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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.
Think revenuemanagement is just for the big hotel chains or that it’s all about jacking up prices? Believe me when I say, as the COO of a revenuemanagement consulting firm, that at least one of the below misconceptions is draining your hotel’s profits faster than a leaky faucet. Quite the opposite.
Trip cancellations throughout December resulted in a sharp drop in occupancies, from mid-70% down to 30%, equating to millions of dollars of lost revenue, according to Accommodation Australia CEO, Michael Johnson.
Some of your competitors made five times their usual revenue during the Coldplay concert simply by optimizing their pricing and room availability, while others failed to act and barely made a dent in their earnings. The question is, will you seize this opportunity, or will you watch another revenue surge pass you by?
The partnership between BeSafe Group and SiteMinder offers innovative insurance solutions that help hoteliers boost revenue, streamline operations, and enhance guest satisfaction. With SiteMinders reach and ease of use, this integration becomes an attractive option for hotels looking to maximise revenue and enhance guest satisfaction.
For operators managing furnished apartments, aparthotels, or extended-stay inventory, this shift represents a significant revenue opportunity. What is the opportunity around extended-stay revenue? Even at lower nightly rates, the cumulative revenue per guest far exceeds short-term bookings.
Studies show that hotels lose up to 20% of their annual revenue to chargebacks caused by guest disputes, unclear cancellation policies, and OTA-related miscommunication. For hoteliers, this doesn’t just mean lost revenue—it also leads to operational inefficiencies and added pressure on staff.
This scalability is especially valuable for hotels – as more information is collected about guest behavior, booking trends , and occupancy patterns the more precise rate adjustments, inventory management, and marketing strategies will be in the future. Why it’s important for hotels?
Serving as intermediaries in the travel industry, bed banks enable hotels to increase occupancy without directly managing complex distribution channels. In the B2B travel sector, bed banks play a pivotal role by serving as a bridge between hotels and distributors , enabling efficient room inventory management and broader market reach.
Sydney, Australia A new report by SiteMinder, the worlds leading hotel distribution and revenue platform, reveals that hotel websites outperformed all other booking sources in driving revenue per booking in 2024, by as much as 60%. The longest stays were in Portugal and the shortest stays were in Taiwan.
Like many other areas in travel and hospitality, revenuemanagement has dramatically changed in the last two years. We spoke to leading revenuemanagers on what they think lies ahead. Revenuemanagers have had to up their ante on monitoring local trends and populace segments to get a better understanding of demand.
We have written extensively about hotel revenuemanagement strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenuemanagement, we have made a summary of all the top advice from our perspective as a hotel revenuemanagement consulting company.
What is hotel revenuemanagement? Hotel revenuemanagement is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. What is the primary purpose of revenuemanagement?
Effectively plan and reach your business goals for 2024 with these smart revenuemanagement 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 revenuemanagement and distribution.
Reporting is like the front desk of your propertys performance – its where everything is tracked, logged, and managed to ensure smooth operations behind the scenes. Thats where STAAHs Reports module comes in – a centralised hub designed to give properties deep, actionable insights across revenue streams. What Can You Track?
For hotel chains and resorts managing high service volumes across multiple properties, the pressure to respond faster — without sacrificing quality — has made automated customer service not just an operational upgrade, but a financial necessity. But automation in hospitality isn’t just about speed.
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. 10% are planning or considering cancelling employee attendance at U.S.
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.
Periods of high demanddriven by holidays, festivals, or local eventscan strain resources, impact guest satisfaction, and complicate revenue and maintenance management. Preparing Amenities for Increased Demand Leveraging Data Analytics for Peak Season Management 1. Also Read: Is Your Hotel Ready for the Peak Season?
What is the Booking.com cancellation policy? The Booking.com cancellation policy outlines the terms and conditions that apply when a guest cancels a reservation at your hotel. It includes specifics about refund procedures, penalties, and fees associated with cancellations.
Revenuemanagement has become increasingly complex, involving a web of segments, room types, distribution channels, discounting strategies, promotions, and cancellation policies.
What is the Expedia cancellation policy? Expedia provides a cancellation policy that allows users to cancel or modify their reservations without any charges or penalties within the first 24 hours. Knowledge of Expedia’s refund policy is a crucial aspect of managing a small hotel business effectively.
Effectively plan and reach your business goals for 2024 with these smart revenuemanagement 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 revenuemanagement and distribution.
Flexible Cancellation Policies : In an unpredictable world, flexibility matters. Upsell & Promo Tools : Drive more revenue per booking with add-ons, promo codes, and package deals. Integration with PMS & Channel Manager : A seamless backend makes daily operations smoother and more accurate.
