profit optimization
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 ...
IDeaS Boosts Revenue and Guest Experience for IDILIQ’s Luxury Resorts
IDeaS | September 4, 2024
IDeaS G3 RMS selected to automate revenue management tasks and optimize pricing strategies LONDON - Sept. 4, 2024 – IDeaS, a SAS company and global provider of hospitality revenue management software and services, today announced IDILIQ Hotels & Resorts has selected IDeaS G3 RMS to automate revenue management and optimize its pricing strategies across its portfolio of Spanish luxury resorts. IDILIQ Group — pioneers of the resort-based concept — designs, develops, and manages residences in the most sought-after holiday destinations in Europe and the U.S. The Spanish division of IDILIQ operates five luxury resorts across the country...
From Revenue to Profit: A Culture Shift in Hotel Commercial Strategy
Otelier | August 8, 2024
Amid challenges like flatlining demand and increased pricing pressure, forward-thinking hotel commercial strategy teams are shifting their focus from driving revenue to driving profitability. By Jason Q. Freed Hospitality Data Evangelist, Otelier As pandemic-induced “revenge travel” wanes and inflation continues to squeeze travelers’ wallets, many hotels are finding rising operating costs are outpacing revenue growth. The result is a widespread decline in profit margins. Given these conditions, for hotel owners and operators, focusing on strategies to drive profitability over the near term is critical. In many cases, this requires ...
BYD Lofts Grows Revenues by 15 Percent With IDeaS G3 RMS
IDeaS | July 2, 2024
SINGAPORE – July 2, 2024 – IDeaS, a SAS company and the world’s leading provider of hotel revenue management software and services, announced today that BYD Lofts Boutique Hotel & Serviced Apartments had grown its property revenues by 15 percent with IDeaS G3 Revenue Management System after adopting the system to automate daily pricing activity and enhance its commercial strategies. BYD Lofts is situated 200 meters from Patong Beach in Thailand. It offers a range of upscale rooms, suites, and fully furnished serviced apartments. In a highly competitive resort and holiday market, BYD Lofts needed to move beyond manual-based revenue ...
IDeaS Now Available on the Oracle Hospitality Integration Platform (OHIP)
IDeaS | June 18, 2024
IDeaS leads the way in integrating at scale as nearly 2,000 initial properties take advantage of faster, smoother implementations MINNEAPOLIS—June 18, 2024— IDeaS, a SAS company and leading provider of hospitality revenue management software and services, today announced that it has reached the milestone of nearly 2,000 properties live on the Oracle Hospitality Integration Platform (OHIP). This integration seamlessly connects RMS solutions, including IDeaS G3 RMS, with Oracle's OPERA Cloud platform, accessible through both OHIP and the Oracle Cloud Marketplace – a centralized hub for enterprise applications. Building upon their 25-yea...
AI and Human Input: Hospitality Leader Andrew Rubinacci Shares His Recipe for Revenue Management Success
Alan Young | May 15, 2024
By Alan Young When I asked Andrew Rubinacci to describe the early days of his illustrious hospitality career, his answer was one you might not expect—“I was a guinea pig,” he’ll say with a smile. “I was, quite literally, the first revenue manager at InterContinental Hotels Group (IHG).” Today, Rubinacci is a well-known name in an industry of hotel revenue and technology experts, bringing over 25 years of commercial leadership experience to the table and a resume that includes a number of executive positions ranging from Chief Commercial Officer at Omni Hotels & Resorts to Senior Vice President of Distribution & Reve...
Ace Parking at Phoenix Airport Credits IDeaS in Helping Modernize Its Revenue and Commercial Management Strategies
IDeaS | May 15, 2024
Car Park clients increased revenue, on average, by 26.3 percent in 2023 while delivering a seamless, personalized, and positive customer experience MINNEAPOLIS—May 15, 2024—Parking is a critical source of revenue for airports. Yet, many operators continue to rely on a one-size-fits-all approach to parking rates, often ceding revenue opportunities to public transportation and ride-sharing services. IDeaS, a SAS company and the world’s leading provider of revenue management software and services, announced today that Ace Parking at Phoenix Airport (PHX) has optimized revenue and operations through investments in its modern technology s...
It’s Still a Seller’s Market, But Don’t Get Greedy
Lynn Zwibak | May 2, 2024
By Lynn Zwibak In response to the post-pandemic demand surge and faced with constricted inventory due to labor shortages, rising supply costs, and other challenges, hoteliers pushed their prices back to pre-pandemic levels in record time. It was understandable that hoteliers would push rates - a hotel's goal is to maximize revenue and profit, and they had a lot of missed opportunities to make up for. People were so happy to be traveling again that they paid. Sources predict that hotels' pricing power will remain strong. However, we don't need a pandemic recovery to fall into the trap of overpricing. Why do we do this? Misjudg...
