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Today’s hospitality markets have new challenges to overcome—especially resorts. No sooner have they begun to regain marketshare in a post-pandemic world when an economic recession is causing guests to become more cautious of where and when they spend their money and time. The good news is that they continue to spend.
Hotel forecasting is a critical component of successful hotel management, serving as the foundation for strategic decision-making and operational efficiency. For hotel managers and the industry as a whole, accurate forecasting is not just beneficial—it’s essential for maintaining competitiveness and profitability in a dynamic market.
“The City of Sydney is a new hospitality market for lyf where we have a first in market advantage in an area with high population growth forecasts for urban professionals.
She advises operational teams on revenue forecasts and long-term sales strategies and supports the hotels in efforts to grow marketshare. She supports her hotels in developing and converting revenue opportunities in the group, negotiated and event segments. She has more than 15 years of experience in the hospitality industry.
Hence, they take up a larger marketshare due to growth in the economy across different geographies. Luxury Car Market: Analysis The luxury car market saw a sharp decline in sales and production as the pandemic impacted the spending power of the consumer base, with private vehicle registrations going down by 38.1%
G3 RMS provides DerbySoft with scientific pricing, forecasting, and rate availability decisions at the room type and rate code level to drive optimal revenue performance across guest categories. Enhanced Analytical Insights: IDeaS offers powerful forecasting that uses advanced analytics, AI, and machine learning to predict future demand.
HVMG outpaced the industry in RevPAR growth during 2022, as same-store marketshare grew 6.9%, capping off the company’s eighth straight year of positive consolidated Index growth, the company reports. That outperformance has continued into 2023 with same-store RevPAR growth forecasted to increase 30% over 2022 in the first quarter.
As we look ahead, LE’s report offers a detailed forecast of the anticipated supply growth. To learn how LE can support your business in accelerating revenue growth and expanding marketshare, reach out to us at 603-431-8740, ext. hotel landscape. 0025 or info@lodgingeconometrics.com.
In her new role, she will lead the company’s revenue and commercial strategy, overseeing all revenue management, pricing, analytics, forecasting and channel distribution initiatives. Third-party management company Resolute Road Hospitality has appointed Andrea Pace-Mickley as senior corporate revenue manager.
Here’s the MPI formula: MPI = (Hotel Occupancy / Compset Occupancy) * 100 This formula finds the actual marketshare obtained by dividing the hotel’s occupancy by the competitors’ occupancy. This automation and immediacy deliver more accurate demand and price forecasts and reduce the risk of human error.
Picture a system that displays your hotel's current status and forecasts its future. Predictive Analytics Advanced hotel business intelligence software also has the ability to forecast future trends. Forecasting: Guessing how full the hotel will be and how much money it could make.
One week everything seems to be going fantastically, and the next week we’re forecasting next to nothing for the following month. This short lead time makes it difficult for hoteliers to forecast demand. Predicting, forecasting and setting budgets and rates for 12 months out is just very difficult,” Siberry said. “It’s
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 marketshare: with more hotels forecasted to open every year , gaining a fair marketshare will become more difficul t each year.
This is 61 basis points higher than previously forecast. Food for thought Short-term rentals continued to take marketshare in February. Key takeaways from the report include: Economy CBRE raises 2024 GDP growth outlook fueled by the first quarter. CBRE expects first-quarter GDP growth of 2.1% decline in hotel demand.
Host Ryan Embree discusses how hotels can position themselves to capture marketshare and secure bookings from both engaged couples and wedding guests. So this is according to the Knot, "wedding venues near me," search terms are up 200% since the thick of the pandemic and there are forecasted to be 2.6 Listen now! Listen now!
Utilize data analytics to forecast demand accurately and adjust prices in real-time. Increasing your Hotel's MarketShare Growing your marketshare requires strategic marketing and distribution efforts. Dynamic pricing strategies: Move beyond static pricing and adopt dynamic pricing for rooms.
Identify pricing gaps: You’ll be able to spot chances to increase rates without losing marketshare. Improve forecasting: You can analyse competitor rate changes to predict demand fluctuations and adjust your pricing accordingly.
