Like a first-class seat on an airplane, dynamically optimizing upgraded room classes can unlock significant revenue potential. As an industry what best practices could be applied to maximize the RevPAR growth opportunity this presents? I recently brought this question to the HSMAI Revenue Optimization Rising Leader Council for collaboration.
Discover the significance of pickup and pace in hotel revenue management. Learn how optimizing these factors can boost your hotel's revenue.
These are the essential features to consider when choosing a benchmarking tool to enhance your hotel management and improve performance.
Read our expert guide on RevPAR: Find out what it is, and learn how to calculate and optimise it at your hotel.
Every hotel has an optimal distribution channel mix – meaning that channels are selected and managed in such a way that they will drive optimal profitability for the hotel in the long run.
With a reputable rate shopper, data should be rich, accurate, up-to-date, and well-structured. And we trust the data to show us the truth, so the instinct is understandable: data can reveal the truth. But only if it comes from an apples-to-apples comparison. Without this direct comparison, insights are skewed and possibly erroneous.
A good rate shopper helps you respond to your competitors’ prices and other factors, using quality data to provide actionable insights that allow you to boost hotel performance with minimal fuss. With so many potential benefits, it’s no wonder that rate shoppers have become an essential tool for hoteliers. Here are some features to look for when choosing one for your property or properties.
2022 has been a year of mixed fortune for the hospitality industry. As we kickstart the new year and hoteliers begin to implement their 2023 roadmaps, it’s the perfect opportunity to look back on the last twelve months and reflect on some of the trends and developments that have shaped the hotel industry, and hotel revenue management in particular.
Groups Plan Ahead, But Leisure Travelers Book Last-Minute
You now need to combine both traditional and modern market segmentation, along with a deep understanding of post-pandemic trends to tailor your pricing and promotional strategy to win the revenue management game.