The Risks of Ignoring Revenue Management’s Budget Advice
Question for Our Revenue Management Expert Panel: What happens if hotel owners do not listen to revenue managers during budget preparations? What advice would you give to an RM team when asked to justify their budget? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Hirmer
RevPAR versus RevPOR
Revenue per available room, or RevPAR, and revenue per occupied room, or RevPOR, are two KPIs used within the hotel industry, especially for revenue management purposes. Although the two metrics have similar names, what they measure is quite different, meaning neither KPI is necessarily more useful than the other. How Do You Calculate RevPAR and RevPOR? The formulas for working out the revenue management metrics RevPAR and RevPOR are as follows: RevPAR = Rooms Revenue
RevPAR versus GOPPAR
Revenue per available room, or RevPAR, and gross operating profit per available room, or GOPPAR, are two of the most vital KPIs available to hotel managers. Both form an important part of any effective revenue management strategy. Both metrics concern themselves with occupancy rates, but they detail very different things, as one is centered around money being brought in, while the other is based on overall profit. How Do You Calculate RevPAR and GOPPAR? The
How Much Revenue Could Your Hotel Make From Upselling?
Upselling is a great way to boost both your guests’ experience and your revenue through paid upgrades and ancillary services. In this article you will learn how you can calculate additional revenue, made by upselling. Additionally you find a handy tool to help you to estimate the potential. Success Factors for Upselling A recently published benchmarking report shows that elements like property type (e.g. resort, downtown hotel, hostel…) and location (e.g. mountains, beach, downtown…) strongly impact
7 Smart Ways to Generate Non-room Revenue & Encourage Loyalty
Generating revenue and nurturing loyalty is about finding new ways to connect with your guests. This means looking beyond room rates to get people excited about your property’s amenities, dining, and other ancillary programs. To help get you started, our checklist below covers a variety of tactics designed to keep guests coming back again and again – even if they don’t stay overnight. 7 Ways to Generate Non-room Revenue & Encourage Loyalty Below you’ll learn
Beyond Revenue: How Smart Upsell Solutions Improve Hotel Efficiency
Upsell solutions offer more than just extra revenue; they streamline hotel operations by using real-time data to optimize staffing, forecasting, and resource allocation. In this article, you’’ll explore how these technologies can sharpen key processes while delivering personalized experiences, driving improvements in both hotel efficiency and guest satisfaction. Enhancing Guest Engagement and Revenue with Smart Hotel Upsells One of the biggest breakthroughs in hotel technology is the ability to continuously engage guests throughout their stay,
7 Ways to Transform a Hotel Room Into a Smart Room
The smart hotel room concept is one of the most important technology trends emerging within the hospitality industry today. Indeed, the idea of a smart hotel is attractive to customers for a variety of reasons, including greater convenience and personalization. However, while many owners are willing to embrace the idea, many are unsure of how to implement smart room technology. To help out, this article offers seven ways to transform a hotel room into a
NRevPAR Clearly Explained!
Net revenue per available room, or NRevPAR, is used by those within the hotel industry as part of a wider revenue management strategy, helping them to assess overall business performance. As a KPI, the NRevPAR metric is similar to RevPAR, but factors in distribution costs. Therefore, it is arguably a
Night Auditor Duties & Responsibilities in Hotel: Everything to Know
Night Auditor duties and responsibilities in hotels involve helping guests during the night hours and balancing the day's accounts. Guests arriving at night may be checked in by the night auditor, who will also take reservations and see any requests that might arise. The night auditor's duties involve processing the
NFT Hotel Opportunities: How Hotels Could Use NFT Technology
The concept of a non-fungible token, or NFT, is still relatively new, and brands are exploring the various ways they can capitalize on this trend. In this article, you can find out about some of the existing NFT hotel offerings, along with some of the ways NFT technology will likely
Moving Ahead Towards The Light: The Hospitality Industry’s New Trials and Possibilities
There's no doubt that 2022 brought terrific developments for the hospitality industry. Most countries reopened their borders and did away with travel restrictions, and demand matched or even exceeded 2019 levels. However, it's not smooth sailing all around. Our sector faced many ongoing challenges due to the pandemic, and some
Considering a New Hospitality RMS? Watch Out for These 4 Myths
So, you’re thinking about upgrading to a more effective revenue management system (RMS) for your hospitality organization, but you have some doubts. Maybe you’re thinking: It’s too costly to install a different RM Learning a new system will take too much of my staff’s bandwidth My new system will take
Netflix & Hotels: What Can You Apply to Your Hotel’s Marketing Strategy?
Who isn’t familiar with Netflix? With over 222 million subscribers, this streaming platform has become the favorite of thousands of binge-watchers across the globe. You might wonder what hoteliers could learn from such a different company. Probably more than you would expect, hoteliers can replicate so many elements from Netflix’s