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For years, the gold standard guiding business strategies for hotels has relied heavily on historical data, analyzed a few times a year (at best), making it difficult to swiftly respond to changing market conditions. While better than operating without data, this approach is reactive and inefficient, resulting in missed opportunities.
Unlike traditional online travel agencies focused only on short-term stays, Blueground also serves the extended-stay market – guests booking 30+ days who prioritise comfort, consistency, and flexibility. What is the opportunity around extended-stay revenue?
What is hotel forecasting? Hotel forecasting, also known as hotel demand forecasting, is a strategy that sees a hotel analyse historical data and trends to make predictions about future demand. Hotel forecasting reports are built on a foundation of data. Small, independent hotels might form quite basic forecasts.
As unpredictable as it can be at times (especially through the COVID-19 pandemic), forecasting is still an important part of running a hotel and being able to make strategic revenue management decisions. What is hotel revenue forecasting? Why should your hotel use forecasting? How can you forecast effectively at your hotel?
What is hotel forecasting? Hotel forecasting is a method that is used to help managers determine their accommodation’s future demand and revenue performance. Whether you’re a seasoned hotelier or new to the industry, understanding the nuances of forecasting can be a game-changer for your business.
Yield management is a pricing and revenue management strategy that is used to maximise business performance. This will vary depending on when someone is buying – hotels will often provide discounts for early bookers, offer lower rates on Sundays, enforce minimum stays etc. What is Yield Management? in one day, week, or month.
The aim is to generate a hotel return on investment (or hotel ROI); money that you can either reinvest in the business or extract as profit. It could be that you’re buying a hotel business or investing in one you already own through things like property extensions and renovations, hotel marketing, employee training and hotel software.
In the hotel business, tracking the right performance indicators is non-negotiable. This figure becomes the foundation for performance analysis and forecasting. Average Daily Rate (ADR) ADR shows the average income earned from rooms sold, offering insight into pricing effectiveness.
Watch your competitors to gain an edge If you notice that your closest competitors have set a longer than average minimum stay, you can win guests over by setting yours comparatively shorter since they’ll feel they have more flexibility with you. For example, leisure guests generally stay longer than business guests.
This kind of data is invaluable for hoteliers who want to analyse performance, benchmark, forecast, and plan strategically to ensure business success. The average booking lead time for hotels is 29.7 The averagelength of stay is 1.93 The average cancellation rate is 20%. more and stay 28% longer.
They get to the heart of what a hotel business is, and are critical to understand if you are to succeed in a competitive market. A hotel needs to price itself appropriately in order to win business, so it’s wise to research what local competitors are charging. What is hotel revenue optimisation? So what is revenue optimisation?
Revenue and profit are always important, but more specific KPIs around averagelength of stays may not always be as integral to highlight in hotel metrics reports. It offers insights into room demand and helps in forecasting. ALOS – Averagelength of stay tells you how long your guests stay with you on average.
Transient These guests are individuals traveling for business or leisure. Some hotels break down transient business into subgroups such as OTAs, direct bookings , packages, and consortia. Corporate negotiated These guests are business travelers who work for a company that has a negotiated account with the property.
For data to be useful, however, hotels must leverage business intelligence software to gather and manage vast amounts of data across systems and put it together in a way that delivers actionable insights. Basic KPIs include average daily rate (ADR) , occupancy (OCC), revenue per available room (RevPAR), and averagelength of stay (ALOS).
Hoteliers can use statistics to understand their guests better, forecast demand, create offers based on current trends, and optimise their pricing and revenue strategies. Almost 40% of US travellers plan to upgrade their flight to business or first-class in the next 12 months. Tourists spend an average of 167 USD per day in Thailand.
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