Optimizing Revenue and Room Occupancy Strategies in 3-5 Star Hotels in Ghana: A Mixed Methods Approach

Abstract

Generating adequate income to sustain business activities is essential for an organization's profitability. Implementing strategies to maximize revenue is critical for obtaining necessary resources and ensuring ongoing success. This study examined the strategies utilized by 3-5 star-rated hotels in selected regions of Ghana to achieve optimal room occupancy and maximize revenue during periods of low demand. A descriptive survey with a mixed-methods approach was conducted, guided by profit maximization theory. A sample size of 60 3-5 star-rated hotels was determined using the Yamane (1967) formula and stratified random sampling. Data collection involved questionnaires and key informant interviews with 60 managers, 420 department heads, and 16 key informants from the selected hotels. Quantitative data were collected through questionnaires, while qualitative data were obtained from key informant interviews. A multiple linear regression model was employed to analyze the data, with results presented in tables and charts. The findings showed a strong correlation (over 82%) between the strategies used and room occupancy rates. It is recommended that 3-5 star hotels in Ghana continue to offer special rates and targeted marketing efforts, and collaborate with relevant parties to broaden their reach and attract more guests.