Revenue Management & Channel Opt

Have you heard? Social and corporate event planners are turning to hotels to make their event dreams a reality. Maybe you are not surprised since you have the trifecta of offerings that many planners want, a variety of event spaces, sleeping rooms, and AV. But are you ready for the growing wish lists now that they can finally turn their event plans into reality?

Wholesalers play an important part in hotel distribution, especially if you have large inventories to fill. But they’re also a major sore spot for the industry, with problems like rate leakage (when wholesalers pass on rates to OTAs to who undercut the ‘brand.com’ site) often creating distribution nightmares.

As a hotelier, you know that generating profitable earnings is the key to a successful hotel. However, understanding your profitability ratios isn’t always straightforward because you may not have all the information you need to understand your hotel’s ROI or ROE. Other profitability ratios may give you the insights you need to produce the biggest profits. Read on to discover the critical revenue management practice that grows hotel profits.

The U.S. hotel industry reported the highest room rate in July 2022 on a nominal basis. According to the STR data, the key performance indicators for the industry include:

Digital technology offers a world of possibility primarily defined by unabridged convenience, digital connection, instant gratification, enhanced personalization, and seamless transitions between the online and offline experience. However, within the digital world also exists an underbelly of privacy-related anxiety, as consumers around the world continuously question whether the exchange of personal data is too steep a price to pay for convenience or innovation.

Hoteliers, is your property management technology working for you? Now, let me clarify that question. I don’t simply mean, is it working; rather, is it working for you? Are you utilizing your PMS platform to drive bookings and revenue? Because, if you ask me, it should be.

Digital disruption represents a transformation that is caused by emerging digital technologies and business models. These innovative new technologies and models can impact the value of existing products and services offered in the hotel industry.

Princess Cruises has created a device that unlocks a world of possibilities for cruise guests. The device is called Medallion, and it is a chip that can be worn as a necklace or bracelet that allows a guest to customize their experience. The Medallion has an App that guests can access to help them, for instance, locate family members on the ship or set food preferences across restaurants.

Having written hospitality and sales training articles for over two decades now, I’m often asked “How do you continue to come up with new ideas every month?” Truth is that it’s actually quite easy when you’re out on the road conducting training just above every week, spending time with the real experts in this industry such as the frontline superstars who make it all happen for guests.

The population in Europe is continuously aging. A declining birth rate combined with a higher life expectancy (women: 83 years; men: 78 years)1) are the main reasons for this development. According to the European Commission, people aged 65+ will represent 30 % of the total population in Europe while they currently represent 20 %2). Besides the increasing challenges in the labour market (the last birth cohorts of baby boomers are retiring within the next few years), we also need to think of attractive and dignified living solutions for seniors. At one point all people must ask themselves how, where and with whom they want to live when they retire. Usually, the answer is quite clear. People want to stay in their apartment or house where – in most cases – they have been living for many years. Nevertheless, many factors can make it challenging for seniors to stay in their familiar environment. Besides the potential need for assistance (with the household, groceries etc.), loneliness – for example, due to divorce or loss of a partner – is a severe issue considered to be a hidden pandemic as per the World Health Organisation.