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STR and Tourism Economics have upgraded the 2023 United States hotel forecast, released at the 45th Annual NYU International Hospitality Industry Investment Conference in New York this week (June 5). While top-line performance advances, growing operating expenses are projected to limit profit growth over the remainder of the year.
CBRE forecasts a 1.3% Occupancy and ADR are predicted to rise by 14 bps and 1.2% This represents slightly softer growth than had been anticipated in CBREs February forecast, which projected 2% RevPAR growth, based on a 21-bps boost in occupancy rates and a 1.6% CBREs forecast is predicated on an expected 1.4%
hotel forecast at the 45th Annual NYU International Hospitality Industry Investment Conference. While top-line performance advances, growing operating expenses are projected to limit profit growth over the remainder of the year. The occupancy projection for this year was lowered 0.2 percent and 1.3 percent and 1.3
Accor Pacific Chief Operating Officer PME, Adrian Williams, told HM there has been an unprecedented level of interest in Accor hotels and its loyalty programme ALL – Accor Live Limitless since the concerts were first announced – and not just in these two cities. “The
While better than operating without data, this approach is reactive and inefficient, resulting in missed opportunities. In this article, we explore what decision intelligence is and the transformative effect it’s bound to have across demand optimization, segmentation, operations, and training and enablement.
Hoteliers are under mounting pressure to modernize operations and exceed increasingly sophisticated guest demands. In response, hotels are increasingly enhancing traditional hotel software systems by turning to AI agentstask-specific, autonomous systems that augment staff, streamline operations, and personalize the guest journey.
Demand forecasting, rate negotiations, inventory management – stay with us – competitor analysis and pricing strategy can leave even the most seasoned hotelier feeling a little fatigued. It gives you data from only one income source and is based on an occupancy rate that’s also an incomplete representation.
Operating a hotel without solid answers to core business questions is like flying blind. Its no longer enough to glance at daily occupancy numbers or fleeting ADR trendshoteliers must dig deeper to ensure that every decision they make aligns with profitability and guest satisfaction. What is your forecast for the next 1218 months?
Challenges in managing bookings and operations As a boutique property with eight rooms and two villas, Omah Kayu Bromo initially faced significant operational challenges, particularly in managing booking schedules and room availability. Now the system runs smoothly, and we no longer experience double bookings.
With a little creativity and lots of data and insights, low occupancy periods can be more efficiently managed Low occupancy is largely driven by seasonality with off-peak times being marked by fewer bookings and even lower forward bookings. To conclude Optimising revenue during low occupancy doesn’t have to be difficult.
One of the main challenges for hotels is creating accurate forecasts in the short, medium, and long term. Understanding future demand trends, their causes, and the guest segments driving them can help hotel revenue managers adjust room rates to boost occupancy and sales. But traditional forecasting models no longer cut it.
Simpson said some there are now more flexible franchising options available, such as employing an experienced operating team or hotel asset management company to manage the property, and manchise agreements, where a brand management contract can be converted to a franchise agreement once stabilisation has been reached.
Boutique hotels continue to report solid occupancies and healthy ADRs, and collectively achieved increases in all performance indicators through June, according to the Boutique Hotels: Mid-Year 2023 report from The Highland Group. At mid-year 2023, boutique hotel occupancy levels indexed ahead of all U.S. This compares to all U.S.
Combined with AI and other tech solutions, it drives higher bookings, operational efficiency, and personalized guest communication. The hospitality industry is under increasing pressure to deliver measurable results—faster booking conversions, leaner operations, and better communication.
Combined with AI and other tech solutions, it drives higher bookings, operational efficiency, and personalized guest communication. The hospitality industry is under increasing pressure to deliver measurable results—faster booking conversions, leaner operations, and better communication.
Hotel forecasting is a critical component of successful hotel management, serving as the foundation for strategic decision-making and operational efficiency. As we look at the importance of forecasting for the hospitality industry, it’s interesting to note that it is also a major part of the science of hotel revenue management.
By utilizing the power of data, hotels can anticipate demand surges, optimize maintenance operations and enhance the guest experience. Predictive Demand Forecasting Predictive analytics utilizes historical data, market trends, and external factors to forecast future demand.
By combining IDeaS expertise in predictive analytics and pricing with our know-how in hotel management, we are helping our customers to maximize their revenues, optimize their profitability and simplify their day-to-day operations.
With the increasing complexity of hotel operations , having a centralized system that automates reservations, housekeeping updates, and billing processes can make all the difference. The hospitality industry is no longer operating on traditional pen-and-paper methods. How often do billing mistakes lead to guest dissatisfaction?
CBRE is forecasting RevPAR growth to recover in 2024 as inbound international travel further improves and sector-specific headwinds moderate. The company forecasts 3.0% RevPAR growth next year, driven by a 40 basis-point (bps) occupancy improvement and a 2.3% CBRE’s baseline forecast anticipates 0.8% ADR increase.
