Inn Quest

OCTOBER 17, 2023

That being said, this blog explores some best practices for avoiding overbooking in the hotel industry as well as how to accurately track occupancy rates and manage inventory across multiple channels. However, when guests don’t cancel as expected, it can lead to overbooking. The question yet remains: is it the right thing to do?

Overbooking 88

Overbooking Cancellation Forecasting Occupancy 88

STAAH

MAY 16, 2023

Hotel managers and revenue managers use data analysis and revenue management tools to determine the optimal price for each room based on various factors such as occupancy rates, booking trends, and competitor rates. 3) Forecasting Forecasting is the lifeblood of revenue management. Also known as a non-refundable rate.

Revenue Management 98

Revenue Management Occupancy Upsell Revenue 98

SiteMinder

JUNE 12, 2024

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. This strategy aims to ensure maximum occupancy.

Yield Management 98

Yield Management Management Revenue Management Revenue 98

Hotel Speak

SEPTEMBER 26, 2024

Certainly rates and occupancy grew very nicely in 2023, but we reached a plateau where we couldn’t really push rates any further,” Jon Siberry, Group Revenue Manager of Sarova Hotels explained. Any increase in revenue is going to come through occupancy, so 2024 has been a bit more of a push.

Market 104

Market Marketing Hotels Forecasting 104

Inn Quest

APRIL 3, 2023

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.

Operations 88

Operations Revenue Management Revenue Forecasting 88

STAAH

NOVEMBER 8, 2022

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.

Revenue Management 98

Revenue Management Revenue Management Forecasting 98

SiteMinder

DECEMBER 1, 2024

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.

Hotels 52

Hotels Revenue Accommodation Management 52

SiteMinder

JULY 13, 2024

Without it, your business is essentially forfeiting the ability to boost bookings, revenue and profit, offer competitive rates and promotions, and forecast effectively. Forecasting Forecasting involves predicting future demand for rooms. We’ll talk more about forecasting and analysis later.

Revenue Management 98

Revenue Management Revenue Management OTA 98

Xotels

APRIL 3, 2024

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.

Revenue Management 76

Revenue Management Revenue Management Ancillary Revenue 76

SiteMinder

DECEMBER 4, 2023

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%

Occupancy 59

Occupancy Hotels Revenue Cancellation 59

Cloudbeds

MAY 8, 2024

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. But to understand and make use of them, you’ll need to know how some of the key metrics, such as booking pace, occupancy rate, and ADR, reflect different aspects of demand patterns.

Cancellation 52

Cancellation Revenue Revenue Management Occupancy 52

eZee Absolute

SEPTEMBER 22, 2023

In this blog, we’ll break down the various hotel rate types, and how they can benefit your business and provide actionable strategies for you to maximize your revenue and occupancy. Non-Refundable Rates: Non-refundable rates are typically lower than standard rates but come with stricter cancellation policies. So, let’s dive in!

Revenue 52

Revenue Management Occupancy Revenue Management 52

Inn Quest

MAY 11, 2023

By drawing in more visitors, raising occupancy rates and enhancing profitability, a thoughtful pricing strategy can help hotels maximize their revenue. Even if occupancy rates do not rise, this can help hotels raise their profit margins. A Rise in Profitability: Effective pricing strategies can also boost a hotel’s profitability.

Revenue 88

Revenue Occupancy Hotels Marketing 88

Hotelogix

NOVEMBER 12, 2023

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. You can also view the number of rooms that are marked as available, occupied, complementary, cancelled, no-show, day use, etc.

Management 59

Management Occupancy Revenue Average Daily Rate 59

Little Hotelier

AUGUST 29, 2023

Prioritising your investments correctly will ensure your budget spend is contributing towards increased revenue and occupancy rates. Income: Forecasted and other expected revenue. Your occupancy rates? Top strategies to increase hotel ROI Increasing knowledge and making smart investments is crucial for B&B operators.

