STAAH

NOVEMBER 28, 2023

Effectively plan and reach your business goals for 2024 with these smart revenue management and distribution tips. To cope with a highly dynamic market , improve efficiency and meet the evolving needs of guests, there have been some shifts in revenue management and distribution.

Revenue 87

Revenue Revenue Management Cancellation Hotels 87

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. Instead of a time machine, you need data on your hotel’s booking performance from your property management system. And no, it’s not a “Back to the Future” movie scene.

Cancellation 52

Cancellation Revenue Occupancy Revenue Management 52

Hotel Speak

DECEMBER 11, 2023

Effectively plan and reach your business goals for 2024 with these smart revenue management and distribution tips. To cope with a highly dynamic market , improve efficiency and meet the evolving needs of guests, there have been some shifts in revenue management and distribution.

Revenue 54

Revenue Revenue Management Cancellation Hotels 54

Xotels

APRIL 3, 2024

We have written extensively about hotel revenue management strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.

Revenue Management 76

Revenue Management Revenue Management Ancillary Revenue 76

STAAH

DECEMBER 12, 2023

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.

Target Marketing 79

Target Marketing Cancellation Forecasting Revenue 79

Inn Quest

OCTOBER 17, 2023

They are a result of a delicate balance between maximizing revenue and providing guest satisfaction. While overbooking can lead to guest inconvenience and potential financial losses for the hotel, it is a revenue management strategy used to achieve high occupancy rates. Channel managers function by linking to a hotel PMS.

Overbooking 88

Overbooking Cancellation Forecasting Occupancy 88

Inn Quest

APRIL 3, 2023

For instance, online booking systems, channel managers, and revenue management software can help you manage reservations, room rates, and availability across different channels. This includes implementing mobile check-in and keyless entry , using guest messaging platforms, and providing digital guest directories.

Operations 88

Operations Revenue Management Forecasting Revenue 88

eZee Absolute

SEPTEMBER 22, 2023

They usually come with flexible booking and cancellation policies, allowing guests to make changes or cancel reservations without incurring significant penalties. Non-Refundable Rates: Non-refundable rates are typically lower than standard rates but come with stricter cancellation policies.

Revenue 52

Revenue Management Occupancy Revenue Management 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

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. The average cancellation rate is 20%.

Occupancy 59

Occupancy Hotels Average Length of Stay Revenue 59

Little Hotelier

NOVEMBER 6, 2023

What is hotel revenue optimisation? As a small, independent hotelier you may have heard the terms hotel revenue optimisation and hotel revenue management. So what is revenue optimisation? Here are six revenue optimisation strategies that any independent hotelier can try.

Revenue 59

Revenue Average Length of Stay Average Daily Rate Hotels 59

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. A cloud-based Hotel PMS System's contribution towards helping you generate more revenue is not limited to the points mentioned above.

Revenue 59

Revenue Sales Hotels Shopping 59

SiteMinder

OCTOBER 15, 2023

Improve forecasting – Compare historical data with current market conditions to get an idea of what you can set your rates at in the future. The hotel revenue manager will track what’s happening in the market throughout the day and week to pick up on any noticeable changes.

Occupancy 59

Occupancy Revenue Hotels Revenue Management 59

Hotelogix

NOVEMBER 13, 2023

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. That’s how a proper forecasting would allow you to make necessary changes in your room rates, based on demand and expected occupancy.

Revenue 52

Revenue Occupancy Forecasting Minimum Length of Stay 52

SiteMinder

MAY 12, 2023

Without quality accounting, it will be very difficult for your hotel to achieve a successful revenue management strategy or sustainable business. It allows you to understand more about your revenue and profitability, and all the financial factors that influence your property’s operations.

Revenue 52

Revenue Hotels Revenue Management Management 52

SiteMinder

NOVEMBER 30, 2023

Hoteliers can use statistics to understand their guests better, forecast demand, create offers based on current trends, and optimise their pricing and revenue strategies. 67% of families say that they now check cancellation policies when making travel arrangements and 47% say they now buy travel insurance.

Travel 52

Travel Accommodation Tourism Hotels 52

STAAH

MAY 16, 2023

Hotel room pricing is a critical element of revenue management for hotels. 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.

Revenue Management 86

Revenue Management Upsell Occupancy Rack Rate 86

TravelNet

JUNE 26, 2023

Take time to reexamine your cancellation policy, rates, and fees. Double down on marketing efforts Property management companies who thrive in a down-turn market tend to double down on marketing. Revenue management Implementing revenue management strategies is essential for maximizing revenue.

Revenue Management 52

Revenue Management Revenue Occupancy OTA 52

Xotels

NOVEMBER 23, 2023

Hotel Management Strategies If you want to read more about management strategies on everything hotel management? Read the articles below: Top 5 Essential Hotel Management Tips for The Perfect Guest Experience How to Make Your Hotel Stand Out? See our Hotel Revenue Manager Job Description.

Management 40

Management Revenue Management Hotels Operations 40

Xotels

NOVEMBER 23, 2023

Hotel Management Strategies If you want to read more about management strategies on everything hotel management? Read the articles below: Top 5 Essential Hotel Management Tips for The Perfect Guest Experience How to Make Your Hotel Stand Out? See our Hotel Revenue Manager Job Description.

Management 40

Management Revenue Management Hotels Operations 40

Inn Quest

MAY 11, 2023

Best Hotel Pricing Strategies in 2023 Dynamic Pricing: Dynamic pricing is a revenue management strategy that allows hotels to adjust their room prices in response to fluctuations in market demand. This strategy works especially well for lodging facilities that encounter seasonal fluctuations in demand or a high rate of cancellations.

Revenue 88

Revenue Occupancy Hotels Market 88

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.   Revenue Management System: It simplifies the process of revenue management or room pricing - the most complex task.

Hotels 52

Hotels Revenue OTA Management 52

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

Cloudbeds

MARCH 20, 2023

It is a fundamental process of revenue management, but also brings benefits to marketing, operations, and the guest experience. When lodging operators divide guests into segments, they can be more targeted in promotions, communications, and guest services to increase revenue, guest loyalty, and guest satisfaction.

Hotel Marketing 52

Hotel Marketing Market Marketing Average Daily Rate 52