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Budgeting Season Is Here: Oy Vey! But It Doesn’t Have to Be
HotStats | October 9, 2020
By now, most hoteliers are in the throes of budget season. Only this year’s version is unlike any before. COVID-19 has made it so. Hearing from hoteliers and other industry stakeholders, this year’s budget planning is not only cumbersome, but many, including one owner I spoke to, told me they have no idea where to even start. To borrow a line from hands down one of the greatest films of the 20th century, The Big Lebowski, “This is our concern, dude.” Luckily, for all of us, The Dude is not preparing budgets. Still, it may be anyone’s guess as to what 2021will bring as the virus shows no signs of ceasing, the potential of a s...
10 New Creative Room Types to Boost Revenue
Cendyn | October 8, 2020
Try these new creative room types to boost revenue Hotel marketing has always been a blend of creativity and data. There’s equal parts of data-driven revenue management, copywriting and consumer psychology. At the start of the pandemic, marketing was put on hold at many organizations as operations adjusted to the new normal. Now, during a pandemic with hyper-local ebbs and flows, creativity reigns supreme. It’s a great time to experiment with new ways of making money! It comes down to finding creative ideas that can enhance your marketability without resorting to discounts. By providing value-added experiences, rather than rate cuts, ...
Tapping Into the Next Normal of the Remote Workforce
Larry Mogelonsky | October 7, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) With no clear end to the COVID-19 craziness, many companies are considering permanent work-from-home policies. While this may be troubling news for commercial real estate owners, there is an opportunity for hotels to capitalize upon this post-pandemic trend. While there are some very strong benefits to this new way of life – such as saving time on commuting, more flexible work schedules and fewer Starbucks runs draining the wallet – a few stark drawbacks are starting to make themselves known. Namely, people can get somewhat stir-crazy from being isolated. We are social animals, ...
Why Tracking RevPAR Only Is a Recipe for Failure
HotStats | October 5, 2020
What’s the problem with a RevPAR-only hotel performance focus? Imagine you’re trying to bake a world-class cake. You’ve picked out the best ingredients, tossed them in a bowl, and ... you’re done, right? Of course not. The ingredients going into the batter tell you very little about how your cake will turn out. The way ingredients mix, along with the baking temperature, and which tastes and textures are left after you bake all contribute to the final product. The same problem is at the heart of RevPAR-only strategies. RevPAR may touch on the basic ingredients for a profitable hotel operation, but it doesn’t even start to...
IDeaS Announces Fabian Specht Future Revenue Innovator Scholarship With EHL
IDeaS | September 30, 2020
EHL hospitality management school scholarship to honor the legacy of the late EMEA-area vice president of IDeaS, Fabian Specht LONDON—Sept. 30, 2020—Global hospitality revenue management solutions provider IDeaS has partnered with world-leading hospitality management school EHL to offer the Fabian Specht Future Revenue Innovator Scholarship. IDeaS has committed to €15,000, awarded annually beginning with the 2021-22 academic year, to two international EHL students pursuing a revenue management education. IDeaS’ EMEA-area vice president Fabian Specht passed away unexpectedly in December 2019. A passionate and visionary industry l...
Contactless Technology Partners Share Exclusive Insights in New eBook About Budgeting During a Crisis
OpenKey | September 24, 2020
Dallas, TX - September 24, 2020 - StayNTouch, TrustYou, and OpenKey release today a new eBook for hoteliers, “Budgeting During a Crisis: What is Mission Critical for the Guest Experience?”. In view of the COVID-19 pandemic, the three contactless technology providers partnered together with the end goal of guiding hospitality professionals through a budget season like none other. The combination of a global health crisis with major economic repercussions and several worldwide travel lockdowns makes it difficult for hoteliers to plan their 2021 budget and foresee the next steps that the industry will follow. The eBook tackles the exact hote...
Hospitality Financial Leadership: Venue Performance Peter Heath Interviews The Hotel Financial Coach
David Lund | September 21, 2020
David Lund, the Hotel Financial Hotel coach explains his views on why financial management is so important to Hotels and venues....
Luxury Resort in Hawaii, Prince Waikiki, Selects Cendyn
Cendyn | September 17, 2020
Prince Waikiki selects Cendyn's Revenue Cloud products to power revenue management and business intelligence at their resort Boca Raton, FL, United States – September 17, 2020 – Cendyn, the leading innovator in CRM, sales, and revenue strategy for the hospitality industry, announces Prince Waikiki has selected rainmaker and revintel to power revenue management and business intelligence for their premier resort in Hawaii. Located in Honolulu’s heart, Prince Waikiki features 563 guest rooms, 33 luxury suites, top-rated restaurants, and nearly 20,000 sq. ft. of event space on Ala Wai Yacht Harbor. Choosing Cendyn as their revenue mana...
