4 Reasons Why Resorts Outsource Revenue Management
For resorts, hotels, and other hospitality companies, revenue management is vital, allowing financial results to be optimized. However, many outsource revenue management to a third party rather than handling it internally, because it requires specialist knowledge and tools. In this article, you will learn more about revenue management strategies and some of the key reasons why they are often outsourced. Defining Revenue Management Revenue management is a strategy that maximizes financial results through data and
Optimising Extended-Stay Hotel Revenue
Pricing of extended-stay hotels and serviced apartments, also known as ‘aparthotels,’ has traditionally been a challenge for revenue managers as rates can vary drastically depending on the length of stay a guest seeks. However, it is vital hotel groups enhance their approach to pricing for this sector given the revenue opportunities it presents, especially as long-stay traveller demand ramps back up in 2021. Unique Business Model = Unique Business Challenges Extended-stay hotel rooms differ from
Open Pricing: Why Is It the Next Hotel Revenue Management Strategy
Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality. In this article, you'll learn how this pricing strategy can work for you. Table of Contents: What is the Open Pricing Model in Hotel Revenue Management? Best-Available-Rate (BAR)
Onboarding for Different Revenue Management Team Levels
Question for Our Revenue Management Expert Panel: How Does the Onboarding Process of Revenue Management Teams Differ According to Level? Which Topics Should Be Emphasized for Each Level? (Question by Daniel Feitosa) Our Revenue Management Expert Panel Heiko Rieder - Vice President Business Development, Hirmer Hospitality and Travel Charme Hotels Alenka McMahon - Managing Director, HOTEL REVENUE SERVICES LIMITED Patrick Wimble - Founder & Managing Director, Lightbulb Consulting
Revenue Management Guide: Calculating Costs & Quality Analysis
As a hotelier, you know many factors go into your room rates. Three of those factors are your costs, current demand, and your hotel’s online visibility. Revenue management is the science of assessing these and other factors and raising your profitability year after year. This article offers a guide to analyzing your costs and improving your analysis with the goal to boost your hotel's profitability. Quick Menu: What Kinds of Hotel Costs Do You Take
Revenue Management in 2021 – Basing Every Decision On Data
In 2020, revenue managers were forced to make a massive shift. Instead of leaning on in-house on-the-books (OTB) data, historical and compset information, you now need to focus on much broader data sets. But collecting and evaluating more data takes your team more time. In this article, you'll learn how hotels can use data for a successful post-covid recovery strategy. Data Gives You a Deciding Edge If your hotel is among the 87% of properties
Revenue Management Automation; Does it Answer All Your Questions?
Over the past year, many discussions about revenue management have come up. This raised the debate around the relevance and importance of historical data. And, of course, the corona crisis tested revenue professionals’ trust in automated tools like Revenue Management Systems (RMS). The latter brought many hotels great results despite the pandemic. This article describes how revenue managers can make the most of automation in revenue management to drive business during recovery. How Automation in
What Hotel Revenue Management Innovations & Trends Can We Expect in 2022?
Question for Our Revenue Management Expert Panel: What are the top innovations and trends in hotel revenue management that we can expect to see in 2022? Our Revenue Management Expert Panel Nikhil Roy - Revenue & Pricing Manager, Key Hospitality B.V. Paulo Aragao
Hotel Revenue Management Courses: Information + List of Educators
Hotel Revenue Management is a crucial part of running a hotel. You can maximize revenue and minimize your outgoings by effectively balancing supply and demand. A Hotel Revenue Management Course can help you understand this important topic. Hotel Revenue Management Courses will give you the tools and strategies you need.
What Is Hotel Revenue Management?
For those operating in the hotel industry, revenue management is a key concept, as it enables hotel owners to predict levels of demand and optimize things like distribution and pricing in order to maximize financial results. In this article, you will learn more about hotel revenue management, why it is
Tips for Hotel Revenue Forecasting in a Constant State of Uncertainty
The global hospitality industry has had its fair share of large-scale disruptions since COVID-19 first struck, and the hotel sector faces an uncharted recovery period ahead. Hoteliers can gain ground by using agile, accurate, and holistic revenue forecasting. Modern Tools for Modern Challenges Are you using outdated technology at your
Hotel Restaurant Management: Tips to Maximize Revenue for Your Hotel
Hotel restaurant management presents some unique challenges. As well as providing food, your hotel's restaurant is an intrinsic part of a guest's experience. An excellent restaurant can help make staying at your hotel memorable. If your hotel restaurant is open to the general public, it can also be an important
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