Quoting Higher Rates and Overcoming Objections Regarding Rate/Availability Restrictions
Doug Kennedy | February 6, 2024
Getting Rates Above $750 Then Above $1000 Per Night
Adam and Larry Mogelonsky | January 24, 2024
Revenue Strategies
Hotel Brands Check Into New Verticals
February 29, 2024
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A Smarter Way to Save: 8 Ways That Hoteliers Can Increase Compliance and Reduce Annual Spend
Johannes Vocke | February 28, 2024
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Cloudbeds and IDeaS Forge Innovative Partnership to Deliver an Integrated Revenue and Hospitality Management Solution
Cloudbeds | February 27, 2024
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FLYR Hospitality and RateGain Enter Technology Partnership
FLYR | February 27, 2024
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How a Wellness Property Renovation in Tremblant Canada Boosts Revenue
Adam and Larry Mogelonsky | February 21, 2024
By Adam and Larry Mogelonsky For every Canadian living in Ontario, Quebec and eastwards, the town of Tremblant two hours north of Montreal is a ski mecca with numerous hotels, chalets, lodges and vacation rentals centered around a short strip styled like a charming French alpine town. The focus of today’s case study is the crown jewel of this village’s hospitality scene: the 312-key luxury Fairmont Tremblant. Opened in 1996, renovations are a necessary aspect of the business and to keep pace with evolving guest demands for exceptional onsite experiences. How does a flagged resort do this right in 2024? At the luxury end, it’s ...
Hospitality Revenue Management: 10 Ways To Boost Hotel Income in 2024
EHL | February 7, 2024
Despite signs of recovery in 2023, the hospitality sector's 2024 outlook is unpredictable. Deloitte's Hospitality Industry Outlook 2023 identified the hospitality sector's key challenges for 2024 as a drop in consumer confidence, continuing labor shortages, and the inability of hotels to raise prices despite escalating costs. However, by leveraging strategic hospitality revenue management, hotels can navigate these hurdles and even drive revenue growth in the coming year. While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel'...
The Importance of Lobby Renovations for the Guest Experience
Adam and Larry Mogelonsky | February 7, 2024
By Adam Mogelonsky, Larry Mogelonsky Renovations are necessary, but so is controlling expenses. This can often lead to value-engineering where every element needs a quantifiable justification towards revenue performance. And yet, hotels don’t quite work that way. Even as data scientists, revenue managers and the like extol their metrics as the be-all and end-all of operational success, true hospitality nevertheless perseveres as an artform. The lobby is one such area where emotions run high and there’s no clear line between capex and profit. Numerous properties that are already in, or aspire to be in, the hospitality hall of fame ha...
Beyond the TV: Hotel In-Room Entertainment Has Evolved
Robert Mandelbaum | February 6, 2024
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Quoting Higher Rates and Overcoming Objections Regarding Rate/Availability Restrictions
Doug Kennedy | February 6, 2024
Doug Kennedy’s Next Training Webcast; Complimentary Registration Now Open Sponsored By Travel Outlook, Better Talent, 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 Monday, February 19, from Noon – 12:40 pm EST. REGISTER HERE “As many resorts, vacation rental companies, and hotels enter the peak booking season, now is a great time to train your reservations team on tactics for successfully selling the higher rates that your revenue managers have most likely rolled out this year,” said Kennedy. Due to today’s h...
IDeaS Appoints Ibrahim Saba as Principal Sales Director in the Middle East, Expands Regional Presence
IDeaS | January 31, 2024
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AI-Augmented Decision Intelligence: The Next Paradigm Shift in Hospitality Revenue Management
Andrew Rubinacci | January 25, 2024
By Andrew Rubinacci Artificial intelligence is everywhere. It’s making inroads into practically every field of human activity. It’s integrated into search engines, word processors, and various apps likely installed on your smartphone in your pocket. And there’s a reason for the tech’s proliferation: it is incredibly adept at analyzing data much faster and at a much larger scale. In the hospitality realm, most people consider revenue management to be something that only humans can do effectively. Now, with the advent of AI, that’s no longer the case. As technology continues to advance, there is a growing trend toward enhancin...
