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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.”
This scalability is especially valuable for hotels – as more information is collected about guest behavior, booking trends , and occupancy patterns the more precise rate adjustments, inventory management, and marketing strategies will be in the future. Why it’s important for hotels? Why it’s important for hotels?
There are two methods of using the RevPAR formula i.e. either, divide total room revenue by total rooms available or multiply your ADR by the occupancy percentage. To keep a consistent check on your hotel’s performance, you can analyse its occupancy rate on a daily, weekly, yearly or monthly basis.
What is Yield Management? Yield management is a pricing and revenue management strategy that is used to maximise business performance. For hotels, the ultimate aim of yield management is to increase revenue by leveraging the balance between supply (available rooms) and demand (guest bookings).
The revamped program’s enhancements longer booking windows, premium room redemptions, and exclusive experiences have helped drive a 30-per-cent increase in redemptions and 13-per-cent growth in averagelength of stay.
Post-Covid and continuously today, Serviced Apartments and ApartHotels looks to, and has seen an increase in the length of stay in many parts of the world. Whether it concerns the expectations of a guest, or the property manager. Why partner with Renthia for long-stay bookings? They do not require daily/weekly cleaning.
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.
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 an increasingly competitive market, evaluating performance through accurate hotel KPIs allows hoteliers to make proactive decisions that directly influence occupancy, guest satisfaction, and profitability. It blends room occupancy and ADR to reflect revenue generation capability from available inventory.
A hotel investment that delivers the goods Little Hotelier’s all-in-one booking and hotel management software can deliver an incredible ROI for your small, independent hotel: up to 63x! Prioritising your investments correctly will ensure your budget spend is contributing towards increased revenue and occupancy rates.
The intuitive, multi-lingual software also rolls out new functionalities, such as user and competitive set self-management as well as high-frequency updates to data. By building a comprehensive benchmarking solution, we’re unlocking tremendous potential for our clients and positioning CoStar and STR to increase the value of our product.”
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.
This wealth of information available to hoteliers is an asset that can be put to use, but without the right tools to manage the data, it can become less of an asset and more of a hindrance. What is Data Management? Your average booking and your averagelength of stay are all things that can be aggregated well.
That being said, there are a handful of KPIs for hotel general manager which help hoteliers meet the benchmarks set. 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.
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. The outcome of your forecasting should always be the ability to react to market changes, optimise occupancy, and maximise revenue.
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. Integrated booking engines come equipped with in-depth reporting capabilities since data is centralized from your PMS and channel manager.
Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. Hotel occupancy will increase 2.5% Hotel average daily rate (ADR) is projected to grow by 4.9% RevPar is also expected to grow, reaching an average of $93. globally next year.
Hotel forecasting is a method that is used to help managers determine their accommodation’s future demand and revenue performance. As unpredictable as it can be at times, especially after the COVID-19 pandemic, forecasting is still an important part of running a hotel and being able to make strategic revenue management decisions.
As a small, independent hotelier you may have heard the terms hotel revenue optimisation and hotel revenue management. Channel management Optimise the revenue potential of all your booking channels with a dedicated solution. What is hotel revenue optimisation? So what is revenue optimisation?
Consider the following when actioning a revenue management strategy: RevPAR – Revenue per available room gives you an idea of your ability to fill your rooms at an average rate. It can be calculated by multiplying your average daily rate by your occupancy rate. There are many metrics that support revenue KPIs.
Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Three of the most common hotel forecasting methods include: Revenue management forecasting: Used to predict future demand. Understand exactly when peak and low periods occur throughout the year.
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.
It is a fundamental process of revenue management, but also brings benefits to marketing, operations, and the guest experience. By grouping guests into segments, hoteliers can better understand and manage their business mix – the blend of traveler types that most frequently stay at the property. Boost revenue and profitability.
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. 42% of Thai guests are ‘very supportive’ of their personal data being used to better their stay.
Hospitality management platform Cloudbeds observed a moderate (1%) uptick in medium-term stays globally in 2023, accompanied by a slight decline of 2% in short stays. By increasing revenue per guest, boosting occupancy rate and reducing room turnover costs, hoteliers benefit. 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. 1 PMS, No.
Hospitality management platform Cloudbeds has unveiled its inaugural State of Independent Lodging Report. 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 2022, ADR exceeded the 2019 ADR by 17%.
What is Yield Management and Why It Matters for Hoteliers Yield management is a core revenue strategy in hospitality that enables hotels to adjust room rates based on real-time demand, booking pace, and occupancy forecasts. Yield management ensures you're not leaving money on the table.
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