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Here’s what to include in your executive summary: Hotel concept: Briefly describe your hotel’s unique features, targetmarket, and overall vision. Key goals: State your main objectives, such as increasing occupancy rates, boosting revenue, or expanding your hotel chain.
Optimizing ancillaryrevenue streams: To diversify your revenue sources, consider enhancing offerings in food and beverage, spa services, and event hosting. Strategic marketing and distribution: Optimize your presence across all distribution/sales channels. Run targetedmarketing campaigns to attract high-value guests.
Collaboration with other departments The Future: Total Revenue Management What is Revenue Management? For example, highlight amenities (bar, restaurant, spa, pool), and leverage packages (romantic, weekend, spa offer), to both expose why bookers should stay at your hotel, and generate ancillaryrevenue by promoting those offerings.
Imagine, you’re the revenue manager of a 300-room property, and one week out from the arrival date you have only 30% on the books. especially if your comp set is trending ahead on occupancy on the books. All your competitors are now doing 95% occupancy with a good balance of transient and group. Sounds good, right?
Collaboration with other departments The Future: Total Revenue Management What is Revenue Management? For example, highlight amenities (bar, restaurant, spa, pool), and leverage packages (romantic, weekend, spa offer), to both expose why bookers should stay at your hotel, and generate ancillaryrevenue by promoting those offerings.
With the right approach, hotels can get their fair share of direct revenue and own valuable guest data that provides insights to take their strategy to the next level. This in turn can be used to create targetedmarketing campaigns that resonate with their audience and drive high-value bookings.
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