Operating Revenue, Expenses and Human Capital in Uncertain Times
Chances are that most properties impacted by Coronavirus will have already put measures in place to curb costs. Here are some other Revenue Strategies to consider
Building a Successful Revenue Strategy For 2020
Strategy can be summarised in four boxes: supply, demand, own performance and relative performance (v competition). For each of these, you will have a lot of specific KPIs, data and metrics.
Understanding the Differences between Data and Analytics
Data is the facts of what happened or what’s in the process of happening. Analytics are when you begin to make discoveries from that data, derive insights and maybe make predictions.
Data and AI Are Simplifying Hotel Revenue Management
Hospitality’s next evolution should be to look more holistically at the role of hotel revenue management and ensure it is sustainable by improving revenue teams’ quality of life
Data Quality Vital To Total Revenue Forecasting
Total Revenue Forecasting (TRF) enables hotels to get a better picture of both rooms revenue and ancillary revenue in order to plan more strategically.
2019 is The Year Hotels Should be Driving Rates
The ability to drive rate will factor into profitability. If average daily rate (ADR) percentage growth is at or below the rate of inflation, it will be difficult for hotels to drive higher profitability.
Why Can’t Hotels Drive Rates?
The firm has predicted that hotel occupancy in the US will rise to 66.2% in 2019 – a fifth straight record level. That occupancy will be driven by a 2.1% increase in demand, although this will be somewhat rebalanced with a 1.9% increase in hotel supply.
Why 2019 is the Year for Hotels to Make More Money
The danger is if hotels become complacent and settle for the small gains. If ADR continues to grow at the rate of inflation while demand growth is good, what happens once demand declines?
2019: The Year Hotels Get a Grip on Acquisition Costs
Examining the challenges and opportunities facing hoteliers in 2019, it might be easy to say, “New year, same old story.” In attempts to drive revenue and increase profitability, hoteliers—like they have for seemingly the past decade—continue to focus on less costly ways to acquire guests.
Increase ADR and Drive Revenue by Optimizing Room Type Differentials
One of the easiest ways for hotels to raise ADR and drive revenue without actually raising rates is by segmenting the property’s different rooms and accurately pricing them to encourage […]