Asset Owners/Managers: Your Path Forward
Robert Post | September 16, 2020
By Robert Post Congratulations! If you are reading this and still have your properties operating at some level, you've survived the first wave of COVID-19 and the economic recession/depression that has accompanied it. As much as I would like to announce that bad news is largely behind us, we actually face something much more complicated for the next 24+ months: uncertainty. Uncertainty around the virus, how the public will respond, therapeutics vs. vaccine, but the endless amount of speculation is frankly wasted effort. In human history this isn't the first time a pandemic and recession have impacted the human race. So, although we may w...
IDeaS and Cenium Partnership Delivers Modern Technology Platform for Total Hotel Revenue Optimization
IDeaS | September 15, 2020
IDeaS and Cenium’s two-way data integration enables hoteliers to eliminate manual processes and increase operational effectiveness MINNEAPOLIS—Sept. 15, 2020—IDeaS and Cenium announced today a product integration that enables guest data from Cenium's property management system (PMS) to automatically flow into IDeaS revenue management solutions. This partnership allows hotels and resorts to optimize revenue, gain control of the entire guest journey and make staff processes more efficient. Cenium seamlessly integrates with IDeaS to provide a real-time transfer of reservations and group transactional data by room type. IDeaS will aut...
Using Metrics — Other Than RevPAR — to Inform Better Business Decisions
HotStats | September 14, 2020
In the hotel industry, normality has been put on hold, requiring hoteliers and stakeholders to rethink how to move forward. One example is budgeting season, which is quickly approaching. Zero-based budgeting, a method of budgeting in which all expenses must be justified and approved for each new period, is now fundamental. This involves addressing the variable and fixed cost lines to protect the bottom line. Another is space optimization, which is gaining further relevance due to social distancing procedures and the like. How do we maximize the now-limited space in hotels? The issue is not necessarily being creat...
How to Create a Forecast Plan for Hotel Businesses in Unknown Times
Global Asset Solutions | September 11, 2020
With the advent of the ‘new normal’, hotel owners and operators must begin considering the various financial and operational scenarios in their forecasts extending into 2021. Accurate forecasting is notoriously tricky, even in "business as usual" times. Often, some operators need more pressure to deliver detailed breakdown forecasts and they rarely extend more than three months in the future. The objective of a forecast plan is to ask the hotel operator to propose tangible actions: to increase the performance of specific areas of the hotel, to manage the production of the personnel, to schedule productive activities and to increase custom...
IDeaS Intern Program Makes WayUp 100 List in U.S. for Second Year
IDeaS | September 3, 2020
Hospitality technology leader supports rising talent through its extensive internship program MINNEAPOLIS—Sept. 3, 2020—IDeaS was once again listed in WayUp’s Top 100 Best Internship Programs in the United States. WayUp, the go-to job placement platform used by millions of early-career professionals, releases the top 100 internship programs each year. The companies that made the list were selected by a panel of industry expert judges and thousands of public votes. View the complete list here: https://www.nationalinternday.com/top100-2020. IDeaS U.S. intern program – Created in 2014, the IDeaS intern program continues to gro...
McDreams Optimizes Revenue Management With Infor
Infor | August 28, 2020
Long-standing customer introducing Infor EzRMS August 28, 2020 — Infor, a global leader in business cloud software specialized by industry, today announced that it is equipping the family-owned McDreams hotel group with Infor EzRMS, Infor's powerful cloud-based revenue management solution. Infor EzRMS uses deep learning AI to provide enhanced revenue management functionalities and helps to improve guest service. Founded in 2009, the McDreams group offers low-budget designer rooms in a compact space with a high level of comfort. The hotel group thus appeals in particular to guests who are looking for overnight accommodation for only a sh...
ProfitSword and Infor Partner to Provide Hoteliers With Enhanced Business Intelligence Insight Into Group Room, Banquet and Catering Revenue Performan
ProfitSword | August 27, 2020
Integration between ProfitSword’s range of business intelligence solutions and the Infor Sales & Catering platform can offer real-time visibility into meeting group-related sales goals while working to ensure full operational efficiency regardless of labor resource levels. ORLANDO, Fla. – (August 27, 2020) – ProfitSword, a premier developer of hospitality-related business intelligence and data integration software, has partnered with Infor, a leading provider of global cloud business software, to equip hoteliers with the latest in group room, banquet and catering business performance analysis technology. Via the integration of Pr...
Boutique Resort, Belvedere Hotel Mykonos Turns to IDeaS to Manage, Control and Maximise Data
IDeaS | August 25, 2020
Popular Greek hotel leverages IDeaS’ revenue technology and Advisory Services to enhance its revenue strategies LONDON—Aug. 25, 2020—One of the “Leading Hotels of the World,” the Belvedere Hotel Mykonos has selected IDeaS G3 Revenue Management System (RMS) to manage, control and maximize data. It also selected Revenue Architect, a revenue performance analysis service conducted by the IDeaS Advisory Services team. By leveraging this service, the hotel will be able to better understand the right revenue opportunities to pursue and how to capitalize on them. With more than 15 different room types including luxury villas, rooms an...
