SalesAndCatering.com and LodgIQ™ Announce Partnership To Deliver Market-Leading AI Revenue Management for Group Sales
SalesAndCatering.com | June 18, 2024
Direct Booking Growth Tips for the Back Half of 2024
Adam and Larry Mogelonsky | March 27, 2024
Revenue Strategies
Loyalty Program Membership, Contribution, Liability, and Costs Continue to Grow
CBRE Hotels | November 4, 2024
By Rachael Rothman CFA, ISHC, Robert Mandelbaum, and Christine Bang Strong loyalty programs help hotel brands lower customer acquisition costs, increase direct-to-consumer access, and offset occupancy shortfalls during shoulder periods and weaker economic conditions. After analyzing publicly available data from five large hotel companies, we found that while growth in several key metrics slowed in 2023, loyalty members' overall contribution to occupancy increased, though marginal contribution per member contracted. Benefits The average number of loyalty program members at the subject five companies increased 11.3% in 2023, slower tha...
8 Revenue Manager Phrases That Mean “I Am Winging It and Have No Idea”
Fabian Bartnick | October 31, 2024
By Fabian Bartnick We’ve all been there—stuck in a meeting where someone says something that makes you think, Do they actually know what they’re talking about? Here are 8 classic phrases from revenue managers who are definitely winging it. 1. We’re optimizing our mix across all channels. Translation: I threw some guesses out there and hoped for the best. Please don’t ask for specifics. 2. The data suggests we should hold rates steady. Translation: I looked at the numbers, but there’s no way I can explain why it matters. Holding steady just sounded safe. 3. Our forecast accuracy is a high priority for us. Transl...
Defining Blended Travel and Its TAM Through Marriott Hotel Examples
Adam and Larry Mogelonsky | October 30, 2024
By Adam and Larry Mogelonsky Every hotelier is already thinking about ways to take advantage of the growth of remote work and bleisure in the post-pandemic travel landscape. Best described now as ‘blended travel’ due to the many different types of travel it encompasses, let’s take a look at what Marriott is doing so you can learn from their example, as well as convince you a bit more about the opportunity here – the total addressable market (TAM) as they say. Whether remote work, temporary relocation, staycation or digital nomadism, with these emerging blended travel dispositions in mind, it behooves hotels to adjust their commerc...
Global Hospitality Study Exposes Critical ‘Aspiration-Reality Gap’ in Measuring Per-Guest Revenue Beyond the Room
Agilysys | October 30, 2024
-- Research from Agilysys reveals 82% of hospitality executives recognize the value of augmenting RevPAR metrics with Revenue Per Available Guest (RevPAG) goals, but 56% feel unprepared to do so -- Oct 30, 2024 (SAN ANTONIO, Texas and ALPHARETTA, Ga.) – Today at the American Hotel and Lodging Association’s The Hospitality Show being held in San Antonio, Texas, Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of hospitality software solutions and services, released the findings of its 2024 Global Hospitality Impact Study: Unlocking Revenue Beyond the Room. This comprehensive survey of 489 hospitality executives and tec...
Hotel Forecasting: Why It Is Important to Your Business
CoStar Group | October 4, 2024
Hotel forecasting plays a vital role in strategic decision-making, shaping both the short and long-term success of a property or portfolio. By understanding the key components and dynamics of accurate forecasting, hoteliers can implement more effective strategies, optimizing efficiency and maximizing profitability. This article is part of a series on hotel benchmarking data sets and use cases. Reach the other editions here: The hospitality industry’s historical KPIs | The role of profitability data in a comprehensive hotel benchmarking experience | Using business on the books in a complete benchmarking approach ...
Serving All Segments With Dynamic Onsite Programming at the Andaz Mexico City Condesa
Adam and Larry Mogelonsky | September 25, 2024
Against the backdrop of the current boomtown that is Mexico City (CDMX), the Andaz Mexico City Condesa is one such newcomer, having just recently celebrated its first anniversary. Tucked just off the main thoroughfare of Avenida de los Insurgentes in the trendy and perfectly safe downtown neighborhood of Condesa-Roma, this hotel of 213 rooms including 20 suites represents a shining example of how dynamic, multi-space programming can drive demand from different segments and boost total revenue by increasing onsite capture per guest (TRevPAR or TRevPAG). Following our first report on this luxury property where we focused on how generating a se...