ROI 98

ROI Hotels Average Length of Stay Revenue 98

SiteMinder

OCTOBER 8, 2024

It also opens up this market while having no impact whatsoever on your direct distribution channels – B2B is an entirely separate beast, and so represents an incredible opportunity for a hotel to maximise its occupancy. Demand forecasting Use demand forecasting to anticipate occupancy trends and adjust your pricing accordingly.

B2B 52

B2B Occupancy Cancellation Hotels 52

eZee Absolute

MAY 13, 2024

It provides a quick overview of key performance indicators (KPIs) such as occupancy rate, Average Daily Rate (ADR) , and Revenue per Available Room (RevPAR) for the previous day, week, month, or year (depending on the configuration). Revenue Forecast Report Looking ahead is crucial for any successful revenue management strategy.

Revenue Management 52

Revenue Management Revenue Management Forecasting 52

Hotelogix

NOVEMBER 13, 2023

It would help you sell more rooms and boost your occupancy. Additionally, at low demand seasons, when your occupancy is low, you can charge less for your room to attract bookings. #2 2 Forecasting-Based Pricing It is all about tweaking your hotel room price while forecasting the number of rooms that would be available for future dates.

Revenue 52

Revenue Occupancy Forecasting Minimum Length of Stay 52

SiteMinder

OCTOBER 15, 2023

For example, in the morning you may have lower rates because your occupancy is low and demand is not strong. Dynamic pricing can be an important strategy for a hotel that’s looking to optimise occupancy and maximise profit. This will allow them to capitalise on opportunities to boost occupancy and/or maximise revenue.

Occupancy 59

Occupancy Revenue Hotels Revenue Management 59

Cloudbeds

OCTOBER 23, 2024

By allowing hotels to better understand and react to price elasticity in the market, the model is projected to increase RevPAR by up to 15% and boost occupancy rates by up to 10%, while maintaining efficient workflows with existing hotel staff.

Upsell 40

Upsell Hospitality Cancellation Forecasting 40

Hotelier Magazine

DECEMBER 14, 2023

After reaching a RevPAR peak in 2022, the market RevPAR is on pace to grow another 15 per cent in 2023, driven by strong growth in both occupancy and ADR. billion for the year, which is slightly below 2022, and the forecasted $2 billion in trades. In Canada, the year 2023 set new benchmarks for the hotel industry.

Forecasting 52

Forecasting Cancellation Hotels Closing 52

Cloudbeds

APRIL 1, 2025

If a group cancellation suddenly opens multiple rooms, PMax immediately shifts budget allocation to target last-minute planners searching for accommodations. It uses real-time pricing information to showcase current rates while integrating demand forecasts , length-of-stay restrictions, and occupancy trends to optimize bidding.

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Hotelogix

DECEMBER 25, 2023

The dynamic pricing feature allows you to sell at the best rates to increase sales, occupancy, and revenue based on your hotel's occupancy, guests' booking window, length of stay, etc. Just publish it for all the booking sources at the central level. You can create different packages for each property with a cloud Hotel PMS.

Revenue 59

Revenue Sales Shopping Hotels 59

SiteMinder

MAY 14, 2025

It uses data analytics to forecast hotel room demand, allowing hoteliers to adjust prices accordingly to maximise revenue. Furthermore, it aids in forecasting future room demand, efficiently managing inventory across distribution channels, and providing in-depth performance analytics. What is revenue management software?

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Hotelogix

AUGUST 21, 2024

Reconcile room status The night auditor must evaluate and analyze a particular day's occupancy report and the housekeeping room status report to determine a hotel's correct occupancy status.

Revenue 52

Revenue Average Daily Rate Rack Rate Hotels 52

Little Hotelier

NOVEMBER 6, 2023

Adjust pricing Forecast demand and adjust your room rates well ahead of time. Manage no-shows and cancellations No-shows and late cancellations can be damaging to your revenue optimisation efforts, so you need to craft a fair policy, ensure all guests understand it, then enforce it to the letter.