Knowland Announces Prospector, A Solution to Help Select Service and Boutique Hotels Source Group Business
Knowland | August 25, 2020
Exclusive, free 90-day access designed to support proactive, personalized selling during COVID-19 ARLINGTON, Va. — Aug. 25, 2020—Knowland, the leader in group hospitality analytics for hotels, convention and visitor bureaus, conference centers and other meeting venues, announced today the launch of Knowland Prospector®, a prospecting solution designed for select service and boutique hotels to increase occupancy and meeting room revenue in today’s highly-constrained market. Knowland Prospector provides a fast, simple way for time-constricted executives to search, find and convert group business that is critical to their return to ...
Pandemic Pricing Principles for Hotels
Vikram Singh | August 13, 2020
By Vikram Singh This is my second pandemic-themed article, following the last magnum opus on Hotel Marketing and Revenue Management in the Time of Pandemic. I was definitely hoping for things to be better by now. I still have a lot of optimism. However, for now, the hospitality and travel industry must continue to undergo a massive overhaul in how we think about and operate almost every single department. Owners, employees, brands and investors will continue to take a direct hit from an event that we thought was only possible in disaster movies. But there are things we can do to mitigate our losses. Pricing needs your attention today, a...
Knowland Announces 3-Part Webinar Series Entitled Gearing Up for the Road Ahead
Knowland | August 11, 2020
Aug. 11, 2020 - Knowland’s vice president of product, Kristi White will speak with special guests about strategies to help hotels plan for the future and grow group business during these difficult times. With guests from management companies and training executives to technology partners and meeting planners, Kristi will dive into real conversations dealing with the re-calibration of the industry and brainstorm on potential new strategies for hoteliers as we move through the one of the greatest business disruptions in history. Seats are limited and filling up fast for this important series and attendance is complimentary. The first ...
Opening New Revenue Streams in the Hospitality Sector
Mandeep S Lamba | August 10, 2020
By Mandeep S. Lamba, Dipti Mohan Innovation and creativity are often the by-products of a crisis. This pandemic is no different. The current crisis has forced the hospitality sector globally to come up with innovative and indigenous ways to utilize their assets to stay afloat, in the process opening newer revenue streams. From food delivery, laundry, housekeeping, and facility management to warehousing and more, hotels need to reimagine ‘hospitality’ by extending their services to guests in the comfort of their offices and homes. Most hotel chains have already ventured into food delivery and laundry services to entice customers in t...
To Capitalize or Expense? The Answer Isn’t Always Clear
Arlene Ramirez | August 6, 2020
By Arlene Ramirez A quote in the 2008 novel “Paper Towns” by John Green reads: “The rules of capitalization are so unfair to words in the middle of a sentence.” This droll observation is not at the crux of this blog — well, not that kind of capitalization — but it may be similarly comic for those in financial accounting within the hospitality industry. Many times, what to capitalize and what to expense in the hospitality industry is unclear: The rules can seem as complicated as a student’s first grammar course. As it turns out, it does not have to be this way. Though there are no special rhymes or mnemonics like there a...
Revenue Management Strategies During an Economic Downturn or Global Financial Crisis
Patrick Landman | August 5, 2020
By Patrick Landman The unofficial definition of Revenue Management used by insiders is ‘the art of turning away business’. This certainly does not apply during the current Covid-19 (coronavirus) global healthcare crisis, and the economic downturn the hotel industry is facing in its aftermath. All the standard strategies and playbooks are out of the window right now. So what to do? Hotel revenue management has now turned into a more commercial role, one that is focussed on generating demand, and getting eyeballs to your shop’s window. Not the typical role a revenue manager is used to. And I am sure many revenue management profess...
Hospitality Financial Leadership: 7 Daily Revenue Audit Must Dos
David Lund | August 3, 2020
By David Lund The hotel business is a retail business and in order to stay on top of your business you must fully and completely balance your daily revenues and settlements. Every day we begin anew and every day is a story unto itself when it comes to the revenues and settlements. I may sound like I am repeating “revenues and settlements,” but it cannot be emphasized enough. Many hotels operate on what I call autopilot when it comes to this bedrock function. Many leave it in the hands of their latest manager of the day to ensure this function is properly done. Many hotel owners don’t even know that these controls can or should exi...
4 Alternative Uses for a Hotel During COVID-19
HotStats | July 30, 2020
Every second that hotels sit vacant, money is being burned. It’s an unfortunate byproduct of COVID-19. However, savvy hoteliers are finding creative ways to repurpose these now underused hotel spaces to generate extra revenue. Here are five alternative hotel revenue generators and how to put them into action: 1. First Responder Quarters By providing housing to first responders and essential workers, hotels can supply a much-needed service and bring in extra cash. In some cases, cities have offered to lease hotels for an estimated $1 million per month to house emergency medical staff. In addition to acting as an additional revenue ...
