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
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...
Cendyn and SiteMinder Establish Strategic Partnership to Grow Revenue for Hotels
Cendyn | November 20, 2023
London, United Kingdom, 20 November 2023 – Cendyn, a catalyst for digital transformation in the hospitality industry, and SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, are excited to announce a strategic partnership to mutually grow each other’s revenue management capabilities for the benefit of more than 70,000 hotels. Through the partnership, Cendyn customers can now gain full access to SiteMinder’s revenue platform to complement the capabilities they receive through Cendyn’s central reservations system (CRS), which for the sixth consecutive year was voted the ‘Best C...
The Dark Side of Revenue Management: Avoiding Ethical Pitfalls
Connor Vanderholm | November 16, 2023
By Connor Vanderholm The Temptation of Hidden Fees Rate Manipulation Let’s face it; we’ve all been tempted to play with rates to boost revenue. It’s the oldest trick in the revenue management book, you might even say that’s exactly what revenue management is. But I’m specifically referring to the practice of lowering prices during the booking process, then adding hidden fees later. The guest feels like they’ve been duped, but hey, you’ve made a few extra bucks, right? Now, I’m not saying this is the path to take, but it’s a path some hotels have chosen. And while it might pad the bottom line temporarily, it’s a risky ...
IDeaS Releases 2024 Hotel Technology Predictions
IDeaS | November 15, 2023
Gathering insight from industry leaders around the world, IDeaS prognosticates on what may be in store for 2024 MINNEAPOLIS—Nov. 15, 2023 — IDeaS, a SAS, company, the world’s leading provider of hotel revenue management software and services, released Future Forecast: Six Hotel Technology Predictions for 2024. Gathering information from some of the top minds in the industry, IDeaS releases six bold hotel technology predictions that it believes will shape the year to come. Key predictions include: • The continued breakdown of hospitality data silos: The hospitality industry collects an incredible amount of valuable guest data, b...
IDeaS Announced as Platinum Sponsor for 2024 Global Revenue Forum
IDeaS | November 6, 2023
Leaders from IDeaS and Starwood Capital to kick off the 2024 conference with an innovative executive fireside chat LONDON—Nov. 6, 2023—IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, announced today its participation in the 2024 Global Revenue Forum as a platinum sponsor. As part of the sponsorship, Joe Pettigrew, chief commercial officer for hotel asset management at Starwood Capital Group, will be joined by Klaus Kohlmayr, chief evangelist and chief development officer at IDeaS, for an address to kick off the conference. IDeaS plans to marshal the latest in innovative tech...
How Restaurant Teams Help Upsell Hotel Services
Adam and Larry Mogelonsky | November 1, 2023
By Adam Mogelonsky, Larry Mogelonsky Here’s a thought to get your head churning. When you think of ‘innovation’ do you only think about some shiny new technology or does your mind also include incremental process improvements or business model adaptations within established industries? A softer front for innovation is thus in F&B, with intrepid chefs and mixologists constantly tinkering with their own technologies to dazzle their patrons and push the foodservice industry into uncharted territory. It follows that hotels, as the incubators for some of the best restaurant concepts on the planet, are leading progenitors for this type...
Katathani Collection Grows Resort Revenue by 15 Percent With IDeaS G3 RMS
IDeaS | November 1, 2023
Real-time analysis and precise room-type pricing elevate Thai-based resort’s revenue management approach SINGAPORE – Nov. 1, 2023 – IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, today announced that Katathani Collection has grown revenues across two of its resort properties by 15 percent with IDeaS G3 Revenue Management System (RMS.) Katathani Collection adopted IDeaS G3 RMS across two properties: Katathani Phuket Beach Resort and The Shore. Katathani Collection is an award-winning, Thai-based hospitality group operating in Phuket, Khao Lak, and Chiang Rai. Faced with grow...
Hotel Financial Performance Influenced by Changes in Hotel Food and Beverage Offerings
Robert Mandelbaum, Ed Stacy | October 30, 2023
By Robert Mandelbaum and Ed Stacy The 2020 COVID-influenced lodging industry recession resulted in some noticeable changes to the way hotels provide food and beverage (F&B) service. • Social distancing regulations forced operators to be creative in the way they served food and beverages to guests. • Rising wage rates and sharp increases in the cost of food and beverage products compelled hotel managers to find ways to control costs. • The inability of hotels to attract employees to fill the positions eliminated during the recession required creative solutions to improve productivity and offer more with less. These facto...
Looking at the Net Revenue Impact of Chatbots With Tata Crocombe
Adam and Larry Mogelonsky | October 25, 2023
By Adam and Larry Mogelonsky Artificial intelligence will be a topic for hotels for decades to come, but right here in Q4 2023, it’s all about deploying incremental solutions to drive more and more efficiencies and profitability. Foremost amongst all the other AI tools that hotels can deploy is the guest-facing chatbot which has the potential to help drive a channel shift away from more expensive third parties. And yet, it’s rare to see a lot of financial scenarios published on the matter that explicitly show the contribution of these technologies onto the bottom line. In collaboration with Tata Crocombe, we investigated the chatbot...
Cloudbeds Expands Proprietary Payment Solution to More Than 36 Countries
Cloudbeds | October 19, 2023
The fully integrated Cloudbeds Payments drives efficiencies in operational costs and mitigates risk of payment fraud in hospitality industry San Diego, October 19, 2023 -- Cloudbeds, the hospitality management platform powering more reservations and happier guests for lodging businesses around the globe, today announced the expansion of its in-platform payment processing solution, Cloudbeds Payments, to 36 countries globally, allowing tens of thousands of hoteliers to reduce operating costs associated with payment fraud, chargebacks, manual reconciliation, and human error. The expanded solution is designed to reduce friction for guests in ...
