SiteMinder

OCTOBER 9, 2022

Whether you are new to the industry or catching up with the fast evolution, this blog will introduce you to the responsibilities of revenue managers and how they can succeed in 2022. What is a revenue manager? A revenue manager is responsible for pricing hotel inventory (rooms) to maximise profit.

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Amadeus Hospitality

SEPTEMBER 27, 2023

Originally published to the Amadeus newsroom 2023 global hotel occupancy levels are trending 10% ahead of 2022 with Q4 on-the-books reservations up 11% over last year, according to Amadeus data September 27, 2023 – There is a sense of buoyancy in the global hospitality industry as we head into the fourth quarter of 2023.

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eHotelier

MAY 7, 2023

Australia’s accommodation industry conference Maximum Occupancy announced its first line-up of speakers.

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Cloudbeds

MAY 8, 2024

After reading this article, you will learn how an effective analysis of your property’s booking performance will help you better understand your property’s demand patterns and how to leverage them to maximize revenue and occupancy. Occupancy rate indicates the percentage of utilization of hotel rooms.

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SiteMinder

APRIL 18, 2024

Undoubtedly, more travellers than ever before are framing their trips around major events, and hotels are adapting to keep pace. He adds: “Alarmingly, the average daily rate at London hotels has decreased slightly by 6.5% year-on-year.

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Inn Quest

APRIL 5, 2023

Anyone who has worked in the hospitality industry for a few years would enthusiastically attest to the importance of yield management in hotels, particularly in hotel revenue management. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue.

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Cloudbeds

APRIL 30, 2024

A question that likely keeps you up at night is, ‘How can I boost revenue per available room (RevPAR) and outpace my competitors?’ It’s the bedrock of hotel revenue management , and for good reason. Prices change dynamically (hence the name) using real-time data to maximize your revenue and occupancy rates.

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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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Cloudbeds

APRIL 9, 2024

Moreover, the flexibility to enhance property performance with specialized add-ons allows for tailored optimization in key areas, including operations, revenue management, guest experience, and digital marketing. Groups and events. Manage everything from event bookings, contracts, orders, payments, and more.

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SiteMinder

OCTOBER 5, 2023

RevPAM is a key performance indicator hotels use within their revenue management. RevPAM means revenue per available metre. This means hoteliers can get even more granular with their revenue management strategies. The hotel industry never rests for long, particularly when it comes to revenue management.

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SiteMinder

OCTOBER 10, 2023

Discount pricing is a revenue management strategy where prices are lowered temporarily or for certain conditions to attract guests and boost occupancy rates. Offer lower rates for guests booking multiple rooms, ideal for group travellers or event attendees. What is discount pricing?

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Boutique Hotel News

APRIL 21, 2023

“AI can help analyse data in real time and factor in a wide range of variables such as occupancy rates, weather, time of year, the impact of major events and more – and adjust prices accordingly to maximise occupancy rates,” explained Kim. Read the full interview here.

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Cloudbeds

MAY 31, 2023

By monitoring market pricing intelligence, hotels can stay apprised of opportunities to flex pricing power, increase ADR (average daily rate), and lower pricing to increase occupancy. Rate shopping helps answer the eternal question in hotel revenue management, “How much should we charge for our rooms?”

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STAAH

FEBRUARY 6, 2024

The hotel overbooking strategy is a revenue management technique that hotels use to maximise occupancy and revenue. Some key sources to look into are your channel manager , booking engine , property management system and website analytics. What is a hotel overbooking strategy?

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TravelNet

JUNE 26, 2023

Revenue management Implementing revenue management strategies is essential for maximizing revenue. By leveraging data and analytics, owners can optimize their pricing strategies to capture more bookings during peak periods and incentivize occupancy during off-peak times.

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Amadeus Hospitality

SEPTEMBER 22, 2023

Learn how to evaluate and implement the latest pricing, segmentation, channel management, and other key strategies to deliver results and understand the role of technology to help you work smarter – not harder. Learn to decipher these metrics but also discover innovative ways to leverage them for sustained revenue growth.

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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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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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Hotel Business

MAY 16, 2023

Additionally, hoteliers should find the right balance of automation to support revenue management. Using the automation tools in your PMS, you can track trends, easily adjust where occupancy is sitting and implement changes through tools vs. spending hours manipulating your rates. That integration has gone well.

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STAAH

JANUARY 16, 2024

Ancillary services such as restaurants, spa treatments, meetings and event spaces can generate more profit for your hotel. Attractively pricing these or combining with room booking to create packages can bump up your revenue quickly. Dynamic pricing is a modern hotelier’s most effective strategy for revenue management.

