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Recent data from CoStar shows Auckland experiencing the highest occupancy levels of the three cities, peaking at 84.1% The second highest occupancy on the books (79.1%, +25.5% With the tour already pushing the market’s daily occupancy over the 80% mark, this will be the first time Auckland will see levels this high since July.”
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. For example, if occupancy suddenly drops, the platform sends an alert with a suggested offer and segment.
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? How do SiteMinder and Blueground work together?
To thrive in the unpredictable business environment is no mean feat. So, whether it is assessing yourself through a RevPAR formula or scoring yourself as an ADR hotel, you may have often wondered if these are enough and what those key performance metrics are that you must weigh your business on.
The companys growth has allowed it to attract a more resilient and higher income customer, including more business travellers who now represent 40 per cent of all stays. In Q4 2024, group business revenue jumped 45 per cent year-over-year, and transient business revenue in upper midscale rose 20 per cent.
Expatriates, Digital Nomads, Students, and Business Travellers seek their new stay outside of their domestic countries for a longer stay. With 60+ million expatriates globally seeking a housing solution, there is a huge market for offering a long-stay of minimum 3 months , up to as much as allowed by the local laws.
Additional data from SiteMinder’s Hotel Booking Trends indicated that the averagelength of stay is also on the rise, with 2022 recording longer stays than previous years. This was particularly true for Spain in summer, which had the longest averagestaylength in August.
But until you figure out which datapoints you can use in your business plan and make good decisions about what you and your guests need to do in the future, that data may not be as valuable as it could be.” Your average booking and your averagelength of stay are all things that can be aggregated well.
STR is anticipating hotel-demand recovery this year, although the CEO indicated occupancy will take a few more years to reach pre-pandemic levels as the industry adds new supply. The good news is that supply growth is expected to remain below the long-term average of 1.8%, and that’s going to help occupancy rebound,” she said.
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.
Minimum length of stay (MLOS or MinLOS) restrictions can be used across all your rooms or a select few that you choose. It can help you maximise your revenue and control your occupancy, but it’s a delicate balance that relies on managing supply and demand. Why do hotels use MLOS?
In the hotel business, tracking the right performance indicators is non-negotiable. In an increasingly competitive market, evaluating performance through accurate hotel KPIs allows hoteliers to make proactive decisions that directly influence occupancy, guest satisfaction, and profitability.
Future product enhancements, which are expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data and forward-looking occupancy.
Hotel KPI or Hotel Key Performance Indicator is the value that can be measured and which lets you set a standard to measure the success rate of your hotel business as to how is it faring in the market. Occupancy Rate This term known as occupancy rate is used to express a percentage of rooms which are occupied for a particular period of time.
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.
These metrics encompass a wide range of areas, from financial figures like revenue per available room (RevPAR) and average daily rate (ADR) to operational aspects such as occupancy rates and guest satisfaction scores. It can be calculated by multiplying your average daily rate by your occupancy rate.
Occupancy, ADR, and RevPAR are all down compared to 2021 and 2022 (but higher than 2019); booking windows and averagelength of stay are down, and; shoulder season performance is slightly up. Thus, lower rates and occupancy. Not only can you drive more business to your own website and booking engine, but you must.
Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. This kind of data is invaluable for hoteliers who want to analyse performance, benchmark, forecast, and plan strategically to ensure business success. Hotel occupancy will increase 2.5%
The outcome of your forecasting should always be the ability to react to market changes, optimise occupancy, and maximise revenue. Doing this effectively means you have to consider a number of factors such as key revenue metrics like occupancy, room nights, and average daily rates; but also staff allocation and resourcing.
Whether you’re a seasoned hotelier or new to the industry, understanding the nuances of forecasting can be a game-changer for your business. Precise forecasting, less work Make smarter decisions for your hotel with SiteMinder’s hotel business intelligence. Table of contents What is a hotel availability forecast?
Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. The importance of forecasting in hotel industry businesses cannot be understated. Factors that affect hotel demand forecasting Hotel forecasting means different things to different hotel businesses.
Many hoteliers question if it’s worthwhile investing in a direct booking strategy or if they can solely rely on online travel agencies (OTAs) like Airbnb, Booking.com, or Trip.com to fill occupancy. What many lodging businesses overlook are the different ways direct bookings can be captured. What is a booking engine?
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?
Key performance indicators (KPIs) permeate every successful hotel; it’s crucial that you know at all times how you’re tracking towards any key goals and objectives you have outlined for your business over a certain period of time. It can be calculated by multiplying your average daily rate by your occupancy rate. Hotel profit.
This data can then be used to make changes to improve revenue management, occupancy, guest experience, and operational efficiency. 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.
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.
Travel stats might include travel volume, popular destinations, travel spending, occupancy rates and other accommodation data, transport stats, traveller demographics and motivations, and other insights such as trends around sustainable travel. France tourism statistics Ever a busy hub for travel, France tourism is rarely not booming.
By increasing revenue per guest, boosting occupancy rate and reducing room turnover costs, hoteliers benefit. When travelers stay longer, they foster deeper relationships with the staff and have a better guest experience because of it, contributing to the hotel’s long-term success.” But this isn’t just about the bottom line.
SAN DIEGO, CA) March 16, 2023 — Cloudbeds, the hospitality management platform powering more reservations and happier guests for lodging businesses around the globe, today announced the launch of its inaugural State of Independent Lodging Report. The next most popular length of stay was 3 to 4 nights.
The report highlights the following insights: ADR and occupancy Among independent properties, hotel rates increased slightly from 2019 to 2020 and continued to grow in 2021 and 2022. In North America, the average booking window exceeded 2019 levels by five days; in Europe, two days. In 2022, ADR exceeded the 2019 ADR by 17%.
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