pricing

We should produce enhanced financial statements with just a little more detail added that will greatly assist you in effectively managing your hotel

Revenue managers will need a new skill set, built on analytical thinking and cognitive flexibility, to maintain effectiveness of decision-making

Be aware of your competitors’ rates, but at the same time, believe in your pricing and have confidence in what you are selling

When projecting a point in time in the future and trying to anticipate demand, it can seem like making decisions based simply on experience or intuition

Once strategies are set, the system will execute these. You can return to the RMS either to apply new strategies or to check existing ones are delivering

In 2022, we forecast the majority of temporarily closed hotels will likely have reopened and demand growth will continue to improve as economy strengthens

These are some basic ways to get a feeling for Continuous Pricing concepts but only by embracing the four elements can you expect the best results

In order to define, or even redefine, your hotel’s competitive set, here are some do’s and don’ts to help ensure a strong, competitive recovery ahead

Successful sales strategies are centered on an accurate comp set breakdown. Take time and do your research. You can even enlist your employees to assist

Implementing a revenue strategy comes with a unique set of challenges, on top of the existing challenges facing hotels at the moment due to the pandemic.