Hospitality Net

AUGUST 27, 2023

Inaccurate forecasts can result in decreased revenue, earnings, and operational challenges, which makes getting it right critical. Even with great revenue management software, determining the accuracy can be tricky when dealing with more detailed forecasts. The error is measured as an absolute value.

Forecasting 188

Forecasting Yield Management Cancellation Revenue Management 188

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? Do all that and you’ll optimise your revenue by making as much money as possible from a limited resource: your rooms.

Revenue 59

Revenue Average Length of Stay Average Daily Rate Hotels 59

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

STAAH

FEBRUARY 6, 2024

The hotel overbooking strategy is a revenue management 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. 2) Use multiple data sources. 2) Use multiple data sources.

Overbooking 89

Overbooking Cancellation Upsell Revenue 89

Webrezpro

FEBRUARY 5, 2024

Collected here are various statistics and forecasts to inform you of important global and local trends, revenue drivers, cancellation rates, market insights, and guest/consumer preferences. Knowing your numbers lends valuable insight for hoteliers as they plan and strategize for the year ahead.

Cancellation 85

Cancellation Forecasting Consumer Hospitality 85

Hotelogix

DECEMBER 25, 2023

Hotel PMS System, or hotel management software, is crucial for generating more revenue.   To increase hotel revenue, you must start with the right Hotel PMS System - a cloud one. It should be your very first step towards achieving your revenue goals. Ultimately, all these result in more sales and revenue. 

Revenue 59

Revenue Sales Shopping Hotels 59

Catala Consulting

JULY 30, 2023

In the fiercely competitive hospitality industry, the essence of successful resort revenue management lies in data-driven decision-making. This approach is pivotal in optimizing financial performance and driving both revenue growth and guest satisfaction. Why is Revenue Management Imperative for Resorts?

Revenue Management 52

Revenue Management Revenue Resorts Management 52

Hotel Business

SEPTEMBER 15, 2023

Eister There are many myths about revenue management, but there are five we hear most often. Myth #1: Revenue management is only essential when business is booming. Revenue management is a fundamental part of business, especially in such a dynamic industry as hospitality. Using external data about your market can assist here.

Revenue Management 64

Revenue Management Revenue Management Forecasting 64

STAAH

NOVEMBER 8, 2022

Like many other areas in travel and hospitality, revenue management has dramatically changed in the last two years. We spoke to leading revenue managers on what they think lies ahead. Revenue managers have had to up their ante on monitoring local trends and populace segments to get a better understanding of demand.

Revenue Management 71

Revenue Management Revenue Management Forecasting 71

Horizon Hospitality

JUNE 20, 2023

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. Or, for higher volume concepts, consider a text instead.

Cancellation 105

Cancellation Hiring Management Hospitality 105

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. Price and promote your property better with Little Hotelier Little Hotelier's Insights tool gives you more control, more support and more revenue. bad weather, surprise events or event cancellations).

Forecasting 52

Forecasting Cancellation Average Length of Stay Revenue 52

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. Why Do Hotel Overbookings Happen?

Overbooking 88

Overbooking Cancellation Forecasting Occupancy 88

STAAH

DECEMBER 13, 2023

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.

Cancellation 77

Cancellation Revenue Market Marketing 77

SiteMinder

MAY 25, 2023

The bottom line is that hotels can lose millions of dollars in revenue due to abandonment, especially when you also consider that guests may book a room before delaying payment, and then cancelling altogether. Additional data shows that over 80% of travel bookings are abandoned, compared to the general average of around 70%.

Revenue 98

Revenue Cancellation Accommodation Hotels 98

Hotelogix

NOVEMBER 13, 2023

However, in cases of last-minute cancellations, your profit is badly impacted. To combat this, hotel revenue managers devise an overbooking strategy that aims at profit maximization What is overbooking in a hotel ? Hotels deliberately do this as a safety measure to avoid losses in case of any last-minute cancellations or no-shows.

Overbooking 59

Overbooking Cancellation Occupancy Revenue 59

Cloudbeds

AUGUST 21, 2023

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. An overbooking strategy is when a property purposefully books its inventory beyond capacity in anticipation that a certain amount of guests will cancel or not show up.

Overbooking 98

Overbooking Cancellation Occupancy OTA 98

STAAH

DECEMBER 12, 2023

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.

Target Marketing 79

Target Marketing Cancellation Forecasting Revenue 79

Hotelogix

NOVEMBER 13, 2023

After all, there is no magic mantra that is universally approved for hotels to achieve their goals and increase hotel Revenue! And we bring to you five such effective hotel pricing strategies to help you maximize revenues and build a sustainable hotel business. It would help you sell more rooms and boost your occupancy.

Revenue 52

Revenue Occupancy Forecasting Minimum Length of Stay 52

STAAH

MAY 24, 2023

6)Identifying popular cancellation policies: By analyzing popular cancellation policies , hoteliers/accommodation providers can gain a better understanding of guest preferences and factors that influence their decision to cancel a booking. How to view Market Insights in STAAH MAX?

Market 81

Market Marketing Cancellation Accommodation 81

SiteMinder

NOVEMBER 6, 2023

Split fee: Usually 3% of every booking, though the fee may be slightly higher for hosts with listings in certain areas of Italy, for Airbnb Plus hosts, or for those who opt for a ‘super strict’ cancellation policy. Cleaning fees are always refunded for cancelled stays, while service fees are only refunded during the free cancellation period.

