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. They are a result of a delicate balance between maximizing revenue and providing guest satisfaction.

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Overbooking Cancellation Forecasting Occupancy 88

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.

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Revenue Management Revenue Management Ancillary Revenue 76

Little Hotelier

MARCH 25, 2024

Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Cancellation data: How types of guests and times of year affect cancellation and no-show rates. bad weather, surprise events or event cancellations).

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Forecasting Cancellation Average Length of Stay Revenue 52

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.

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Operations Revenue Management Forecasting Revenue 88

SiteMinder

DECEMBER 4, 2023

Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. Hotel occupancy will increase 2.5% Airbnb is quickly becoming a mainstay for hotels who want to drive additional revenue. The average cancellation rate is 20%.

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Occupancy Hotels Average Length of Stay Revenue 59

SiteMinder

OCTOBER 15, 2023

Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue. For example, in the morning you may have lower rates because your occupancy is low and demand is not strong. This will allow them to capitalise on opportunities to boost occupancy and/or maximise revenue.

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Occupancy Revenue Hotels Revenue Management 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. For example, you can change your room rates daily or weekly as per your needs to sell more rooms.

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Revenue Sales Hotels Shopping 59

Hotelogix

NOVEMBER 13, 2023

But a wrong hotel room pricing strategy will not help boost your hotel revenue as it can’t attract guests to book with you. 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

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Revenue Occupancy Forecasting Minimum Length of Stay 52

SiteMinder

SEPTEMBER 7, 2023

Reservation cancellation fees These are charged when guests cancel their bookings, especially if done at the last minute. They help mitigate the revenue loss from unsold rooms and encourage responsible booking behaviour. Furthermore, some new fees are becoming increasingly-common too.

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Revenue Hotels Services Cancellation 105

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? The best revenue optimisation solutions will offer up insightful data to help guide your efforts.

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Revenue Average Length of Stay Average Daily Rate Hotels 59

TravelNet

AUGUST 3, 2023

While OTAs charge a specific percentage on bookings, the advantage of using their marketing muscle means more bookings and occupancy. of booking before taxes, host pays 3%, though the rate is higher for listings in Italy or hosts with Super Strict cancellation policies. Damage Deposit Airbnb: No damage fee for hosts!

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OTA Management Occupancy Services 98

SiteMinder

FEBRUARY 25, 2024

decrease in occupancy during December. Almost one in five hotel rooms booked online are cancelled prior to travel. James Liang, CEO of Chinese OTA Ctrip, finds the idea of an entry into the US market ‘ very interesting ‘ In 2022, one in every five hotel bookings ended up being cancelled, a 33% increase on 2019 figures.

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Hospitality Cancellation OTA Tourism 52

Cloudbeds

MARCH 8, 2024

By being flexible with your pricing, you can maximize your revenue per available room (RevPAR, for short) and occupancy rates. Utilize integrated software Still holding onto your old-school paper trail for tracking night audits, revenue management , and payment processing?

Forecasting 52

Forecasting Revenue Hotels Revenue Management 52

STAAH

MAY 30, 2023

By incentivizing forward bookings with flexible cancellation policies, hotels can secure revenue and manage visibility effectively with the help of a comprehensive tech stack, including a channel manager and property management system (PMS). Don’t clutter your homepage, keep it simple and modern.

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OTA Hotels Revenue Travel 83

Clock Software Hospitality

OCTOBER 27, 2020

Read more: Guest Outreach and Retention | COVID-19's Effect on the Hotel Industry Hoteliers are opening their doors to local guests in an attempt to drive up their occupancy but the issue remains that the industry in its current format cannot survive unless it adjusts to fit this emergency state of hospitality.

Hospitality 52

Hospitality Cancellation Occupancy Revenue 52

Clock Software Hospitality

NOVEMBER 3, 2020

Manage Room Inventory Your hotel’s occupancy is the main metric by which you judge how well your business is doing at the moment. But as you know it is often easy to book out, if you go low enough with room rates, that said, booking out does not necessarily translate to improved revenue or guest loyalty.

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Hospitality OTA Revenue Management Hotels 52

SiteMinder

JANUARY 8, 2024

Types of hotel management If we zoom in on accommodation management, it too can be divided into a few different categories, which reflect the broad range of tasks and challenges that hotel management presents. You’ll need smart revenue management and pricing strategies if you want to optimise your Average Daily Rate (ADR).