Data-Driven Pricing Strategies Dynamic Pricing: Implement dynamic pricing strategies to adjust room rates based on demand, competitor rates, and market conditions. Use data analytics to forecast demand and set competitive prices that attract budget-conscious travelers without compromising revenue.
Revenue Strategies & Tactics Market Segmentation Hotel Pricing Strategies Forecasting & Budgeting Properly How to Distribute Effectively? The difference between Yield Management and Revenue Management is in the overall strategy, including in-depth analytics and forecasting.
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 marketshare: with more hotels forecasted to open every year , gaining a fair marketshare will become more difficul t each year.
In addition, partnerships with technology companies and data sharing initiatives, like those facilitated by Amadeus, enhance the rental car industry’s ability to forecast travel patterns and improve overall performance.
Must-Have Hotel Marketing Channels in an Economic Downturn: Metasearch (Google Hotel Ads, TripAdvisor, Kayak, Trivago, etc.) Online Travel Agent sites (OTAs) compete heavily on these channels to steal marketshare. As some hotels pull back their budgets on paid search, there is a real opportunity to win marketshare.
Yield management allows hotels to stay competitive in a crowded market, increasing their marketshare and revenue. Yield management also allows hotels to forecast demand and plan their inventory accordingly, ensuring enough rooms are available during high-demand periods and minimizing the risk of overbooking.
You may want to consider the following factors: Revenue and Forecasting report Sales, revenue, and forecasting reports are essential in this industry. Marketshare index A marketshare involves determining your hotel’s performance against your competitors.
This dynamic between supply and demand is expected to continue in 2024, but softer RevPAR growth is certain, forecasted to grow 2.2. Due to the lack of affordable housing and rentals, some hotels were used as housing. The post Canada’s hotel industry experiences growth and recovery in 2023 appeared first on Hotelier Magazine.
Revenue managers, leveraging artificial intelligence (AI) and machine learning (ML) combine external data like market demand and competitor activity with internal data like historical performance and future demand to guide dynamic pricing decisions, inventory controls, promotions, and demand forecasting. Revenue management KPIs.
The company is the recognised leader in hotel industry benchmarking and provides market data including supply and demand and marketshare information on a global scale. is a hotel analytics company founded in 1985 as Smith Travel Research. In other words, the higher your index number, the better your hotel is performing.
The Segments of the Global Luxury Watch Market The luxury market is segmented by distribution and product channels. The market is divided into electronic and mechanical watches. The mechanical segment has a large marketshare and will continue to dominate for the foreseeable future. CAGR in the forecast period.
It can also help forecast unexpected dips and demands that will be instrumental in the control of labour expenses and reduction in variable expenses. By reducing the number of service providers and choosing the relevant ones, you will be able to cut costs tremendously and save money.
As we think about international travel being forecasted to continue to grow, we wanted to ensure that all reviews are consistently responded to with the depth of quality that we’re already known for. And so with this addition, our partners can now connect with their international travelers like never before.
Rob Mangiarelli : Yeah, a lot to unpack there and I’ll preface it by saying we’ve, demonstrated our inability to forecast but what I, what I would say, let’s start with group, cause you mentioned group. So are you targeting those travelers differently? We’re a very group heavy company. The makeup of our hotels.
Adam Harris, Co-Founder and CEO of Cloudbeds , said: “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing marketshare and RevPAR.
Adam Harris, Co-Founder and CEO of Cloudbeds, said : “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing marketshare and RevPAR.
Those who understand these trends will benefit with long term growth and marketshare. At GCommerce, we are organizing our hotel marketing services and our client advocacy around these trends. Leading Indicators *A leading indicator is a measurable set of data that may help to forecast future economic activity.
Youre paying monthly for competitive data feeds, market intelligence, and algorithm-driven rate suggestions. Your team attends vendor trainings, updates the forecast, and keeps the strategy optimised. Your marketshare index is inching in the wrong direction. Youve checked every box. But then reality sets in.
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