guest revenue
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...
Maximizing Guest Revenues Starts With Prearrival Tech
Larry Mogelonsky | December 2, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) We’re now in the long tail of the pandemic. Our properties have upgraded our safety protocols to prevent the spread of COVID-19, but groups and corporate clients will still take some time to trickle back to their pre-pandemic levels. This means a reliance on leisure – local, regional, staycations, workcations and so on – thereby making it clear the need to maximizing what revenue you can capture from each guest instead of relying on boosting occupancy to stay out of the red. When we consider optimizing revenues on a ‘per guest basis’, the most useful metric to organize any...