Asset Management & Hotel Service Optimization Takes Center Stage at HVMG’s First Engineering Conference
OpsTechPro | September 24, 2024
OpsTechPro addresses chief engineers on the vital role its technology is playing in operational success and presents awards to top performing hotels successfully engaging with its solution PALM BEACH, Fla. — September 24, 2024 — This month chief engineers representing 56 hotels owned and operated by Hospitality Ventures Management Group (HVMG) met for the first time at the company’s inaugural Engineering Conference in St. Augustine, Fla. Spearheaded by VP of Engineering Jamison Conrey, the event provided critical education on the role today’s engineers are playing and how their performance is impacting operations, guest satisfact...
Post-Olympics Hospitality Insights: Pricing, Trends, and Guest Satisfaction From Paris 2024
Shiji | September 19, 2024
The 2024 Paris Olympics posed unique challenges and opportunities for the hospitality sector. During a recent webinar moderated by André Baljeu from techtalk.travel, Lighthouse Director of Hospitality Research Blake Reiter and Shiji ReviewPro Product Specialist Bruno Saragat dissected the performance of the Parisian hospitality market. The discussion centred around dynamic pricing, the influence of short-term rentals, and guest satisfaction throughout the event. Here is a summary of the key insights from the webinar and some points hoteliers can apply to their future revenue strategies, especially for large-scale events. A case of misjudg...
Global Business Travel and Events Costs Moderating in 2024, With Continued Modest Increases in 2025
GBTA | September 19, 2024
Latest research from CWT and GBTA reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025 Global business travel and events prices appear to be moderating following the dramatic increases seen in recent years. The 2025 Global Business Travel Forecast, published today by CWT, the business travel and meetings specialist, and the Global Business Travel Association (GBTA), the world’s largest business travel trade organization, reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025. This reflects a...
Check-In to Success: Agilysys Reveals Path to Hospitality Innovation
Agilysys | September 18, 2024
Insights from Agilysys 2024 APAC Hospitality Impact Study reveal the importance of personalization and seamless experiences By Tony Marshall, Vice President and Managing Director, APAC The Agilysys 2024 APAC Hospitality Impact Study reveals critical insights into how hoteliers can boost both guest satisfaction and revenue. The key to unlocking this dual success lies in a vital yet often underutilized tool - personalization. Cracking the Loyalty Code: Unraveling the Rebooking Paradox One of the study’s most startling findings is the "rebooking paradox." While hoteliers report high guest satisfaction (86%) and perceived value for m...
SiteMinder Pioneers Mobile-First Intelligence, Partners With IDeaS to Make Dynamic Revenue Management Accessible to All Hotels
SiteMinder Limited | September 17, 2024
MINNEAPOLIS, Sept. 17, 2024 – SiteMinder, the world’s leading hotel distribution and revenue platform, is heralding a new era of revenue management for hotels with the unveiling of ‘Dynamic Revenue Plus,’ the only solution for hotels to both access live market intelligence and take immediate action on their bookable inventory, pricing, and distribution strategy. Unlike revenue management systems that have traditionally been accessible to a limited number of hotels, the dual capability within Dynamic Revenue Plus means any hotel can, for the first time, use one mobile-first system to optimize its revenue based on market demand. Dynami...
Parking and EV Stations Charge U.S. Hotel Performance
Jim Hurless | September 9, 2024
By Robert Mandelbaum and Jim Hurless Parking revenues have increased by 23.1% from 2019 to 2023, based on a sample of U.S. properties in CBRE’s Trends® in the Hotel Industry database, which is more than four times greater than the growth rate for total hotel revenues during that period. Not only is parking a growing source of revenue, but it is relatively profitable as well. In 2023, parking department profit margins for the CBRE sample were 61.3% of total department revenue, while the average profit margin for all other-operated departments was 58.7% at those hotels. While the contribution to revenues and profits is welcomed news to hot...
