This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Hospitality.today⢠Topics Subscribe Topics ⺠Travel ⺠Business Travel Global business travel buyers retreat from U.S. Hotels brace for revenue declines as business meetings are canceled, moved Abroad, or taken online Jul 18, 2025 Growing concerns over recent U.S. based meetings since April. in 2025.
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.
Insights General Booking Engine Opportunities (Available only via Booking.com) Logs (Internal Use Only) Why It Matters Why It Matters --> Without it, youre checking guests in and out without knowing which rooms are booked, what rates are working, or how your business is truly performing.
Joe Amati from Destination Canada emphasized tourism’s robust contribution to the national economy, forecasting annual growth of 5.42 Still, STR revised its 2025 RevPAR forecast downward from two per cent to just 0.7 Ben Cadwell of Fairmont Hotels emphasized adjusting the business model. “AI, this summer.
The platform caters to high-value market segments including business travellers on extended assignments, individuals relocating for work, digital nomads, and corporate managers booking accommodation for their team. A single 30-day booking can replace 15 separate short-term reservations, also improving your revenue forecasting.
government actions including tariffs, cross-border policies and entry restrictions, global business travel professionals are newly navigating a complex and uncertain landscape regarding the potential impact on business travel volume, spending and revenue for 2025. Notably, with global business travel spending forecast to reach $1.63
Morgan points to the industry’s remarkable recovery post-pandemic, which continues to resonate across segments such as business travel, where expenditures have exceeded the high-water mark of 2019. According to Tourism Economics’ latest forecast, 2025 remains on track to achieve over 1.6
By using predictive artificial intelligence, RaccoonRev Plus will generate daily rate recommendations up to 90 days in advance, factoring in signals like competitor rates, historical trends, pickup pace, weather forecasts, and lead-time behavior. These issues are not just operational annoyances; they have measurable business impact.
In this guide we’ll reveal everything that hotel businesses need to know about invoices: why they’re important, how and when they’re created, and how a hotel can better manage them. It offers transparency to guests and shows that your business is trustworthy. Hotel invoices and hotel receipts are slightly different documents.
This advanced integration enables direct connectivity between guest reservations and table bookings, allowing users to book, view, or cancel dining reservations directly within the Maestro Property Management System (PMS). Click here to book a meeting to speak with our team at HITEC.
55% abandon purchases, 50% switch brands, and 39% cancel subscriptions when confronted with digital issues. Conversely, businesses that consistently deliver seamless digital experiences are rewarded: 93% of users return to a service after a great experience. âRaccoonRev Plus changes that.
55% abandon purchases, 50% switch brands, and 39% cancel subscriptions when confronted with digital issues. Conversely, businesses that consistently deliver seamless digital experiences are rewarded: 93% of users return to a service after a great experience. âRaccoonRev Plus changes that.
Seamless Event Execution : Use intelligent tools, such as smart rooming lists and AI-generated event diagrams, to efficiently manage group business and bring plans to life with precision. Click here to book a meeting to speak with our team at HITEC. The system tracks cleaning performance with detailed reporting for management.
Homebaseâs AI Assistants were built specifically for the unique challenges of small businesses, delivering powerful automation without the complexity or cost. Hiring Assistant helps business owners and managers: Generate job descriptions and post jobs across multiple job boards with a single click.
Hotels can adopt this mindset, exploring partnerships with local businesses or NGOs to create second-life uses for their waste. Reducing food waste isnât just good PR or good for the planetâitâs smart business. Visibility is Key Carnival openly shares progress and metrics, reinforcing stakeholder confidence.
You may also be familiar with forecasted closing dates as “Hopeium.” Under the very best of circumstances, forecasting can still be incredibly difficult. However, some factors can help you dial in your sales forecast, moving you closer to what is true, even if you don’t like the truth your forecast reveals.
What is a hotel cancellation policy? A hotel cancellation policy outlines the terms under which a guest can cancel their booking without incurring a penalty, as well as those scenarios where there will be a fee associated with a cancellation.
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.
The last few years have been a rollercoaster for the hospitality industry with the pandemic putting the kibosh on trips to Kaui and canceling Caribbean getaways. The CBRE forecast predicts an increase in demand and revenue per available room (RevPAR) in 2023. Contact us to learn how we can help your business grow.
The Hotel cancellation policy allows guests to cancel reservations up to a specified time before check-in. After this period is crossed, hotels may apply a cancellation fee, a percentage of the booking amount, or the entire booking cost. Why Should Hotels Have Clear Cancellation Policies?
