Revenue Management & Channel Opt

If you’ve been around the hospitality industry for any length of time, you will have heard the term “business intelligence” tossed around by tech experts and, if you’re like most hoteliers, the term still conjures up some vague idea of a bunch of data in charts and graphs. Sound familiar?

I recently listened to OpenAI CEO Sam Altman talk for 45 minutes about ChatGPT and the future of AI at a conference in San Francisco.

Smart hoteliers view revenue management as a strategic way to improve profits. One component is "dynamic pricing." You’re familiar with this model when considering your rack rate vs. your bottom prices. Those bottom prices may not cover much more than your costs, but they impact your rack rate months away when you can see higher profits. You’ll see below how this works.

The unemployment rate is low. Our industry still faces an ongoing labor shortage challenge. Many restaurants and hotels struggle to fill vacant positions.

With the arrival of warmer weather and summer fast approaching, hospitality operators are gearing up for another pool season. This year, technology is at the forefront of driving booking revenue and taking operational efficiency to the next level. Modern technology platforms (such as hospitality’s newest technology category – the Property Experience Management System or PXMS) are providing brand new capabilities that unlock new strategies and approaches to filling the pool with satisfied guests.

Today’s modern guests don’t just want to make a reservation. They want their preferences, interests and needs to be understood by "their brands." They are used to this from brands such as Netflix with its personalized user interface, as well as from Amazon or Starbucks. Forbes even claims that guests are willing to pay a premium if the value of an experience is considered unique. Accordingly, brands that have recognized this achieve an additional profit of 10% to 30%.

While several new brands have emerged within the limited- and select-service segments over the past decade, the expansion of extended-stay brands was limited prior to 2021, and many of the U.S. hotels within this segment were dated. However, during the last two years, economy and midscale extended-stay brands have experienced a significant expansion.

Industry leaders from Stayntouch, D-Edge, and Duetto came together on May 17, 2023, for a webinar on using technology to drive total profitability.

Leisure travel is growing relentlessly, with a paradigm shift that more and more tourists are looking to explore lesser-known, uncharted regions. Read on to know more.

With the dawn of ChatGPT and others of its ilk, the two of us have remarked upon how this chic AI’s acronym (Generative Pre-trained Transformer) shares its letters with another more-seasoned GPT term – General Purpose Technology. Almost serendipitously, both inscribe applications across a variety of industries, jobs and tasks with creative destruction at every turn going back farther than electricity’s conquest over steam power.