Dynamic Pricing: Maximizing Revenue in the Hotel Industry
EHL | September 5, 2024
Dynamic pricing can be a contentious topic. Consumers often view it as an exploitative pricing strategy in which brands try to charge the highest possible price for their products or services. For example, in the fast-food industry, the introduction of dynamic pricing has gone down like a lead balloon. However, despite the backlash some brands have received, there are industries where dynamic pricing, while not necessarily welcomed, is generally accepted. The airline industry is one example, with airlines charging more for passenger tickets when demand for travel to a particular destination is high. Travel accommodation is another, with A...
How To Turn Inbound Reservations Inquiries Into Proactive, Outbound, Reservations Sales Leads
Doug Kennedy | September 5, 2024
Complimentary Registration Now Open For Doug Kennedy’s Next Webcast! Sponsored By Travel Outlook and Track Hospitality Software Register your team and participate live, or view the recording, of Doug Kennedy’s next 40-minute training webcast scheduled for Friday, September 20, from Noon – 12:45 pm EST. REGISTER HERE “Many leaders tend to think the role of reservations agents is simply to field inbound calls, answer questions, and book those who are not techno-savvy enough to book online,” said KTN President Doug Kennedy. “Yet when you monitor the cloud-based phone logs at resorts, vacation rental companies, and luxury hotels ...
IDeaS Boosts Revenue and Guest Experience for IDILIQ’s Luxury Resorts
IDeaS | September 4, 2024
IDeaS G3 RMS selected to automate revenue management tasks and optimize pricing strategies LONDON - Sept. 4, 2024 – IDeaS, a SAS company and global provider of hospitality revenue management software and services, today announced IDILIQ Hotels & Resorts has selected IDeaS G3 RMS to automate revenue management and optimize its pricing strategies across its portfolio of Spanish luxury resorts. IDILIQ Group — pioneers of the resort-based concept — designs, develops, and manages residences in the most sought-after holiday destinations in Europe and the U.S. The Spanish division of IDILIQ operates five luxury resorts across the country...
The Role of Total Revenue Management in a Hotel Profitability Strategy
CoStar Group | August 30, 2024
The global hotel industry is firmly positioned in an era of normalized growth levels. That means to achieve greater profits, hotel owners and operators need to explore every possible revenue stream while also working to manage expenses. The starting point is a strategy built on a total performance picture—one that understands both the top and bottom lines as well as the circular relationship between the two. Fortunately, 35 years of historical profitability data presents obvious trends that inform hoteliers working to generate more financial gains. Revenue and profit are closely linked Understanding the relationship between revenue a...
The Power of Persistence: A Revenue Manager’s Lesson From Milan
Fabian Bartnick | August 28, 2024
By Fabian Bartnick A skill every revenue manager needs! I forgot about it. Now it's back :-) It all began during our journey to Milan last week. My family and I were listening to the Million Dollar Weekend podcast, which featured a discussion about the power of follow-up and how every “no” can breed countless opportunities for sales. Downside none, upside unlimited. It was an insightful session, but it wasn’t until later that evening, when we took the tram home from seeing the city, that the lesson truly hit home. The Persistent Power of a Nine-Year-Old After we arrived in Milan and settled in, went for dinner and took the tr...
Here’s Why Your Fancy Hotel Website Is Not Converting
Simone Puorto | August 28, 2024
By Simone Puorto And if that sounds just like business common sense, a ton of studies and industry literature prove that this simple integration can boost conversion rates up to 40% (source: AZDS Interactive Group ). ONYX Hospitality Group observed a 40% increase in conversion rates following the integration of SynXis into their site; similarly, TFE Hotels experienced a 21% rise in conversion rates after redesigning their websites with integrated booking engines, while Loews Hotels & Co saw a 30% increase in direct bookings. And the list goes on Ad Infinitum. Quoting these case studies might seem overkill, as this is a no...
