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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. Pullback from U.S.
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. DI helps hoteliers get more granular with their segmentation. This on-demand access helps staff gain practical knowledge faster.
Joe Amati from Destination Canada emphasized tourism’s robust contribution to the national economy, forecasting annual growth of 5.42 Tourism is a resilient economic engine,” he said, noting the industry’s $130 billion value in 2024 and the $31 billion contributed by international travellers. Luxury travel is growing 1.2
Extended stays are transforming the way that travellers and travel companies view the hospitality landscape. With remote work here to stay for many, corporate relocations surging, and travellers seeking more flexible accommodation arrangements, demand for stays lasting 30+ days is growing.
The travel and hospitality sector, in particular, has recalibrated its outlook for the year, with some global hotel brands lowering their RevPAR guidance as they navigate the current climate with a mix of caution and quiet confidence. And that was a direct impact of the Canadian traveller.”
A year ago, Accentureâs Consumer Pulse Survey found that travelers felt booking a hotel was harder than buying a car and that choosing a flight was almost as hard as choosing a mortgage. Gen AI provides an opportunity for the travel industry to reimagine the discovery and purchasing process for travelers. Travelers are 1.3x
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.
As competition intensifies and travelers become more selective, data analytics in the hospitality industry and AI are no longer buzzwords, but operational imperatives. This synergy allows hotel teams to shift from generic responses to personalized, data-driven engagement that moves travelers further down the booking funnel.
As competition intensifies and travelers become more selective, data analytics in the hospitality industry and AI are no longer buzzwords, but operational imperatives. This synergy allows hotel teams to shift from generic responses to personalized, data-driven engagement that moves travelers further down the booking funnel.
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
This is a common payment option with corporate travellers and tour groups. 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.
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). âTravel is an $11 trillion market,â Bidner said.
55% abandon purchases, 50% switch brands, and 39% cancel subscriptions when confronted with digital issues. A year ago, Accentureâs Consumer Pulse Survey found that travelers felt booking a hotel was harder than buying a car and that choosing a flight was almost as hard as choosing a mortgage. They are the new mainstream.
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). âTravel is an $11 trillion market,â Bidner said.
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). âTravel is an $11 trillion market,â Bidner said.
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). âTravel is an $11 trillion market,â Bidner said.
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.
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.
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%.
The post-Covid tourism surge from 2022 was initially powered by more affluent tourists seeking relaxation amid nature, user convenience, sustainable and authentic local tourism experiences, all enabled by heightened digitisation of travel. AI needs to be used responsibly and carefully as a travel enabler, said Ms Bremner.
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 are 8 smart pricing strategies for hotels to boost revenue and drive more bookings during the holiday season The holiday season marks a period of increased travel, festive cheer, and heightened demand in the hospitality industry. This strategy not only secures bookings but also helps in revenue forecasting and inventory management.
This allows properties to be more responsive to temporary demand shifts such as the announcement of a local event or a weather event that could reduce the number of people travelling to your location. 6) Time to get rigid with cancellations Make packages a common offering as high cancellation rates start affecting forecasting and revenue.
Like many other areas in travel and hospitality, revenue management has dramatically changed in the last two years. With most hoteliers still relying on domestic travellers, the prime booking window is 0-3 days for business properties, out of which same day booking is the strongest,” says Kamal Kishore from Redsky Hospitality.
Commentators have been predicting this for a while, citing the comedown of post-Covid ‘revenge travel’ and inflationary pressures ( PwC ). One week everything seems to be going fantastically, and the next week we’re forecasting next to nothing for the following month. It’s been one of the hardest years to predict.”
Many hospitality conferences and conventions were virtual or hybrid events , while others were forced to cancel altogether. 2021 also brought about many exciting developments in hospitality technology, digital marketing, hotel services, and changes in travel trends. Mountain Travel Symposium.
This allows properties to be more responsive to temporary demand shifts such as the announcement of a local event or a weather event that could reduce the number of people travelling to your location. 6) Time to get rigid with cancellations Make packages a common offering as high cancellation rates start affecting forecasting and revenue.
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.
Googles Performance Max for Travel Goals offers an AI-powered solution that automates ad placement and spend, allowing hotels to compete with OTAs and drive more direct bookings. What is PMax for Travel Goals? This leaves hotels scrambling to keep up. Fortunately, theres a way to help level the playing field.
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.
What are travel statistics? Travel statistics refer to data and information related to various aspects of the travel industry, such as travel trends, traveller behaviour, tourism spending, accommodation metrics, and more. Some highlights include: Air travel passengers are expected to reach 9.4
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. Factors to consider may be: How are travellers behaving in the current landscape?
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%.
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. It also shows what type of guests are staying at your hotel and even what booking channels (direct, online travel agencies (OTAs), etc.) are the most common.
Hotelbeds is a Spain-based, B2B-focused wholesale travel platform that provides a range of B2B travel solutions. is a slightly complicated one, because the business serves a wide range of customers, including hotels, chains, tour operators and travel agencies. The answer to the question of “what do Hotelbeds do?”
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.
The booking lead time is the window between purchase and experience in which many things can happen, including a cancellation, extra expenditure, modifications, or requests. Booking lead time is an important metric for your hotel to track because it helps with forecasting and strategic planning.
When traveling for work or pleasure, time is of the essence. Recent research found that for the survey respondents who had already traveled for leisure or business this year, 79% said they experienced at least one problem during their trip. By Speleos Dravillas. We know disruptions are sometimes unavoidable. Let’s think about habits.
With travel restrictions lifted, hotels are gearing up to welcome guests again. With the rise of alternative accommodations and online travel agencies, hotels need to adopt new strategies to attract customers and increase revenue. Positive word-of-mouth advertising can also help improve their reputation and bring more guests.
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.
Improved Forecasting: Resort revenue management allows establishments to make accurate demand predictions. These forecasts are instrumental in strategic planning, enabling resorts to manage their resources effectively and maintain a consistent revenue stream all year round.
Economic factors There will be periods of economic hardship when certain guests don’t have money to splurge on travel. There will also be good times when more people are travelling than ever. Adjust pricing Forecast demand and adjust your room rates well ahead of time.
Connecting To Online Travel Agents Partnering with a variety of online travel agents is necessary for B&Bs to connect with global customers. Income: Forecasted and other expected revenue. Dedicating a proportion of your budget towards signs will improve walk-in bookings and give your B&B brand a facelift.
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