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Inn Quest

SEPTEMBER 5, 2023

Effective hotel inventory management relies on technology solutions like Property Management System s (PMS), Channel Managers, and Revenue Management Systems (RMS) to automate tasks, analyze data and make informed decisions. Food and Beverage: Restaurants, bars and room service are vital revenue streams.

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STAAH

NOVEMBER 26, 2023

Driven by a desire to be more aligned with current market conditions A progressive hotel when it comes to marketing and technology, the team at The Convent wanted to ensure it was adopting the best practices when it came to guest acquisition and revenue management.

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Little Hotelier

MARCH 10, 2024

Manage your hotel sales with the best software in the market Use Little Hotelier’s revenue management features to manage your hotel sales and boost hotel bookings. This integration streamlines the management of bookings, guest information, and operational tasks, enhancing efficiency and data consistency.

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eZee Absolute

MAY 7, 2024

But hotel revenue management can be your secret wand. Revenue management is about more than just the right pricing. It’s about knowing what guests need, predicting bookings, and adjusting rates to make more revenue. In the ever-competitive world of hospitality, staying ahead can be a real challenge.

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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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Inn Quest

AUGUST 8, 2023

Offering competitive rates during off-peak seasons allows hotels to remain active in the market and attract guests even when other competitors might be struggling to maintain occupancy. Maximizing Revenue: Thereafter, an effective seasonal pricing strategy for hotels ensures revenue optimization.

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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. Outlier factors: How special events and unusual occurrences have historically affected demand (e.g. bad weather, surprise events or event cancellations).

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SiteMinder

SEPTEMBER 10, 2023

This should include room occupancy rates, average daily rates (ADR), revenue per available room (RevPAR), and customer acquisition costs. While it can be difficult to precisely predict revenue, effective revenue management is a key part of creating a hotel budget. Here are the steps involved: 1.

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Inn Quest

SEPTEMBER 12, 2023

Seasonal Demand and Revenue Management: Many hotels face seasonal fluctuations in demand, with peak periods followed by slower periods. Effective revenue management is crucial to optimize room rates, occupancy levels, and overall revenue. Consider partnering with local suppliers for fresh, unique offerings.

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Hotel Business

APRIL 26, 2024

First-quarter 2024 RevPAR Premium, Midscale & Economy The Premium, Midscale & Economy (PM&E) division posted an 8% increase in RevPAR compared with the first quarter of 2023, still more driven by rates than by occupancy rates. Nevertheless, this slight decline in occupancy was more than offset by higher average rates.

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Little Hotelier

OCTOBER 17, 2023

Learn more Strategies to increase hotel revenue There are a lot of strategies that can be used to increase hotel revenue – but it’s important to be focused and committed to the plans you make. Adding this extra value to guests not only brings in revenue but also provides a better traveller experience.

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Boutique Hotel News

APRIL 18, 2023

Another example is in revenue management, which is an area in which Yanolja Cloud offers various solutions. AI can help analyse data in real time and factor in a wide range of variables such as occupancy rates, weather, time of year, the impact of major events and more – and adjust prices accordingly to maximise occupancy rates.

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Amadeus Hospitality

DECEMBER 21, 2023

Large-scale sporting events such as France’s Rugby World Cup substantially impacted hotel occupancies. Throughout it all, we’ve kept pace with the evolutions of an industry where hotel occupancies outperformed 2022 , group business in the top 25 U.S. markets has already recovered by 99.1% markets has already recovered by 99.1%

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic pricing is an important aspect of revenue management and is one of the most innovative hotel pricing automation technologies that hoteliers cannot miss. When there’s high demand, during holidays or major events, hotels might increase prices slightly. How Can Hotels Use Dynamic Pricing Strategies? The result?

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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% Average US occupancy rate is just under 65%. Some major cities could see occupancy rises by as much as 17.5% globally next year.

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Cloudbeds

MARCH 8, 2024

By being flexible with your pricing, you can maximize your revenue per available room (RevPAR, for short) and occupancy rates. Considering labor costs for employees working special events or weddings, alongside holiday hours, and the complex payroll systems that might need to come with it, are equally important.

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SiteMinder

APRIL 11, 2023

But its historic character and unique atmosphere are not the only things that make this hotel stand out from the competition: the pool can be covered with a hydraulic platform, turning the bathing hall into an event location. This is how Hotel Oderberger Berlin managed to increase its average occupancy.

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