Neumann University is planning an on-campus hotel as a revenue generator, part of a 15-year master plan to diversify the university’s sources of income, writes Rachel Ravina for the Philadelphia Business Journal.

The university acquired 60 acres in Aston last June from the Sisters of St. Francis of Philadelphia, which is allowing the development.

Other projects include a thousand-spectator ice rink, a student center, and more housing.

“With any business, the more diversified you can get in terms of revenue, the healthier you’re going to be, and that’s in terms of student tuition…,” Neumann President Chris Domes said. “It also means: What other operations bring in auxiliary services?”

Aston has no hotel, and Dome’s been approached in the past by town and business community representatives asking about building one on campus.

The hotel would be built via a land-lease agreement with a developer. No proposals have been requested yet.

Dome described a “high-quality, mid-market hotel with a brand name”. It would rise on the campus in the next few years.

Domes said the traditional model of relying on tuition for funding is no longer enough with looming enrollment declines.

Read more at the Philadelphia Business Journal about plans for a Neumann University hotel.