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Consider booking patterns, cancellation rates, average length of stay, guest preferences for room amenities or dietary restrictions, website and app metrics, competitor rates, and market trends—the list goes on. This on-demand access helps staff gain practical knowledge faster.
Hotels brace for revenue declines as business meetings are canceled, moved Abroad, or taken online Jul 18, 2025 Growing concerns over recent U.S. A new Global Business Travel Association (GBTA) poll reveals that international companies are canceling, relocating, or virtualizing U.S.-based based meetings since April.
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 per cent through 2030 — outpacing both Canadian and global economic projections. this summer.
Predictive Demand Forecasting Predictive analytics utilizes historical data, market trends, and external factors to forecast future demand. Maintenance Forecasting : Use occupancy trends to schedule preventive maintenance before peak dates, avoiding unexpected breakdowns. Also Read: Is Your Hotel Ready for the Peak Season?
With categorized reports and intuitive tooltips explaining each metric, it empowers teams to spot trends, correct inefficiencies, and forecast with confidence. Booking Cancellation : Monitor cancellations by arrival date or cancellation date to improve rebooking strategies and reduce revenue loss.
With dynamic pricing and smarter forecasting , these properties can outperform the big chains, without a marketing army or loyalty program. When done right, it covers cancellations and no-shows without turning away actual guests. Heck, even a one-room Airbnb can rake it in with the right revenue management strategy.
A single 30-day booking can replace 15 separate short-term reservations, also improving your revenue forecasting. List your inventory in minutes, pay only 7% commission, and cancel anytime. Cash flow stability: Without the constant need to fill rooms each night, your revenue streams are more predictable.
Pattern recognition: Machine learning algorithms can identify guest behavior trends (such as when and how guests are most likely to book or cancel) and recommend actions automatically—adjusting rates, triggering follow-up messages, or flagging leads for the sales team.
Pattern recognition: Machine learning algorithms can identify guest behavior trends (such as when and how guests are most likely to book or cancel) and recommend actions automatically—adjusting rates, triggering follow-up messages, or flagging leads for the sales team.
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. âRaccoonRev Plus changes that.
According to Tourism Economics’ latest forecast, 2025 remains on track to achieve over 1.6 However, Ellison mentions that these fixed costs are usually the hardest things to shift, and properties who don’t evaluate these costs as they forecast demand are likely to struggle the most. “It’s
Managing complex room invoicing scenarios Choose an invoicing tool that can handle situations like group stays, extended stays, cancellations, split payments and bundled services like packages or events. Streamlining hotel invoicing with technology The best invoicing tools aren’t standalone solutions.
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). The system tracks cleaning performance with detailed reporting for management.
55% abandon purchases, 50% switch brands, and 39% cancel subscriptions when confronted with digital issues. The report, based on 223 million digital sessions and a survey of 4,000 consumers, reveals that: 91% of consumers had at least one frustrating digital experience in the past year. âRaccoonRev Plus changes that.
55% abandon purchases, 50% switch brands, and 39% cancel subscriptions when confronted with digital issues. The report, based on 223 million digital sessions and a survey of 4,000 consumers, reveals that: 91% of consumers had at least one frustrating digital experience in the past year. âRaccoonRev Plus changes that.
Notably, with global business travel spending forecast to reach $1.63 64% are staying the course Additionally, up to 20% have or are considering cancelling, moving or pulling attendance from meetings and events located in the U.S. 10% are planning or considering cancelling employee attendance at U.S.
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). The system tracks cleaning performance with detailed reporting for management.
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). The system tracks cleaning performance with detailed reporting for management.
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). The system tracks cleaning performance with detailed reporting for management.
Skift Take: Cancellations and no-shows for hotel reservations tend to be higher in summertime, which can significantly impact revenue for hotels and travel management companies (TMCs). Slicing and dicing data more granularly leads to better forecasting and may reduce potential revenue losses.
When you miss your sales forecast or goal, there is almost always a deal or two (or three) that pushed, prospects that didn’t sign the contract by the end of the quarter. These two varieties mean something different when it comes to forecasting. Forecasting Deals. Every Commitment Pushed. Meetings get pushed. The One Push Rule.
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 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?
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. In 2023, the cost is expected to increase by another 7%.
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.
During peak holiday periods, consider adopting a revenue management system that factors in various parameters such as historical booking data, competitor pricing, local events, and even weather forecasts. This strategy not only secures bookings but also helps in revenue forecasting and inventory management.
Free cancellations, easy digital payments, reliable user reviews, free upgrades and personalised recommendations (especially from family or friends), turn lookers to bookers, said Ms Bremner. Could AI bots replace tourism forecasters in universities? “We So far we’re safe,” he quipped.
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?
6) Time to get rigid with cancellations Make packages a common offering as high cancellation rates start affecting forecasting and revenue. In fact, according to Expedia, guests who book packages stay longer and less likely to cancel due to a non-refundable term.
3) ForecastingForecasting is the lifeblood of revenue management. Forecasting in revenue management relies on setting prices based on what you expect the demand to be. 4) Flexible Cancellation Policy Guests are looking for flexibility , now more than ever. It is one of the most important strategies for hotels.
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.
Utilizing cloud-based hotel management software can simplify room block management and provide real-time updates on room availability, bookings, and cancellations. Accurate forecasting is another critical aspect of revenue management, allowing hotels to price confidently and prepare for high-demand seasons and special events.
6) Time to get rigid with cancellations Make packages a common offering as high cancellation rates start affecting forecasting and revenue. In fact, according to Expedia, guests who book packages stay longer and less likely to cancel due to a non-refundable term.
Learn more Yield management vs revenue management The goal of yield management is not merely to increase room rates or occupancy; rather, it’s to maximise your hotel’s revenue by forecasting your room supply and demand across a variety of key factors. Informed Decision-Making : Yield management relies heavily on data analytics.
Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.
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.
Without it, your business is essentially forfeiting the ability to boost bookings, revenue and profit, offer competitive rates and promotions, and forecast effectively. ForecastingForecasting involves predicting future demand for rooms. We’ll talk more about forecasting and analysis later. Revenue management strategy 3.
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.
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. Responding to last-minute changes Your booking performance includes last-minute cancellations, no-shows, and walk-ins, which can significantly impact hotel revenue and occupancy rates.
For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.
The major metropolitan areas, including Toronto, Montreal and Vancouver, also drove a large portion of the gains in 2023 as a result of strong meeting and group demand, much of it pent up from prior-year cancellations. billion for the year, which is slightly below 2022, and the forecasted $2 billion in trades.
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%.
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