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
Direct Booking Growth Tips for the Back Half of 2024
Adam and Larry Mogelonsky | March 27, 2024
By Adam Mogelonsky, Larry Mogelonsky As we’re moving into Q2 2024, the peak summer leisure months will soon be upon us, which often has a tendency to impede new tech deployments. One consummate drive is the great push for a channel shift towards your own website and away from third parties, foremost among them being the OTAs. While we need drivel on about the benefits, we’re all familiar with the boost to net revenues from reduced customer acquisition costs (CAC) as well as the heightened loyalty, ability to segment or remarket and the general trend that the average direct-booking guest spends more onsite. Now, however, with the ris...
Why Democratizing Data Is the First Step to Successful Revenue Performance
Andrew Rubinacci | March 21, 2024
By Andrew Rubinacci Today, most hotels possess more data than they know what to do with. And like most businesses that have jumped on the “data-driven” bandwagon, they quickly find themselves overwhelmed by the sheer quantity of data they end up with (to the point that some of what’s collected may fly under the radar). Case in point: 2.5 quintillion bytes of data are generated every single day. And roughly 90% of all the data ever created was developed in the last two years. So, there’s definitely no shortage of data. When such a plentiful supply of data is available, why are over half of the hospitality industry’s busine...
Should Revenue Management Be Involved in Reputation Management?
HSMAI | March 18, 2024
By Monika Morrobel, CRME, CHDM, Area Director of Revenue Management, Pyramid Hotel Group, HSMAI Revenue Optimization Advisory Board Member Recognition of Reviews as Influential Decision Drivers: Consumer behavior is heavily influenced by reviews, with a staggering 95% of potential guests considering them before making a booking. Direct Correlation Between Reviews and Revenue: Even marginal improvements in positive reviews can lead to substantial revenue gains, with a mere 0.5% increase potentially translating into a remarkable 25% boost in revenue. This underscores the tangible impact of reputation management efforts on the bottom lin...
Amadeus and Duetto Expand Collaboration
Duetto | March 12, 2024
Hotel tech leaders expand partnership to deliver greater insights and efficiencies for hotel revenue teams. March 12, 2024 - Duetto, the leader in cloud-based Revenue Strategy solutions, and Amadeus, a leading global travel industry technology partner, today announce an expansion to their strategic relationship. The evolution will provide Duetto customers with seamless access to data from Amadeus' Demand360+® and RevenueStrategy360+® solutions directly within the Duetto platform, enabling hoteliers to make smarter, data-driven decisions to optimize their business. The expanded partnership will enable Duetto customers to: • Gain a...
How To Get Revenue Management Right for 2024
Ahmed Mahmoud | March 11, 2024
By Ahmed Mahmoud The hotel industry is an ever-changing landscape, like many other industries, it has been unpredictable over the past few years, especially in regards to revenue management with unprecedented growth and innovation. From advanced reservation systems to personalized guest experiences, technological advancements have played a crucial role in shaping the way hotels, resorts, restaurant and others provide their services to customers. As we approach the year 2024, it is time to look ahead and explore How to Get Revenue Management Right for 2024 with the top trends set to further transform this dynamic industry, where the sec...
IDeaS Unveils Portfolio Navigator for Multi-Property Revenue Management Automation
IDeaS | March 5, 2024
Ongoing innovation results in a powerful solution to enable efficient revenue management at scale BERLIN—March 5, 2024—ITB Booth #110 Hall 8.1 (Messe Berlin) IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, announced today the release of G3 RMS Portfolio Navigator, the next innovation in multi-property revenue management. Portfolio Navigator provides powerful automation to identify, prioritize, and act on the most important revenue-impacting decisions. This reduces execution costs by enabling multi-property and corporate revenue leaders to deploy and manage revenue strategy q...
Hotel Brands Check Into New Verticals
February 29, 2024
[fusion_builder_container hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right="" type="legacy"][fusion_builder_row][fusion_builder_column t...
A Smarter Way to Save: 8 Ways That Hoteliers Can Increase Compliance and Reduce Annual Spend
Johannes Vocke | February 28, 2024
[fusion_builder_container type="flex" hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right=""][fusion_builder_row][fusion_builder_column typ...
Cloudbeds and IDeaS Forge Innovative Partnership to Deliver an Integrated Revenue and Hospitality Management Solution
Cloudbeds | February 27, 2024
SAN DIEGO & MINNEAPOLIS, February 27, 2024 — Cloudbeds, a leading provider of hospitality management software, and IDeaS, the world’s leading provider of hospitality revenue management software and services, today announced a strategic technology partnership that brings together the expertise of two industry powerhouses to deliver cutting-edge revenue solutions for accommodations providers worldwide. The collaboration will combine IDeaS’ latest revenue management solution with Cloudbeds’ innovative hospitality management platform. The result will deliver a simple, yet powerful solution to enable thousands of independent hotel o...
FLYR Hospitality and RateGain Enter Technology Partnership
FLYR | February 27, 2024
[fusion_builder_container type="flex" hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right=""][fusion_builder_row][fusion_builder_column typ...
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
[fusion_builder_container hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_size="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right=""][fusion_builder_row][fusion_builder_column ...
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
[fusion_builder_container hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_size="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right=""][fusion_builder_row][fusion_builder_column ...
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...