How To Implement a Front Desk Upsell Program That Outperforms Your Prearrival Email Campaign
Doug Kennedy | August 22, 2024
Despite what digital marketing and tech providers may say, I believe upselling can best be accomplished when warm, welcoming, front desk colleagues have authentic, human conversations. That’s not to say that pre-arrival emails that market upsell options in advance do not serve a role, because they do. For one, whatever upselling revenue they produce is a plus, especially since it is automatically generated. Also, pre-arrival emails tee-up a conversation-starting question that a well-trained receptionist can use to open the door. The challenge is that these days, guests who book travel in advance are inundated with pre-arrival emails explai...
Behind the Scenes: Crafting Unforgettable Hotel Guest Experiences
Ahmed Mahmoud | August 19, 2024
By Ahmed Mahmoud The heart of any successful hotel lies in its operations team. These unsung heroes work tirelessly to ensure that every guest's stay is seamless, comfortable, and memorable. The hotel operations team is dedicated to creating seamless and enjoyable experiences for every guest. By meticulously managing all aspects of the hotel, starting from check-in to check-out, the team strive to exceed expectations, focus on guest satisfaction, attention to detail, and efficient operations ensures a memorable stay for all guest. While creating a memorable hotel guest experience involves a delicate balance of comfort, service, personali...
From Revenue to Profit: A Culture Shift in Hotel Commercial Strategy
Otelier | August 8, 2024
Amid challenges like flatlining demand and increased pricing pressure, forward-thinking hotel commercial strategy teams are shifting their focus from driving revenue to driving profitability. By Jason Q. Freed Hospitality Data Evangelist, Otelier As pandemic-induced “revenge travel” wanes and inflation continues to squeeze travelers’ wallets, many hotels are finding rising operating costs are outpacing revenue growth. The result is a widespread decline in profit margins. Given these conditions, for hotel owners and operators, focusing on strategies to drive profitability over the near term is critical. In many cases, this requires ...
The Profit-Oriented Revenue Management Revolution To Maximize Profitability in Hospitality
Detlev Remy | July 30, 2024
Traditional revenue management concepts in the hospitality industry have evolved significantly in recent years due to technological changes, consumer behavior, and market dynamics. Where revenue management used to focus on maximizing room revenue alone, profit-oriented revenue management shifted the focus to ancillary revenue streams like food and beverage, spa services, events, and other on-site amenities. Instead of static pricing models that were used in the past, hotels can now rely on dynamic pricing models that adjust rates in real time based on demand, competition, and market conditions using advanced algorithms and AI. Whereas revenu...
Hospitality Financial Leadership: The Early Arrival Program
David Lund | July 29, 2024
With my workshops and speaking, I often do an exercise where I challenge each leader to find a minimum of $250 in next month's forecast. That can be savings in the form of reduced payroll or expenses. It can also be a source of new revenue. The participants come up with some amazing ideas that really work. The great thing about these ideas is that we almost always get to repeat and compound. An idea that works next month just works EVERY month. Read more about creating asset value here. In this piece, I am going to share one of the best revenue-generating and guest-pleasing ideas that my clients have come up with. It’s something that ju...
Shiji Distribution Solutions Empowers S Hotels & Resorts With WeChat Booking Engine, Enhancing Guest Experience and Reach
S Hotels and Resorts Public Company Limited | July 29, 2024
S Hotels & Resorts partners with Shiji Distribution Solutions to introduce WeChat booking engine, significantly increasing accessibility for Chinese travelers. ATLANTA, Georgia, United States, July 29, 2024 – Shiji proudly announces the successful implementation of a WeChat booking engine for S Hotels & Resorts’ SAii hotel brand, marking a significant leap forward in guest convenience and accessibility. S Hotels & Resorts is a fast-growing luxury hotel group managing 38 hotels across several desirable global tourism destinations, from Fiji to the UK. Recognizing the growing importance of the Chinese market and the pref...
