Another major shift aims to unlock the full revenue generating potential: replacing traditional room-only metrics with TRevPar or RevPAM
While everyone agrees that TrevPAR is an important metric for benchmarking against competing hotels, decisions aren’t made off of TrevPAR
Because total revenue definition takes into account every revenue stream, you should also include the following additional revenue metrics in your strategy
Which hotel revenue management KPIs should you focus on more so than others? We’ll touch on seven KPIs that you want to track for your hotel
Offering targeted and personalized offers to your customers (before and during their stay) improves customer experience and increases TRevPAR
Revenue management teams needs to decide where to prioritise. Hoteliers need to shift the mindset from a room-only / RevPAR-focused approach.
The drop in hotel revenue, despite a still lower cost base, led to GOPPAR of $11, which was 64% lower than November 2020 and 75% lower than in November 2019