Revenue 59

Revenue Average Length of Stay Average Daily Rate Hotels 59

Hotelogix

FEBRUARY 28, 2025

Handle bookings and cancellations smoothly – No long waiting times, just instant action. ” For Revenue Managers: Maximizing Profitability and Forecasting Demand Revenue managers play a critical role in pricing, occupancy, and financial forecasting.

General Manager 52

General Manager Hotels Forecasting Upsell 52

TravelNet

JUNE 26, 2023

Take time to reexamine your cancellation policy, rates, and fees. By leveraging data and analytics, owners can optimize their pricing strategies to capture more bookings during peak periods and incentivize occupancy during off-peak times. Analyze occupancy rates, revenue trends, guest reviews, and market competition on a regular basis.

Revenue Management 52

Revenue Management Revenue Occupancy Marketing 52

Hotelogix

OCTOBER 24, 2024

Your front desk staff can use a Hotel PMS to accept, cancel, and modify reservations based on your guests’ requirements. It analyses several factors including demand, season, occupancy forecast, and competitor pricing, etc. It is a software application that helps you manage your daily operations.

OTA 52

OTA Management Overbooking Cancellation 52

Protel

FEBRUARY 15, 2022

From this screen, you can quickly check guests in and out, check availability and view the week’s projected occupancy. From these lists, you can further control different aspects of your operation, including canceling reservations, types of payments, meal plans, and much much more.

Cancellation 52

Cancellation Hotels Events Occupancy 52

Hotelogix

SEPTEMBER 12, 2024

They can also take requests for booking cancellation/modification and room upgrades, etc, with ease. A Hotel PMS provides several operational reports, including a history and forecast report, revenue report, reservation report, housekeeping report, night audit report, financial report, guest history report, occupancy reports, etc.,

Management 52

Management Revenue Management Hotels Operations 52

Cloudbeds

AUGUST 8, 2024

Common operational data metrics include: Occupancy history and forecast Capacity Housekeeping efficiency Maintenance response time Food and beverage cost percentage Out-of-service rooms Marketing data Your marketing data captures how well your channels are performing and reports on visitor data to help guide future marketing campaigns.

Business 40

Business Revenue Management Forecasting Revenue 40

Cloudbeds

OCTOBER 11, 2024

Although it doesn’t capture financial transactions directly, it provides key metrics like revenue per available room (RevPAR), Average Daily Rate (ADR), and rate trend forecasts. Void and refund reports tracking cancellations, adjustments, voided transactions, and refunds. Revenue management system.

Forecasting 52

Forecasting Revenue Hotels Average Daily Rate 52

Cloudbeds

MARCH 8, 2024

It ensures all financial aspects of your hotel business are kept up to date and provides valuable reporting and forecasting tools to help hoteliers make smart, data-driven decisions. By being flexible with your pricing, you can maximize your revenue per available room (RevPAR, for short) and occupancy rates.

Forecasting 52

Forecasting Revenue Hotels Revenue Management 52

Xotels

APRIL 3, 2024

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.

Revenue Management 40

Revenue Management Revenue Management Ancillary Revenue 40

Hotelogix

OCTOBER 18, 2023

Reduce error and save time: It speeds up everything - from accepting reservations over the phone, sending confirmation emails, upgrading rooms, canceling/modifying reservations, assigning rooms, marking housekeeping tasks, checking in, bill creation, checking out, and even sending out feedback forms to guests.

Management 52

Management Hotels Revenue Occupancy 52

Hotelogix

OCTOBER 19, 2023

It also aids in managing reservation cancellations and modifications, accepting reservations, sending confirmation emails, extending self-service facilities to guests, processing payments, etc. The primary objective is to help hotels sell more at the best rates to the right guest to boost occupancy and revenue. 

Hotels 52

Hotels Revenue OTA Management 52