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Direct Booking Growth Tips for the Back Half of 2024
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IDeaS Introduces Optix for G3 RMS, Providing Big-Picture Revenue Intelligence for Hotel Groups
IDeaS | February 24, 2021
IDeaS Optix delivers high-level understanding and deep analysis into revenue performance across estates, clusters or single properties MINNEAPOLIS—Feb. 24, 2021—IDeaS, a SAS company, the world’s leading provider of revenue management software and services, announced today IDeaS Optix, a cloud-based advanced reporting and analysis module for IDeaS G3 Revenue Management System (RMS). Optix is designed to empower hotel leaders and revenue managers to quickly understand their revenue performance and where they can improve across an entire estate, cluster or within a single property. In today’s dynamic environment it is a daily strug...
How to Upsell 101: Too Much Choice Can Lead to No Choice
ROOMDEX | February 23, 2021
By Jos Schaap Shouldn’t lots of choices be good for customers? If you ask most people whether they like having a choice, the answer will be yes. How can options possibly be a bad thing? Anyone who has worked in hotel marketing has, at one time or another, been asked to fit numerous offers into one email. Pre-arrival emails, in particular, are crammed to the hilt with hotel information and upsell choices. We call it the shotgun approach. Having a lot of choices is great — until it’s not. Many people argue that more choices equal more conversions. Rationally speaking, the more choices you offer your customers, the more sales you ...
Hospitality Technology Hub, a Virtual Forum Powered by IDeaS, Launches to Support Hotel Industry
IDeaS | February 16, 2021
IDeaS’ Hospitality Technology Hub unites top industry tech vendors and advisors to empower hotel leaders’ revenue recovery and commercial growth Tweet this: The Hospitality Technology Hub, a virtual forum powered by @IDeaS_RevOpt, has launched to unite leading hotel tech vendors, advisors and hoteliers to drive revenue recovery and commercial growth. ideas.com/news LONDON—Feb. 16, 2021—IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, announced today the launch of its Hospitality Technology Hub (https://go.rev.ideas.com/hospitality-technology-hub) leading up to and during IT...
How Can Revenue Managers Improve the Quality of Their Decisions?
Oleksii Kapichin | February 11, 2021
By Oleksii Kapichin It's hard to underestimate the importance of effective, timely, and correct decisions. The revenue manager plays a crucial role in the hotel's financial success. The revenue leader is tasked with making decisions that will affect the hotel's bottom line. The quality of the decisions is of utmost importance What does the quality of the decisions depend on? Is being a revenue management expert sufficient to make high-quality decisions? Recently, I came across a fantastic book by J. Edward Russo & Paul J. H. Schoemaker - "Decision traps: the ten barriers to brilliant decision-making and how to overcome them." A...
Smoky Cabins Vacation Rentals Embracing Digital Tipping by youtip
youtip | February 9, 2021
Chicago — February 9, 2021 — Not all lodging operators are feeling the sting of COVID-19; take Smoky Cabins Vacation Rentals for example. Bookings of its 41 luxury cabins has not slowed since the onset of the pandemic. What has stopped, however, is the leaving of cash tips for housekeepers. Smoky Cabins Owner Cathy Moore set out in search for a cashless, contactless, and “appless” digital tipping solution that would solve this growing problem. What she found was an easy-to-implement, no-cost, QR-code-based solution called youtip. “COVID-19 has been good for us,” Moore said. “People are comfortably social distancing at our pr...
How to Get Revenue Management Right for 2021
Ahmed Mahmoud | January 14, 2021
By Ahmed Mahmoud Here we are again with our yearly opinion article about how to get revenue management right for 2021. The last few months with the COVID-19 crisis made a clean sweep of the past decades of hotel revenue strategies. As of today, almost all of the experience acquired during these years has become nothing more than castles in the air. While it can be frustrating to dismiss such hard-earned and valuable insights, it can also be invigorating to start anew. By elaborating the right strategy, you can reopen your hotel on the rock-solid ground and differentiate yourself from the competition. While doing so, it is paramount to stay...
Hospitality Financial Leadership: Chapter 14 – The How To vs. The Want To
David Lund | January 4, 2021
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. Mr. D returned the next morning ...
Leisure Revenues in Early 2021 Need a Strong PMS
Larry Mogelonsky | December 16, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) The first half of 2021 will be tough for hotels. Corporate and group guests are still fearful to return in droves prior to the widespread dissemination of a vaccine, which leaves the transient segment to pick up the slack. You need versatile technologies to analyze where your guests are coming from so that you can find those pockets of leisure revenues and stay afloat until a true occupancy inflection occurs. Despite the widespread uncertainty from the coronavirus, we can still depend on a few trends to guide our approach, specifically those involving the use of technology to create...
