hotel forecasting
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 ...
PVNG Integrates With Plaid for Secure Financial Institution Connectivity for Hotels
Aptech Computer Systems Inc. | June 26, 2023
Aptech is the first hospitality company to link its hotel-specific enterprise accounting solution to the popular data network to achieve seamless, secure access to bank reconciliation data; Visit Aptech in Booth 1301 at HITEC PITTSBURGH, JUNE 26, 2023 — Aptech, provider of customizable financial-management software for single hotels or multi-property/multi-brand enterprises, announces an integration with Plaid, a data network powering the digital financial ecosystem. By connecting Aptech’s PVNG enterprise accounting solution to the Plaid platform, properties will achieve seamless and secure access to thousands of financial accounts for...
MOB HOTEL Selects IDeaS for Pricing, Forecasting and Reporting Across Its Growing Portfolio
IDeaS | February 2, 2022
Paris-based hotel group set to drive greater operational efficiency and more competitive rates with IDeaS Pricing System LONDON — February 2, 2022 — IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, announced today that MOB HOTEL will implement IDeaS Pricing System across its growing portfolio of eco-friendly, socially-minded properties in France and the United States. As MOB HOTEL expands, its manual, spreadsheet-based pricing process could no longer be sustained. The hotel’s revenue team selected IDeaS to achieve: • Scalable automation – IDeaS Pricing System automatica...
myDigitalOffice Announces the Acquisition of Broadvine, a Leader in Hotel Budgeting, Forecasting, and Performance Reporting Technology
myDigitalOffice | May 10, 2021
BETHESDA, Md., May 10, 2021 -- myDigitalOffice (MDO), the leading technology platform for hotel performance management, today announces an asset purchase from Broadvine, a long standing provider of hotel performance planning applications, including their cloud-based budgeting and forecasting platform. The addition of Broadvine's technology will intensify MDO's rapid growth and solidify their position as a market leader in hotel performance management and data analytics. The acquisition expands MDO's platform by adding standardized hotel budgeting capabilities with week over week forecasts. Additionally, Broadvine's customers will bene...
Why June 2018 Will Be Good for Hotels and July 2018 Will Be Horrible
Tucker Johnson | September 20, 2017
By Tucker Johnson I recently conducted an educational seminar for some industry managers covering P&Ls and Budgeting. As part of the session I had them take some day-by-day hotel numbers from June of 2017 and forecast what June of 2018 would look like. I told them the industry was expecting a three percent increase for the next year. The hotel was busy on the weekends and slower during the weekdays. All of the participants forecasted exactly three percent above the June 2017 total for June 2018. I told them that when forecasting, "There are no right numbers, but there are wrong numbers. And all of you are wrong." They didn't know wh...
Measuring The Value of Forecasting Accuracy in Today’s Evolving Hotel Market
Aptech Computer Systems, Inc. | September 6, 2016
Automated Forecasting and Budgeting Gives Operators and Owners Tools to Effectively Optimize Profitability September 6, 2016 – The hospitality industry is expanding rapidly. Hotel companies break ground on new build projects every week. Many operators are renovating older properties and reopening them as new brands from Marriott, Hilton, IHG and others. This expansion is based on investor capital; and investors demand a return. How do management companies deliver this return? Profitability. "Forecasts provide extended vision to anticipate financial results on both top and bottom line, enabling hotel operators to make operational ...
Concord Hospitality Positions for Future Growth
Concord Hospitality Enterprises Company | July 28, 2016
Data-Focused Strategy and Centralized Budgets Deliver Accurate Daily Performance Forecasts to Optimize Profitability for Concord's 90+ Chain and Independent Properties July 28, 2016 – Concord Hospitality increases its portfolio size yearly providing excellent service and profitable results to ownerships. The company operates a portfolio of more than 90 properties that include Marriott, Starwood, Hyatt, Choice, IHG, and Hilton brands. In 2015 Concord implemented a new data analysis, budgeting and hotel forecasting system to support its continued growth strategy. Concord's Chief Information Officer Brian Cornell said, "Accurate fore...
