become a powerhouse in the industry. Over 1.6 million users have booked day passes through the platform, indicating a growing demand for this type of service.
As investors like Jessica Alba and Gwyneth Paltrow jump on board, it’s clear that ResortPass is onto something big. By unlocking hidden revenue streams within the hospitality industry, ResortPass is not only revolutionizing the way we experience luxury amenities but also paving the way for a more sustainable and efficient future.
In a world full of untapped opportunities, ResortPass serves as a reminder that sometimes the most lucrative business ideas are hiding in plain sight. As we continue to explore new possibilities, it’s exciting to imagine what other innovative solutions might be waiting to be discovered.
Key takeaways:
- If you can find a way to pinpoint an area in an existing business model (Usually Service Based) that wouldn’t cost the provider any extra money for the services they already provide you can leverage that
- With this model users get access to “New” features
- Companies get an extra revenue stream
- Become the middleman: No investment needed in the facilities and services (platform makes money from connecting two parties)
