revenue

Improvement will be measured in baby steps, presenting a clear-cut case for month-to-month comparison, as the hotel industry looks to build itself back up

One way to tackle the new normal is operational benchmarking, a process that allows for analyzing, interpreting and operationalizing relevant market data

Inevitably, limits on capacity will lead to similar limit on the observable demand. As you phase inventory back in, it is likely there is additional demand

Hotel operators will monitor ratio of bookings to cancellations but should also keep an eye on their own and competitors’ rates and evolving patterns

If you equip your revenue manager(s), they will be able to be much more efficient and have more time to spend on the strategic aspect of their job

Hotel asset managers play an important role providing guidance, expertise, and financial advisory for the re-opening, ramp-up, and stabilized operations

Hotels will be faced with the challenge of limited inventory, rising costs per occupied room, and the need to fill enough rooms at some minimum price to justify “turning the lights back on”

Whatever you’re including in your room rates plan, keep in mind what will be operationally possible, and what guests will be comfortable with

It is important to consider what occupancy rate will allow a hotel to sustain operations, with the hope break-even occupancy rate is only short-term

Hotel revenue managers have their work cut out for them now during the COVID-19 environment and once travel demand resumes