Amadeus Renews Long-Standing Relationship With IHG® for Business Intelligence Solutions
Amadeus | December 15, 2020
The continued exclusive endorsement of Amadeus' Demand360®, Agency360®, and RevenueStrategy360TM solutions provide the insight needed to increase booking demand and revenue 2020 has brought unprecedented change to the hospitality industry. Hoteliers face significant challenges in identifying opportunities to drive booking demand and establish the most effective distribution strategies to fill short and longer-term occupancies. The historical data they once relied on to build their revenue strategies no longer aligns with current market trends. Today, it is critical that hoteliers have access to comprehensive, accurate, and timely busines...
Bridging the Disconnect: The Transferability of a Revenue Manager
Sahad Kassam | December 14, 2020
By Sahad Kassam As much as I would like to say that 2020 has been a rollercoaster, I would be remiss to not acknowledge those in the hospitality industry, who have yet to see the upside. In March of 2020, the hotel industry collapsed. Hotels were seeing cancellations come in large waves, and employees were being furloughed by the dozen, flooding the job market in search of a transferable role. As a 2019 Bachelor of Commerce graduate beginning my full-time career with Marriott International's Revenue Strategy Market Team for Downtown Toronto, COVID-19 turned my exciting and limitless career opportunities into a giant question mark. With ...
Boutique Anatolia Hospitality Group Selects IDeaS G3 Revenue Management System
IDeaS | December 9, 2020
Family-owned Greek hotel organisation turns to IDeaS to gain better insights into data through accessible automation LONDON—Dec. 9, 2020—Family-run and owned Anatolia Hospitality has selected IDeaS G3 Revenue Management System (RMS) to manage, control and maximise its data. Anatolia will implement IDeaS initially at its two city hotels with the highest booking dynamic, Anatolia Hotel and Onoma Hotel in Thessaloniki. Embracing revenue science – After 90 years in business, turning to technology was the next logical step for the Chrysochoidis family and its hotels, villas and luxury apartments. IDeaS G3 RMS provides the continuous ...
How a Total Revenue Approach Can Benefit Your Hotel
HotStats | December 9, 2020
Since the pandemic snuffed out hotel room demand, hoteliers have been digging through the resulting financial rubble in search of revenue. Unfortunately, focusing solely on revenue generation from rooms can obscure financial recovery vision. Exploring and mining for revenue generation outside of rooms is a first step in getting back to profitability. By measuring and monitoring total revenue per available room (TRevPAR), hoteliers have the ability to take a magnifying glass to all revenue sources and identify both underperformance and outperformance. Above all, it can reveal revenue opportunities to help carry a hotel out of the pandemic c...
Maximizing Guest Revenues Starts With Prearrival Tech
Larry Mogelonsky | December 2, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) We’re now in the long tail of the pandemic. Our properties have upgraded our safety protocols to prevent the spread of COVID-19, but groups and corporate clients will still take some time to trickle back to their pre-pandemic levels. This means a reliance on leisure – local, regional, staycations, workcations and so on – thereby making it clear the need to maximizing what revenue you can capture from each guest instead of relying on boosting occupancy to stay out of the red. When we consider optimizing revenues on a ‘per guest basis’, the most useful metric to organize any...
New Saranac Waterfront Lodge Opens With IDeaS G3 RMS Implemented for Automated Revenue Optimization
IDeaS | November 11, 2020
Skyward Hospitality selects IDeaS G3 RMS to maximize every reservation as it opens its first property amid COVID disruption in a competitive marketplace Tweet This: @SaranacLodge and Skyward Hospitality choose @IDeaS_RevOpt to ensure a successful grand opening and long-term profitability and growth: www.ideas.com/news MINNEAPOLIS—Nov. 11, 2020—IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, announced today it has implemented IDeaS G3 Revenue Management System (RMS) at the just-opened Saranac Waterfront Lodge, a modern, eco-lux destination hotel offering year-round guest experi...
Doubling Down on Revenue Management for Post-Pandemic Success
Larry Mogelonsky | November 4, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) One of the most worrisome aspects of how COVID-19 has affected the hotel industry is that we have had to furlough many of our best people. This doesn’t necessarily have to be the case, though. My hope in writing about the following management company is that hotel owners and operators can see that often a more bullish approach can work to maintain property solvency and even grow topline revenues in a depressed travel landscape. I’ve known members of the senior team at Newport Hospitality Group (NHG) for nearly two decades now, always admiring their commitment to developing thoro...
Royal Mansour Looks Beyond Pandemic to Long-Term Gains by Implementing IDeaS Revenue Solutions
IDeaS | October 28, 2020
Member of Leading Hotels of the World selects IDeaS G3 RMS solution as part of business development strategy LONDON—Oct. 28, 2020—Morocco’s boutique luxury hotel, Royal Mansour, owned by King Mohamed VI, selected IDeaS over several competitors as part of its business strategy. With plans to implement IDeaS G3 Revenue Management System (RMS) in five hotels throughout 2021 and 2022, the Mansour Group looks beyond the pandemic to further its long-term gains. Centralised forecasting – With no previous RMS in place, the move from the use of spreadsheets to automation and centralised forecasting technology was at the top of the list...