U.S. Group Revenue Recovery in Q4 Hits 110 Percent According to Hospitality Group and Business Performance Index by Knowland and Amadeus
KNOWLAND | January 25, 2024
Group business up across key metrics in 4Q2023, providing stability for hotels going into 2024 ARLINGTON, Va. — Jan. 25, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and Amadeus, a global leader in hospitality technology, today present the metrics from the companies’ Hospitality Group and Business Performance Index (the “Index”). The fourth quarter of 2023 demonstrated that group business in 10 of the top markets in the U.S. has recovered 110 percent compared to the same time in 2019. Group bookings are calculated using occupancy and average daily rate (A...
Getting Rates Above $750 Then Above $1000 Per Night
Adam and Larry Mogelonsky | January 24, 2024
By Adam and Larry Mogelonsky In the realm of luxury properties, charging around the $500 per night price range has come to be expected for any brands around the world since the pandemic, but the pursuit of rates exceeding $750 or $1,000 per night is now a strategic objective. But with great rate comes great expectations. Ergo, owners and operators in this space understand that guests paying in this premium range demand more than just the basics. Guest expectations for this $500 to $750 range encompass not only a remarkable lobby and well-appointed rooms but also enhanced services and upgraded amenities. Premium dining and spa services a...
IDeaS Enhances Client Experience Through Tailored Learning Pathways and Expanded Training Opportunities
IDeaS | January 8, 2024
World’s leading provider of revenue management solutions continues to evolve its “Client-First Framework” to meet tomorrow’s opportunities MINNEAPOLIS—Jan. 8, 2024— IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, redoubles its commitment to providing a top-tier client experience with new enhancements to the IDeaS learning journey. This effort includes the implementation of live chat support, monthly live learning events, quarterly panels, and on-demand tailored virtual training sessions. The needs of hotels are changing, and as IDeaS technology adapts, the company...
Knowland Expands Further in the Middle East, Opens Riyadh Market
KNOWLAND | December 20, 2023
Rapid growth and competition in the Middle East hospitality sector require robust data tools to increase productivity and better understand buyer behavior ARLINGTON, Va. — Dec. 20, 2023 — Today, Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, announced its expansion in the Middle East with data collection in Riyadh, Saudi Arabia, to accommodate the growing demand and fierce competition facing new hoteliers in the market. Regional meetings and events growth continues in the triple digits, with a 167 percent increase over the same period last year. Not new to the market, K...
RevPAR vs. TRevPAR
CoStar Group | December 19, 2023
If you work in the hotel business, acronyms are part of the job. Among the many shorthand terms we use, two are particularly important for measuring performance. Their names might strike a similar chord, but delving into these respective metrics reveals crucial distinctions. RevPAR and TRevPAR are two of the most frequently used metrics for hoteliers assessing the health of a property or portfolio as well as industry stakeholders measuring the health of market. However, understanding these measurements on their own is only half the battle. True performance insights are unlocked when you understand the fundamental differences between the...
Event Space Revenue Analytics: The “Marriage” of Revenue Management and CRM
Dan Skodol | December 15, 2023
By Dan Skodol An area of opportunity where the three commercial disciplines converge more so than others is event space. Like hotel rooms, restaurant seats, spa treatment rooms, and other types of time-based, perishable inventory, event space shares many of the conditions that are conducive to the application of Revenue Management: Relatively low variable cost, relatively high fixed cost structure Seasonal, varying demand levels Flexible pricing structure Advance reservations Fixed capacity On top of these ideal conditions, add a focused, funnel-driven, outbound Sales effort that arguably doesn’t exist for something l...
7 Tips for Making a Winning Business Case for a New Hotel Revenue Management System
Andrew Rubinacci | December 13, 2023
By Andrew Rubinacci, Chief Advisory Officer of FLYR for Hospitality A recent study by Regional Research Reports concluded that in 2022, the global Hotel Revenue Management Systems (RMS) market was valued at millions of USD and was projected to reach multi-millions of USD by 2033. And there are reasons we’re seeing such a rapid rise in demand: Next-generation RMSs. The many benefits of RMSs - particularly AI-driven RMSs - are clear. Hotels using AI-driven revenue management systems have seen a 20-30% reduction in labor costs. (Researchgate.net) Hotels that implement revenue management systems typically experience a 10-15% incre...