The hotel overbooking strategy is a revenuemanagement technique that hotels use to maximise occupancy and revenue. By deploying this strategy a hotel is insuring itself against possible cancellations by having secured guests who can fill cancelled bookings. 6) Train your staff to manage overbookings.
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?
What is a hotel cancellation policy? Hotel cancellation policies offer hotel guests the opportunity to cancel their booking up until a certain amount of days before check-in. Once this date has passed, the hotel might charge the guest a set cancellation fee, a percentage of the booking, or the full amount.
What is Yield Management? Yield management is a pricing and revenuemanagement strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. Think of it as the art behind the science of room supply and demand.
Can hosts cancel a booking on Booking.com? Yes, as a host you can cancel a booking on Booking.com – but only when certain issues arise, such as no-shows, payment issues, double bookings or if a guest asks you to. As a host you probably know that Booking.com makes it simple for the guest to cancel.
Eister There are many myths about revenuemanagement, but there are five we hear most often. Myth #1: Revenuemanagement is only essential when business is booming. Revenuemanagement is a fundamental part of business, especially in such a dynamic industry as hospitality.
On the latest episode of Back of House Banter , GuestRevu’s Amy Branford sat down with Rodica Buzescu, Group Product Marketing Manager at Booking.com , and Lee-Anne Singer, Marketing Director of the Singer Group and Chairperson of FEDHASA Western Cape, to unpack what’s changed, why it matters, and how hoteliers can adapt. It depends.
We certainly felt the impact, especially going into March,” says Christopher Ellison, Vice President of Revenue at Brittain Resorts and Hotels, a full-service hospitality management company based in the Southeast region. If you offer different experiences throughout the day, it can add extra revenue to your business,” he says.
You might even consider requiring a credit card on file and charging a cancellation/no-show fee. If you charge a cancellation fee, be sure to explicitly state how far in advance they must cancel and explain the best way for them to do so. Just be sure your management has the communication skills to handle these conversations.
Unfortunately, the client had to cancel after I booked my flight. I had no other business in San Francisco at the time, so I needed to cancel the flight. I’m planning a trip to Boston, so I decide to use my canceled ticket. I was scheduled to meet a client last week. S**t happens right? No big deal! Fast forward a week.
According to Expedia Group, packages often increase booking lead time, reduce cancellation rates, and boost total spend per guest by up to 30%. These packages aren’t just revenue boosters, they enhance the entire guest experience by making it seamless and memorable. Avoid overwhelming the guest with technical terms.
It was also reported that Delta Airlines canceled more than 4,800 flights since the outage happened. This triggered a domino effect, impacting hotel bookings as stranded travelers frantically rebooked flights and adjusted itineraries, leading to a surge in last-minute cancellations and requests to modify their stay.
However, one of the biggest challenges hoteliers face is determining the right pricing strategies to maximize their revenue in the post-pandemic world. The question is, how can hoteliers implement effective pricing strategies to boost their revenue and stay ahead of the competition?
What is revenuemanagement software? Revenuemanagement software is a digital tool designed for the hospitality industry to optimise room rates based on predicted demand. It uses data analytics to forecast hotel room demand, allowing hoteliers to adjust prices accordingly to maximise revenue.
Since the early days revenuemanagement has been applied in hotels, there has been an intriguing ongoing discussion. I have been in hotel revenuemanagement consulting since 2006, and it is a question that keeps coming back. As they both contribute to the total equation of revenue being generated in the hotel.
In the fiercely competitive hospitality industry, the essence of successful resort revenuemanagement lies in data-driven decision-making. This approach is pivotal in optimizing financial performance and driving both revenue growth and guest satisfaction. Why is RevenueManagement Imperative for Resorts?
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!
Flexible Rate or Free Cancellation – the most popular rate types among our guests. This rate plan offers guests the option to cancel their booking for free up to 5 days before their check-in date, making it an attractive choice for those seeking flexibility. Non-refundable Rate – designed to secure more bookings and guarantee revenue.
Overbookings can be stressful for the front desk and the guest, but you can manage them with ease if you have a proper plan in place. While for some hoteliers it’s best to avoid overbookings altogether, for others, a good strategy can increase revenue, improve the occupancy rate and mitigate losses. How could this happen?
Well, the answer lies in how well you’re using your Hotel RevenueManagement System (RMS) reports. But with so many reports available, how do you find the ones essential for maximizing your hotel’s revenue? RMS reports are like secret weapons for hoteliers.
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