Collaborating with channels that align with a hotel’s target guest profile ensures a more tailored approach. Niche channels can be particularly effective in this regard, leveraging lifestyle choices and brand affinities to attract specific guest segments. For instance, a boutique hotel catering to four-legged travellers might find value in partnering with dog-friendly travel platforms such…
Whether you accept transient or group business to your hotel is more than just a revenue management question. It’s also a risk management question. How much are you willing to risk? And what is the philosophy of the hotel, the ownership, the general manager, and other stakeholders? Do they want to take a high risk…
Since the early days revenue management has been applied in hotels, there has been an intriguing ongoing discussion. What drives more value to the business, ADR, average daily rate, or occupancy? I have been in hotel revenue management consulting since 2006, and it is a question that keeps coming back. ‘How can I make more…
To succeed in hospitality, hotels must go beyond room bookings, tapping into ancillary services to drive growth amidst changing markets. In the competitive world of hospitality, maximizing revenue from room bookings alone is no longer sufficient for sustaining growth and profitability. With market dynamics constantly evolving, hotels must explore and innovate beyond traditional revenue streams….
Revenue management solutions are indispensable tools for hotels seeking to optimize their RevPAR (Revenue per Available Room). By leveraging advanced algorithms and data analytics, these solutions enable hotels to strategically adjust pricing and inventory to maximize revenue. With dynamic pricing capabilities, they ensure rates reflect demand fluctuations, driving higher yields. Additionally, these solutions provide valuable…
Eurostar has announced plans to invest in up to 50 new trains, increasing its fleet by around 30 per cent by the early 2030s. No details have been given about where the group might acquire the trains from – Eurostar said simply that “While the detailed design elements are to be confirmed, the new trains…
As the hospitality industry continues to evolve in response to shifting consumer preferences and technological advancements, hotels are redefining their approach to revenue generation. Recognizing the need to adapt and diversify, forward-thinking hoteliers are exploring new avenues to bolster their bottom line and enhance guest experiences in 2024. Let’s explore 7 trending new revenue streams…
After struggling with its previous software provider, the five-star Indian hotel found the solution it needed in STAAH. Strategically located amidst the Diplomatic Enclave of New Delhi, Jaypee Vasant Continental is known for easy accessibility and the finest hospitality services. A tribute to the cosmopolitan culture of New Delhi- Jaypee Vasant Continental unfolds the finest…
In today’s fast-paced hospitality landscape, staying ahead of the curve is paramount for maximizing revenue potential. As technology continues to evolve, so do the strategies and innovations within revenue management. Let’s delve into some of the key trends shaping the future of revenue management in the hotel industry: 1. Technology Adoption to Increase Efficiency Embracing…
Imagine being able to price your rooms perfectly, every single time. That’s the power of an automated revenue management feature. By closely tracking real-time market demand, it adjusts your rates on the fly to hit that sweet spot – the optimal price point that looks after your revenue. It’s like having a mega pricing guru…
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