IDeaS Launches Resorts Revenue Council, Convening Commercial Leaders From Resorts and All-Inclusive Properties Across the Globe
IDeaS | December 7, 2023
Two-day retreat brings together revenue leaders and innovators to identify industry challenges and discuss a reimagined approach to revenue management in those segments MINNEAPOLIS—Dec. 7, 2023 — IDeaS, the world’s leading provider of revenue management software and services, announced today the launch of the IDeaS’ Resorts Revenue Council, a dynamic in-person and virtual community where industry leaders, creative thinkers, and innovators from the resort and all-inclusive space will meet regularly to discuss key industry challenges and catalyze the evolution of a holistic approach to commercial management for resorts. The Re...
BWH Hotels Scandinavia’s Revenue Center Selects FLYR for Hospitality as Preferred Revenue Management System
FLYR | December 6, 2023
With FLYR’s AI-driven revenue management system, BWH Hotels Scandinavia’s Revenue Center will be able to unlock next-level decision intelligence and automation for 56 properties – delivering maximum revenue potential and operational efficiency Los Angeles, CA (DECEMBER 6, 2023) – FLYR, the AI-powered platform for travel technology, today announced that BWH Hotels Scandinavia, a leading global hospitality network that includes Best Western Hotels & Resorts (BWHR), Worldhotels, and Sure Hotels, has selected FLYR for Hospitality as its preferred Revenue Management System (RMS). This strategic decision will strengthen BWH Hotels’...
Driving Profitability With Precision: AI’s Pivotal Role in Revenue Management?
Andrew Rubinacci | November 30, 2023
By Andrew Rubinacci Revenue management systems play a critical role in the hospitality industry. Traditionally, these systems attempt to predict future demand from past trends to optimize pricing. That’s a reasonable approach. But as the pandemic taught us, relying on the past to predict the future doesn’t always work - the unexpected still occurs. Now, what if I told you it was possible to predict future demand based on current trends? How would that impact your pricing strategies? We’ve come a long way since the first RMSs hit the scene. And the recent advancements in artificial intelligence have made them more powerful (and rel...
Why Legacy Systems Can Limit Revenue Potential When It Comes to Attribute-Based Selling
Aaron Shepherd | November 28, 2023
By Aaron Shepherd Are outdated technologies preventing your hotel from meeting guest expectations and maximizing profitability? In the hotel industry, profitability is increasingly influenced by a variety of market changes, including the introduction of new technologies, shifting consumer preferences, and fluctuating operational costs. In response to these challenges, the industry is turning towards innovative pricing strategies, with Attribute-Based Selling (ABS) (also known as attribute-based pricing) emerging as a notable trend. Research from the Hotel Electronic Distribution Network Association (HEDNA) suggests that hotels implement...
Tips To Optimize Hotel Management Operations
Russ Spencer | November 27, 2023
By Russ Spencer For hotel operators, customer satisfaction is the lifeblood of business. It’s important to keep guests satisfied and create a memorable experience to keep them returning. While guest occupancy remains the top source of income for hotel operations, there are ways to transition business models to add new, fruitful revenue streams. An important aspect of hospitality services to consider is the food and dining experience. When vacationing or traveling for business or personal affairs, hotel customers look for dining experiences that are convenient and enjoyable. Vacation is all about relaxing and indulging, and there is no be...
From Silos to Synergy: Getting Commercial Teams on the Same Page
Lynn Zwibak | November 21, 2023
By Lynn Zwibak Now that the hotel industry has moved away from siloed departments, you expect your commercial teams to work together. But that’s impossible when each department is still operating independently. Team members outside the revenue-management department often feel mystified by the hotel’s pricing and availability decisions. And that’s holding your hotel back. Picture this: The marketing team dreams up a brilliant marketing campaign. They design beautiful content with compelling text, get it in front of the public through all the proper channels, and then celebrate its success. But the hotel misses forecast and the S...
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