Maximizing Hotel Profitability by Connecting BI, Ops and Maintenance Software
Larry Mogelonsky | October 18, 2023
By Adam and Larry Mogelonsky If there’s one resounding message in the current world of hospitality technology, it is consolidation, consolidation and consolidation. That in itself can be a nail-biting process, but from our perspective as asset managers we want to highlight the new ways that hotels can unlock value once these integrations and data centralizations have been set up. While in the near past, a lot of our technology consultation work was focused on figuring out the proverbial ‘low-hanging fruit’ to therein derive a critical path for tech upgrades that will incrementally save on costs or free up the team’s time, now th...
Agility in Pricing Enables Brera Apartments to React Swiftly to Market Changes
IDeaS | October 18, 2023
Founded with the mission to provide long‐stay guests with a home away from home, Brera Apartments has consistently delivered high‐quality stays for business travellers, new job holders, and relocators. Every Brera apartment is equipped with a kitchen and strategically located near employers to facilitate convenience for guests, whose average stay lasts around 30 nights. However, with a continuously growing number of apartments, the manual pricing and setting restrictions became challenging. The company needed a solution to optimize operations and maintain profitability amid their expansion. Integrating SIHOT + IDeaS Brera was a...
Desa Potato Head Adopts IDeaS G3 RMS Following Business Expansion
IDeaS | October 11, 2023
Hotel and resort in Bali turns to IDeaS to drive commercial performance and uncover new revenue SINGAPORE – Oct. 11, 2023 – IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, today announced that iconic Indonesian hotel-resort, Desa Potato Head, has adopted IDeaS G3 Revenue Management System (RMS). Following a recent business expansion, this adoption will refine its revenue management approach and deliver room-type optimisation. Desa Potato Head recently expanded from a boutique property with 58 suite-only units to a diverse accommodation offering of 225 units, including suites an...
How Hoteliers Are Using AI for Revenue Management
Dr Cindy Heo | October 2, 2023
By Dr. Cindy Heo Hotel revenue management is the process of optimizing revenue by predicting demand and setting prices accordingly, most commonly found in hotels to forecast occupancy in order to maximize their room rate, hotel marketing strategy, and overall property performance. It's a complex and ever-evolving field for a revenue manager to navigate, with many channels and tools to keep up-to-date with. But it is a key function for any hotel that wants to remain competitive in today's marketplace to get a firm handle on in order to welcome more guests through their doors. Today, Artificial Intelligence is making the job of data analysis...
FLYR Delivers Fast, Accurate Forecasting for Hospitality
FLYR | September 27, 2023
With new Forecasting for Hospitality, hotels can efficiently create and share monthly segment-level forecasts for every property Los Angeles – September 27, 2023 – FLYR, the pioneer of the Commercial Operating System for travel and transportation, today introduced Forecasting for Hospitality, furthering its investment in the hospitality industry since the acquisition of Pace Revenue (now FLYR for Hospitality). With the new Forecasting for Hospitality features, hotel revenue, finance, and operations teams can create, manage, and share forecasts with greater speed, ease, and accuracy. “On the heels of introducing FLYR for Hospital...
How P2P Software Will Help Hoteliers Master Their 2024 Budget
Johannes Vocke | September 20, 2023
By Johannes Vocke Budgeting effectively is a challenge at the best of times, but hoteliers looking to set their 2024 budgets have to do so amid lingering uncertainty across the travel industry. While travelers may be more excited than ever to set out on their next adventure, economic factors are changing the way people travel and how much it costs to provide exceptional guest experiences. Accenture reports that 71 percent of consumers plan to sustain or increase their spending on leisure travel next year. This trend gives hoteliers ample opportunity to recover revenue lost during the pandemic and achieve new top-line growth. CWT proje...
Growing the Bleisure Segment With Great Technology
ADAM AND LARRY MOGELONSKY | September 13, 2023
By Adam Mogelonsky, Larry Mogelonsky The landscape of a hotel's future is undergoing a substantial shift, transcending the traditional divisions of leisure, corporate and group guests. This recognition is well established among hoteliers, yet the prevailing challenge stems from the abundance of information. Legacy systems, entrenched and costly to integrate, coexist with fragmented guest profiles trapped within data silos. Nonetheless, the imperative for system unification and cohesive guest profiles, particularly within the realm of enterprise-level operations, is making big wins and will continue to do so well into 2024. Newly emergin...
Special Report Highlights Hotel Investor Attitudes, Opportunities for Revenue Management Technology
IDeaS | September 7, 2023
Survey data reveals revenue technology is seen as critical for maximizing asset value and enabling commercial strategies MINNEAPOLIS—Sept. 6, 2023 — IDeaS, a SAS, company, the world’s leading provider of hotel revenue management software and services, released a special report in line with industry budget season. The report “Unlocking Hotel Performance: The Power of Revenue Management Technology Today,” includes key insights into how investors view revenue technologies, the role of artificial intelligence in hospitality, and how technology is reshaping hospitality commercial organizations. Key takeaways include: • Increa...
The Psychological Shift When Increasing Nightly Rates
Adam and Larry Mogelonsky | August 30, 2023
By Adam and Larry Mogelonsky However much we think of dynamic pricing and yield management as a science, there’s still an art to it because underpinning every hotel reservation is human emotion. To help explain concepts like this, a little numerical exploration can really shine a light on things. Let’s start with smaller numbers to give this an opening perspective. We’re both big fans of wine, so consider a bottle of table wine. Imagine that the marketing gurus at whichever the chosen wine brand is have a chat and decide that the optimal price for this bottle is a clean $10.00. But that’s a full four digits, and you well know fr...