Golden Nugget Leverages Knowland to Prospect for New Business
Knowland | October 28, 2020
Iconic Vegas hotel and casino turns to industry leader for intelligence-driven search and analytics to save time, gain competitive edge and increase revenue ARLINGTON, Va. — Oct. 28, 2020—Knowland, the leader in group hospitality analytics for hotels, convention and visitor bureaus, conference centers and other meeting venues, announced today that Las Vegas hotel and casino, the Golden Nugget, has leveraged Knowland’s historical database of actualized events to amplify its group sales and prioritize leads. The Golden Nugget, an iconic landmark casino and hotel, is located in the heart of the Vegas action, boasting 37,000 square fe...
Hersha Hospitality’s Independent Collection Partners With Duetto
Duetto | October 27, 2020
Leading hospitality investment firm selects Duetto's Revenue Strategy Platform for its collection of luxury and lifestyle hotels. San Francisco, October 27, 2020 — Hersha Hospitality Management (HHM) has deployed Duetto's Revenue Strategy Platform across its entire Independent Collection, a growing portfolio of boutique, lifestyle, and luxury hotels across the United States. HHM is one of the fastest-growing management, investment, and development firms in the hospitality sector, with 135 hotels and more than $1 billion in managed revenues. The "Independent Collection," which represents its luxury and lifestyle division, has 20 p...
How Operational Efficiency Leads to Optimal Profitability
HotStats | October 22, 2020
In the hotel industry, the deeper decision-makers can drill down into departmental figures, the easier it is to generate revenue, chisel away at unnecessary costs and post a healthy profit. Simply put, the best decisions are driven by in-depth analysis of departmental revenue and operational costs. Sound like too much work? Analyzing these critical figures and unlocking higher profits may be easier than you think. Is the Hotel Industry Measuring Revenue Wrong? First, why is it important to measure departmental metrics? The answer is clear when you look at what most leaders in the hotel industry are doing wrong. The...
What Are the Best KPIs for Measuring Hotel Profitability?
HotStats | October 14, 2020
As COVID-19 continues its charge unabated, it’s natural for hoteliers to feel like they’re on loose financial footing. And as room revenue becomes less predictable, many hoteliers are seeing their revenue-only strategies give way beneath them. Want to build your plans around a more solid hotel performance indicator? Look no further than benchmarking hotel profitability. By measuring hotel profitability, hoteliers can cement their performance strategy in figures that tell a true story of the hotel’s financial health. In this article, we lay out the top KPIs for measuring hotel profitability and pick out ways to use them to gener...
How Online Payments Encourage More Guest Spend
Larry Mogelonsky | October 14, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) Now that Covid has forced hotels to adopt touchless or cashless payment methods, it’s worth a bit of a history lesson on why these upgrades may actually be unconsciously cajoling your guests to spend a bit more with your hotel. Knowing the underlying psychology, you can then develop methods to maximize revenue capture. First, let’s backtrack a bit and look at what the pandemic has wrought. With the implementation of viral safety measures such as plastic barriers at the front desk, queue markers on the ground for socially distanced lineups and mandating all employees (and possibl...
IDeaS and Host Hotel Systems Implement Two-Way Data Integration
IDeaS | October 14, 2020
Hotel technology partners combine industry-leading automated solutions to increase productivity and profitability MINNEAPOLIS—Oct. 14, 2020—IDeaS and Host Hotel Systems have announced a two-way data integration to provide hotels with the most advanced science and automation to optimize the front- and back-office operations while maximizing revenue performance. The collaboration automates the seamless transfer of information between IDeaS’ revenue management solutions and Hostpms Property Management System (PMS). Accurately forecasts true demand – By streamlining the exchange of data between the Hostpms PMS and IDeaS RMS and G3...
Introducing MAX™, An Interactive Hotel Revenue Performance Platform
Revenue Matters, LLC. | October 13, 2020
Free trial subscription during Q4 2020 and 2021 discounts for first 25 properties Revenue Matters introduces MAX™, a proprietary, interactive hotel revenue performance platform designed exclusively for the hospitality industry. Now, hoteliers, owners, and asset managers can have access to this robust analytics tool to help with strategic planning, trend analysis, price positioning, occupancy and rate strategy, budgeting, forecasting, and more. Spend less time running reports and more time on analysis. MAX consolidates information from multiple sources and displays it in a user-friendly format to help you make smart decisions. Get a c...
Infor Unveils New Cloud-Based Revenue Management Functionality for Hoteliers
Infor | October 12, 2020
Science-infused Infor EzRMS provides new forecasting capabilities and real-time optimization for hoteliers large and small NEW YORK – October 12, 2020 – Infor today announced significant updates to Infor EzRMS, a leading revenue management application built specifically for the hospitality industry. Part of the Infor Hospitality suite of cloud-based solutions, Infor EzRMS is designed to help hoteliers better optimize revenue by automatically calculating demand forecasts and recommending appropriate selling strategies based on data such as day-of-week patterns, booking lead-time and the number of guests per room. Through a combination o...
