Top 3 Hotel Rate Parity Issues and How to Fix Them
Are you a hotelier struggling to maintain rate parity in today's ever-changing hospitality industry? If so, you're not alone. Despite the challenges of the last few years, rate parity remains a significant issue for hotels, and it's only getting more complicated. Top 3 Hotel Rate Parity Issues As a result of the pandemic, many hotels focused on generating short-term business and revenue, often at the expense of rate parity. However, maintaining consistency across distribution channels
Mastering Ancillary Revenue: Key Lessons and Strategies
A revenue management strategy is a common practice among hotels. What’s less common is having an ancillary revenue strategy, though. Nevertheless, it’s beneficial for hotels to have one. It’s one of the first steps to unlocking a new, powerful revenue stream and improving the hotel’s positioning and branding while enhancing the guest experience. Here’s a closer look at the other attractive benefits and how to implement this strategy. What Is Hotel Ancillary Revenue, and Why
Embracing Hybrid Hospitality: A Blueprint for Boosting Hotel Revenue
In the ever-evolving landscape of the hospitality industry, it can feel hard to stay ahead of the curve – or even in the middle of it. However, changing habits, attitudes, and trends sends a clear message: the status quo is no longer sufficient to meet the complex needs of modern guests. The solution? Embrace a flexible tech stack and adopt innovative revenue models. Enter hybrid hospitality – a game-changing concept that's redefining spaces, mindsets, and
STR Trend Report: How the Industry Adapts to Changing Market Dynamics
An STR Trend Report is a useful tool for understanding market dynamics within the hotel industry. In this article, you will learn more about what a STR Trend Report is, how it works, why it is so popular within the industry, and how it can be used to understand and adapt to changing market conditions and realities. Table of Contents: The Hotel Industry: An Overview What is an STR Trend Report? Why Does an STR
How to Segment Your Guests: 5 Basic Tips to Boost Conversions
Understanding your guests is key to standing out as a hotel. But with diverse demographics and travel styles, a one-size-fits-all approach simply won't cut it. This is where guest segmentation comes in, a powerful strategy that allows you to personalize your offerings and communication to resonate with each guest on a deeper level. This article explores the power of guest segmentation for hoteliers, from understanding its core benefits to implementing a successful segmentation strategy within your hospitality CRM. How Does Segmentation Work in Hotel Marketing? Imagine treating every guest the same, regardless of their travel style. Today's travelers crave personalization.
Advice We Would Give To Our Younger Hospitality Selves
Question for Our Revenue Management Expert Panel: Knowing what you know now (experience in hospitality, revenue management, life & skills, etc.), what advice would you give to your younger self on entering the workforce for the first time? Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant Dermot Herlihy - Owner, Dynamic Hospitality Consulting Tamie Matthews - Sales & Marketing Consultant, RevenYou Connor Vanderholm - CEO, Topline
Hostel Management: A Complete Guide to Successful Hostel Operations
Hostel management is the process of overseeing and influencing day-to-day operations within a hostel. Successful management of a hostel will focus on achieving business objectives and delivering a positive guest experience. Effective management is important for maximizing operational efficiency, customer satisfaction and financial outcomes. It will involve taking a strategic approach and tactically implementing established best practices. In this article, you will discover tried and tested techniques and strategies that will enable you to achieve
Hotel Association: 8 Benefits of Joining for Hotel Owners
A hotel association is a collective trade group or industry body for the hotel industry. Associations of this kind are typically made up of hotel brands, owners, management companies, suppliers, and other industry partners. Hotel associations are important because they provide support, networking opportunities, marketing assistance, guidelines, and access to
Marriott Hotel Brands: Exploring the Brands of Marriott International
The various Marriott hotel brands combine to make up the multinational corporation, Marriott International. These brands include hotels, resorts, and timeshare properties, with luxury, premium, midscale and extended stay options. Marriott International's importance can be highlighted by the fact that it is currently the largest hotel company in the world
Five Rate Mistakes in Revenue Management and How You Can Solve Them
Ask any hotel staffer not directly involved in revenue management about the daily tasks of a revenue manager, and they'll likely suggest it's all about 'setting' or 'raising rates.' While these activities are indeed crucial, they often eclipse the comprehensive analysis that underpins each pricing decision. Five Rate Mistakes in