Cancellation 59

Cancellation Hotels Services OTA 59

Hotelogix

JANUARY 30, 2024

As a hotelier, monitoring your hotel's performance is paramount to ensuring smooth operations and maximizing revenue. These include individual room details, revenue breakdowns by the counter, per-room and Point of Sale (POS) outlet earnings, and tax collection specifics for each room and POS outlet.

Occupancy 59

Occupancy Average Daily Rate Hotels Cancellation 59

Little Hotelier

JUNE 5, 2023

As a host, understanding these fees is crucial as they directly impact your revenue and profitability. However, Airbnb’s commission can go up to 14% or more for hosts who have a Super Strict cancellation policy. Cancellation fees Cancellation fees apply if a guest cancels a reservation during certain periods.

Cancellation 52

Cancellation Revenue OTA Services 52

Hotel Business

FEBRUARY 22, 2023

SiteMinder’s new Hotel Booking Trends report, a hotel commerce data analysis of more than 36,000 hotels and 450+ connected booking integrations, has revealed travelers booked their trips on average eight days earlier, and canceled their bookings 17% less year-on-year in 2022, despite a 24% increase in the average daily hotel room rate.

Travel 102

Travel Average Length of Stay Average Daily Rate Global Distribution System 102

STAAH

JULY 12, 2023

On Expedia Group sites, your property will show ‘Free Cancellation’ in traveller search results. In a recent survey, travellers told us that the ability to cancel and get a full refund if their plans change is one of their top considerations when booking travel.* We recommend a 100% refund for cancellations within a short.

Cancellation 79

Cancellation General Manager Travel Accommodation 79

SiteMinder

MARCH 22, 2023

For many years, SiteMinder has released annual data detailing the top revenue making channels for hoteliers. While this has always provided powerful knowledge, this year we wanted to take it further and give your business even more actionable insights.

Average Length of Stay 52

Average Length of Stay Average Daily Rate Cancellation Revenue 52

SiteMinder

DECEMBER 4, 2023

Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. Online sales in the hotel segment will generate 80% of total revenue in 3 years. Online travel agencies make up the top two revenue generating positions in 79% of major destinations.

Occupancy 59

Occupancy Hotels Average Length of Stay Revenue 59

Hotelogix

NOVEMBER 12, 2023

Reports like hotel revenue report and MIS hotel report are essential for every type of hospitality property. The report also shows room inclusion details (if available) along with the source of revenue collected. The revenue details in the report can be viewed including or excluding round off charges.

Management 59

Management Occupancy Average Daily Rate Revenue 59

SiteMinder

SEPTEMBER 7, 2023

They can also be strategic revenue boosters that can significantly elevate your hotel’s profitability. While hotel fees can be powerful secondary revenue generators or a useful tool to mitigate additional operational costs, there is an art to applying them effectively.

Revenue 105

Revenue Hotels Services Cancellation 105

STAAH

JUNE 6, 2023

To make this possible having a robust online booking system is really important to help you reach your revenue goals. 2) Boost your Revenue: Direct bookings generated through a hotel booking engine can significantly boost revenue. You can easily set up your booking cancellation policy on STAAH Booking Engine.

Cancellation 72

Cancellation OTA Global Distribution System Revenue 72

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

Hospitality Taskforce

DECEMBER 8, 2022

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%.

Forecasting 52

Forecasting Cancellation Hotels Construction 52

TravelNet

DECEMBER 19, 2022

Whimstay offers exclusive discounts to travelers on expiring inventory while driving additional revenue. Whimstay offers exclusive discounts to travelers on expiring inventory while driving additional revenue. By listing their last minute inventory (including gap nights and cancellations) on Whimstay. Simple and seamless.

Cancellation 52

Cancellation Occupancy Revenue Services 52

Inn Quest

APRIL 3, 2023

As the hospitality industry evolves after the pandemic, it’s more important than ever for hotels to streamline their day-to-day operations to improve efficiency, enhance the guest experience, and increase revenue. Here are some ways to streamline operational tasks for your hotel.

Operations 88

Operations Revenue Management Forecasting Revenue 88

Little Hotelier

JULY 31, 2023

Maximise your property's performance with Little Hotelier Little Hotelier integrates seamlessly with Hotelbeds and MaxiRoom, helping you maximise your bookings and smash your revenue targets. You can access reports on your bookings, cancellations, and revenue, helping you to understand trends and make informed decisions.

Cancellation 52

Cancellation Overbooking OTA Occupancy 52

Hotelogix

APRIL 18, 2024

For instance, a business that has just started is focused on making money immediately whereas a more established hotel business with steady revenues would concentrate on its reputation. One hotelier in Tanzania (now a client), would log into every OTA and update his room inventory whenever there was a booking or a cancellation.

OTA 52

OTA Overbooking Cancellation Business 52

SiteMinder

SEPTEMBER 6, 2023

While they can be a wild card in the hotel management game, they offer a unique opportunity to maximise occupancy and revenue. Boosted revenue : Late bookings often come with higher price tags, capitalising on the urgency of the guest’s needs. An occupied room, even at a discounted rate, is better than an empty one.

Overbooking 98

Overbooking Occupancy Revenue Hotels 98

TravelNet

NOVEMBER 9, 2022

We help deliver bookings with characteristics close to the benefits of a direct booking such as access to direct guest communications, ability to use your own cancellation policies, being the merchant of record and more while giving you access to millions of new guests. Partnership Briefly describe what your company does.

Cancellation 52

Cancellation Average Length of Stay Management Revenue 52