Hotel forecasting, also known as hotel demand forecasting, is a strategic process that predicts future demand for hotel rooms and services based on historical data, market trends, and various influencing factors. What is Hotel Forecasting? Hotel financial forecasting helps hoteliers set targets by predicting fiscal outcomes.
Here’s a brief explanation of the reasons why hotel overbookings happen: Uncertain Cancellations: Hotels anticipate a certain percentage of reservations to be canceled. However, when guests don’t cancel as expected, it can lead to overbooking. Why Do Hotel Overbookings Happen?
Effectively plan and reach your business goals for 2024 with these smart revenue management and distribution tips. 2) Data-driven decision making Data marts, data warehouses, data transformation, big data … data is the new way forward, not just for hotels, but every business that wants sustainable success.
Many hospitality conferences and conventions were virtual or hybrid events , while others were forced to cancel altogether. Attendees of this hospitality conference will receive recaps of valuable data from 2021 as well as forecast reporting on key must-know hospitality trends. HFTP Mid-South Atlantic Regional Conference .
Utilizing cloud-based hotel management software can simplify room block management and provide real-time updates on room availability, bookings, and cancellations. Streamlining Processes Through Integrations Implementing a streamlined business process can improve efficiency, reduce downtime, and extend the life of hotel assets.
The second of our two-part blog series on revenue management looks beyond challenges towards trends emerging from dwindled demand, patchy recovery and flipping of established revenue management processes to forecast and inform pricing. If you’re lost amidst volatile demand and ineffective conventional forecasting methods, don’t worry.
Effectively plan and reach your business goals for 2024 with these smart revenue management and distribution tips. 2) Data-driven decision making Data marts, data warehouses, data transformation, big data … data is the new way forward, not just for hotels, but every business that wants sustainable success.
Yield management is a pricing and revenue management strategy that is used to maximise business performance. Table of contents History and development of yield management Yield management, which originated in the airline industry, marked a revolutionary shift in how businesses approached supply and demand. What is Yield Management?
One week everything seems to be going fantastically, and the next week we’re forecasting next to nothing for the following month. This short lead time makes it difficult for hoteliers to forecast demand. Good weather can lead to a sudden spike in bookings, while poor weather can result in cancellations and slower demand.
Think back to the last time you made an important business decision for your property. That’s where business intelligence comes into play. Hotel business intelligence takes your existing data and tech stack to the next level. Here, we explore business intelligence for hotels and how it differs from data analytics.
In short, revenue management is a disciplined approach that aims to increase the revenue success of your business. Without a solid revenue management strategy, a hotel will just get lost in the pile of other hotels – being unable to reach satisfactory visibility and level of business to remain open.
The growth of data that’s now readily available as well as the ways to track and analyse it provides a wealth of new opportunities for your business to turn a profit. Many businesses where consumers spend money have varying prices based on demand, supply and shifts in costs. Why is revenue management important for the hotel industry?
Myth #1: Revenue management is only essential when business is booming. Whether business is busy or slow, it is critical to define your inventory correctly, update your systems accordingly and ensure their descriptions are clearly presented to customers on all channels. So, forecasting is unreliable in the future.
We get notified of cancellations through the integrations, which allows better visibility on inventory and guest records,” explained Heather. AI has already started to benefit our revenue management through suggested rate optimizations and trend forecasting.
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.
Searching for demand patterns for your property is like traveling to the past and then going to the future to forecast how to set up your hotel for success. By calculating your RevPAR and taking into account your occupancy, you are creating a more balanced and truthful display of how well your business is doing.
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. The average cancellation rate is 20%.
Resort revenue management has become an indispensable tool for businesses, fostering strategies that maximize yield and build strong customer relationships. Originating from the airline industry, this approach has been effectively integrated into the resort business model.
is a slightly complicated one, because the business serves a wide range of customers, including hotels, chains, tour operators and travel agencies. Hotelbeds states that it works with over 71,000 “travel distributors”, which includes hotels, tour operators and other travel businesses, and sells 50 million room nights every year.
Call them hotel reports or hotel management system reports, they help you gain insights on your hotel business so that you can make data-driven decisions. Plus, it also provides you with information on rooms per day (RPD) and occupancy percentage for the past 10 days and its forecast for the next 30 days.
Importance of Pricing Strategies to Grow Your Hotelier Business Any hotel must have an effective pricing strategy to be successful, especially in a competitive market. This strategy works especially well for lodging facilities that encounter seasonal fluctuations in demand or a high rate of cancellations.
If you’re new to the hotel business or a seasoned pro, understanding these rate types can make a huge difference in your hotel’s financial performance. They usually come with flexible booking and cancellation policies, allowing guests to make changes or cancel reservations without incurring significant penalties.
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?
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content