Operations 59

Operations Management OTA Hotels 59

SiteMinder

JANUARY 8, 2024

Types of hotel management If we zoom in on accommodation management, it too can be divided into a few different categories, which reflect the broad range of tasks and challenges that hotel management presents. You’ll need smart revenue management and pricing strategies if you want to optimise your Average Daily Rate (ADR).

Operations 52

Operations Management OTA Hotels 52

eZee Absolute

JANUARY 9, 2023

You can also turn to revenue management experts to create pricing strategies that bring in better profit. Which is why it is imperative to offer flexible booking options, such as the ability to easily change or cancel reservations. But then, again, don’t make it all about the cash. Set rates that are practical and reasonable.

OTA 52

OTA Hotels Accommodation Travel 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.

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Revenue Management Upsell Occupancy Rack Rate 86

SiteMinder

NOVEMBER 30, 2023

Travel stats might include travel volume, popular destinations, travel spending, occupancy rates and other accommodation data, transport stats, traveller demographics and motivations, and other insights such as trends around sustainable travel. But what do the statistics say about family travel? Learn more about the report here.

Travel 52

Travel Accommodation Tourism Hotels 52

Cloudbeds

FEBRUARY 28, 2024

The reservation system acts as the central hub of the reservation ecosystem, which may also include a website booking engine, channel manager, and revenue management system. When integrated, these modules work together to help hotels manage room availability, distribution, reservations, and revenue.

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Revenue Management Revenue Hotels Operations 98

Cloudbeds

APRIL 2, 2024

A hotel central reservation system is a core software platform that manages all reservations for a hotel and provides a centralized repository of the inventory of rooms on sale and their characteristics (e.g., room types, maximum occupancy, stay restrictions, etc.), The property management system. Busy Rooms.

Revenue Management 52

Revenue Management Occupancy Revenue Hotels 52

SiteMinder

NOVEMBER 15, 2022

Some hoteliers love using this strategy to boost their revenue and protect their property from losing out due to last-minute cancellations. Many hotels do this deliberately to offset last-minute cancellations or no-shows and avoid losing revenue and occupancy. To avoid losing revenue.

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Overbooking Cancellation Occupancy Closing 52

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.

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Revenue Management Revenue Occupancy OTA 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. Hotels can ensure they earn the most revenue from each of their properties by optimizing prices. Group Pricing: Another effective hotel pricing strategy is group pricing.

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Revenue Occupancy Hotels Market 88

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.

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Management Hotels Revenue Occupancy 52

Xotels

AUGUST 9, 2021

Google is taking the hotel industry by storm to gain market share and grow their advertising revenues. We will take a look at how Google is penetrating the hotel distribution vertical with Google Hotel Ads, and what opportunities this gives in terms of hotel revenue management and marketing. From Hotel Finder to GHA.

Hotels 52

Hotels Market Share OTA Cancellation 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.

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Hotel Marketing Market Marketing Average Daily Rate 52

SiteMinder

NOVEMBER 24, 2023

With the title, “Our Growth Has Been Inseparable from SiteMinder’s Support”, the revenue manager of a US-based 500+ room resort writes this comprehensive SiteMinder review: “The remarkable ease of use for the booking engine, channel manager and metasearch, and the swift issue resolution make my experience with this system highly satisfying.

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

Hotels 52

Hotels Revenue OTA Management 52

Cloudbeds

JUNE 8, 2023

From increasing occupancy to generating direct bookings and increasing ADR, lodging operators have a lot on their plate. To keep it simple, we’ll only consider room revenue. At full occupancy , that’s $6,375 in potential revenue each day. At its average occupancy rate of 72%, the average revenue per night is $4,590.

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Management Hotels Revenue Digital Marketing 98

Little Hotelier

MAY 11, 2023

Revenue management The software often includes revenue management tools, providing insights and recommendations on pricing strategies, which can help maximise revenue by adjusting room rates based on demand, seasonality, and local events. One last thing. As a hotelier, you’ll be on the go.

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Management Revenue Revenue Management OTA 59

Cloudbeds

JULY 15, 2023

For growing hospitality businesses, a channel manager is a fundamental part of successful revenue management and distribution strategy. In this guide for hospitality professionals, you’ll learn all about Channel Managers, from how they work to what makes great software for your business specifically.

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Management OTA Cancellation Overbooking 76