Choosing the Right Hotel Property Management System Through the RFP Process
When selecting a Property Management System (PMS) for your hotel, the Request for Proposal (RFP) process is crucial for making an informed decision. Through a well-structured RFP, you can ensure a comprehensive evaluation of potential vendors, leading to a successful PMS implementation that aligns with your hotel's needs. This article explores what an RFP is, its importance, and structure. What is an RFP? A Request for Proposal (RFP) is a critical tool for hotels seeking
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,
Dynamic Pricing: Benefits & Tips for Hoteliers to Increase Revenue
Dynamic pricing is a strategy where the price of products or services is adjusted based on market conditions. This typically means charging high prices during periods of high demand and low prices during low demand periods. For hotels, dynamic pricing plays a crucial role in revenue management, incentivizing bookings at crucial times. The ultimate aim of dynamic pricing is to sell for the highest amount customers are willing to pay. In this article, you will
Hostel Management App: Transform Your Property’s Daily Operations
A hostel management app is a digital software solution, which can be used to manage various aspects of a hostel business. This can include managing bookings, daily tasks and interactions with customers. Hostel management apps can enhance the guest experience in a number of key ways and can make it easier to manage day-to-day operations. The app can also centralize important information and enhance hostel security. In this article, you will learn how hostel management
What Does EBITDA Stand for?
Earnings before interest, taxes, depreciation, amortization, or EBITDA for short, is a KPI becoming increasingly prevalent in hotel management. Sometimes referred to as operating cash flow, the metric can be used to determine the operational profitability of a business, taking into account only its key daily running costs. In this article, you’ll learn what EBITDA means for hotels, how it is calculated, key benchmarks, and why it has become essential for measuring profitability today. Table of Contents: What Is EBITDA? Why Is EBITDA Important? EBITDA Calculation What Is an Example of EBITDA? Uses and Limitations Tips to Optimize EBITDA in
Hotel Fees: A Comprehensive Guide to Understanding Accommodation Charges
Hotel fees are the various charges guests face when staying at an accommodation business, like a hotel or resort. They can range from the basic room rate and fees for using hotel amenities, to parking fees and taxes. For hotels, it is important to understand and make strategic use of hotel fees to maximize revenue from guests. At the same time, fees need to be managed carefully to maintain high levels of guest satisfaction. In
Calculate RevPAR and Maximize Your Hotel’s Revenue
Calculate RevPAR for strategic optimization and success. It's a common mantra within the hospitality sphere. However, your Revenue Per Available Room (RevPAR) involves more than you might think, and every variable impacts your potential profit. RevPAR is a metric that explains your hotel's performance and helps identify areas for optimization and revenue growth. In this article, you'll discover the basics of RevPAR calculations and how to use the results to grow your business toward a
Social Commerce, Hospitality’s Next Best Opportunity for Growth
Travelers can now book a room without leaving their favorite social media app. Is your hotel capitalizing on social commerce? This trend is redefining how customers discover and book their stays, offering hoteliers a powerful tool to turn inspiration into instant reservations. Social Commerce Transforming Travel Inspiration into Hotel Bookings
Corporate Hospitality: Successful Planning and Implementation
Corporate hospitality is sometimes described as rolling out the red carpet for guests or providing entertainment. This is part of hospitality, but it's better to think of it as showing everything defining your individual brand. One of the reasons hospitality is important comes down to the basic need to ensure
How To Maintain Your Hotel Grounds For Curb Appeal
For any hotel, regardless of size or reputation, the appearance of your grounds will certainly make for a first impression - good or bad. Your curb appeal as a business should be taken seriously, and like any property, it’s the first thing that your customers will see, and that may