How to Measure The ROI of Your Revenue Management System?
The revenue management system (RMS) plays a vital role in the modern hotel technology stack, driving greater profitability and efficiency. Still, the demonstrating return on investment (ROI) in a hotel’s revenue management technology investment goes deeper than year-over-year RevPAR uplift measurements. Understand the True Impact of Revenue Technology The additional revenue from properly utilizing revenue management software and strategies directly impact a hotel’s bottom line, making it a valuable tool for increasing a hotel’s valuation
Learn How to Maximize Your Premium Hotel Room Revenue
Do you put your Premium Rooms on a pedestal? A more nuanced approach will yield more revenue. Suites are a peculiar thing within the hotel industry. They are, after all, just hotel rooms for rent. But some hoteliers are very attached to what their premium represents–the hotel's very best. In a way, these special rooms are protected. Some hotels may not even yield the biggest and best room rates. In this article, you'll learn how
5 Ways to Invest Surplus Marketing Funds Before Year End
As the fiscal year ends, it’s not uncommon for hotel teams to discover unallocated funds in their marketing budget. Since the golden rule of budgeting is “use it or lose it,” here are five quick, effective ways to make an impact with surplus dollars before the end of the year. Sometimes it’s a strategic safety net. Sometimes it’s dumb luck. When hotel teams reach the end of the fiscal year and find they have unspent
4 New Technologies To Help Increase F&B Revenue
In modern hotels, generating income goes beyond room rates and prime locations. While these factors are undoubtedly important, a realm of untapped potential can significantly boost profitability: food and drinks revenue, also known as F&B. 4 New Technologies to Increase F&B Revenue By focusing on this dynamic aspect, hotels can maximize their earnings, even without expanding their capacity or hosting numerous events. Effective revenue management is crucial for the hotel industry to thrive in this
How to Increase Revenue with Minimum Stay Rule: Solving the Case, Sherlock Holmes Style.
Imagine yourself as the Sherlock Holmes of hospitality, piecing together clues to solve the case of boosting your hotel’s revenue. One of the intriguing clues? Minimum stay restrictions. This strategy might seem simple, but when used correctly, it can open the door to higher occupancy rates and increased revenue. In this article, you’ll dive into the mysteries of minimum stay restrictions, revealing when and how to use them to your advantage. What is the Minimum
4 Steps for Improving Meetings & Events Revenue Performance
Revenue leaders across the globe devote a considerable amount of their efforts to driving room revenue performance. It’s an understandable decision, given that rooms are the obvious staple of any hotel operation and there are only so many hours in a day. 4 Steps for Improving Meetings & Events Revenue Performance With meetings and events (M&E) being responsible for nearly 20 to 30 percent of revenue for the average hospitality organization, those who neglect to
How to Measure The Profitability of Your Hotel Business
Profitability is a business's ability to generate earnings from its operations over a given period. Various methods, known as profitability ratios, gauge a business's overall profitability. This article explains the different profitability ratios and explains how revenue management can positively impact profitability. Insight in Profitability Ratios Profitability ratios provide insight into how a business is performing and are key tools for accurately analyzing financial statements. Every business owner should know what these parameters represent and
Accommodation Service Providers: Successful Tips for More Revenue
Accommodation service providers include everything from hotels and hostels to bed and breakfast accommodations, motels, and serviced apartments. In this article, you can access relevant tips for all accommodation service providers to generate more customer revenue. Table of Contents: What is Accommodation Service? Accommodation Service Types Tips & Strategies to
Accommodation Providers: Strategic Tips to Get More Revenue
If you've ever considered becoming an accommodation provider or already own accommodation and want to maximize your revenue, this article is for you. In this in-depth dive into accommodation ownership, you can learn about the many different types of accommodation available for travelers and how you can get more revenue
A Few Thoughts on Your Hotel’s Distribution & Channel Strategy
When engaging with online travel agencies (OTAs) in these volatile times, hoteliers must adequately understand the value and costs of all distribution channels. Any relationship weighted in favour of an OTA to the detriment of a hotel’s bottom line needs to be reviewed, and steps should be taken to maximise