In short, they largely do, which could spell another strong year for Southeast Asia’s hotel industry from both an occupancy and investment point of view. In 2024, JLL forecasts that value-add opportunities in Southeast Asia will be on the radars of investors.
As a result, real estate operators must meet these standards to mitigate financial risks associated with non-compliance, further motivating them to enhance performance. As hotel operators recognize that investing in energy efficiency can lower operational costs and enhance cash flow, momentum for sustainability continues to grow.
Hotel forecasting, also known as hotel demand forecasting, is a strategic process that predicts future demand for hotel rooms and services based on historical data, market trends, and various influencing factors. What is Hotel Forecasting? Hotel financial forecasting helps hoteliers set targets by predicting fiscal outcomes.
With consumer behaviours evolving, and the lines between tech platforms, marketing, and operations blurring, a modern strategy goes far beyond just listing rooms on online travel agents (OTAs). A drop below 30% occupancy? Your rates drop automatically to drive last-minute bookings, across all OTAs. No more repetition. Just results.
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.
Strong operating performance and investor confidence contributed to the sectors continued momentum, particularly in metropolitan markets. Overall occupancy levels remained flat, increasing by just 0.1 Despite topline revenue growth, profitability was slightly impacted by rising operational costs. ADR growth is forecasted at 1.7
Yet many marketing campaigns are still created and launched without liaising with the very teams holding the clearest insights into booking pace, demand forecasts, and price sensitivity. Using the same forecasting models relied upon by revenue teams allows marketing to act with greater speed and accuracy.
What is a hotel operations manager? A hotel operations manager is responsible for overseeing the day-to-day functions of a hotel, ensuring seamless coordination between departments, maintaining high service standards, and optimising overall efficiency. trillion in 2023, the demand for skilled operations managers has never been higher.
What is hotel forecasting? Hotel forecasting, also known as hotel demand forecasting, is a strategy that sees a hotel analyse historical data and trends to make predictions about future demand. Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy.
According to the latest forecast by CoStar Group and Tourism Economics, U.S. The forecast also predicts a 1.6-per-cent per-cent growth in the Average Daily Rate, with an occupancy level of 63.1 The forecast suggests that the luxury RevPAR is expected to grow by 2.9 HENDERSONVILLE, Tenn. per cent in 2025.
Revenue management relies heavily on core principles such as data collection and forecasting. Forecasting: Using historical data and market trends to predict future demand and optimise pricing accordingly. Pricing optimisation: Setting the right prices to maximise revenue while maintaining occupancy.
decrease in occupancy, which was driven in part by a 1.3% This is 61 basis points higher than previously forecast. decrease in occupancy, which was driven in part by a 1.3% decrease in GOP dollars as labor costs from rising wages continued to pressure operating profit. RevPAR, occupancy down in Feb. drop in demand.
Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.
Demand forecasting, rate negotiations, inventory management – stay with us – competitor analysis and pricing strategy can leave even the most seasoned hotelier feeling a little fatigued. It gives you data from only one income source and is based on an occupancy rate that’s also an incomplete representation.
AI, robotics, and automation are no longer futuristic conceptsthey’re active components in the way hotels, restaurants, and travel companies operate and engage with guests. Behind the scenes, automation streamlines operations such as housekeeping assignments, inventory tracking, and energy management.
From making sure staff, guests, and smooth operations are all attended to, we can understand why revenue management so frequently gets put on the back burners. Revenue management tools are software and systems that help hotels optimize pricing, control cost , maximize occupancy, and increase profitability.
The report presents a detailed analysis of passenger traffic and capacity trends from March 2023 to February 2025 and provides a forecast extending to August 2025. Market level hotel occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR) across various regions are also detailed in the report.
Mid-scale hotels âExpanding our mid-scale offering with the new R370 AP Featuring the AI-driven dual-band RUCKUS R370 solution, this option allows hotels to simplify operations and leapfrog technologies with the benefits of Wi-Fi 7. Improved single sign-on and multi-factor authentication adds layers of administrative security.
An RMS should provide detailed insights into key performance metrics such as Room Revenue Per Available Room (RevPAR), Average Daily Rate (ADR), occupancy rates, booking pace, and revenue forecasts. Look for an RMS that utilizes advanced forecasting models and predictive analytics to forecast demand with precision.
Joe Amati from Destination Canada emphasized tourism’s robust contribution to the national economy, forecasting annual growth of 5.42 Despite shortened booking windows, “overall occupancy on the books is right where it should be.” Despite shortened booking windows, “overall occupancy on the books is right where it should be.”
Itâs a platform for entertainment and for delivering integrated services that reduce operating costs, simplify installations, and increase staff effectiveness. Once approved by LG, these services operate independently but harmoniously, unlocking new opportunities for cost savings, guest engagement, and streamlined operations.
SO/ Maldives is a multi-million international joint venture project developed in partnership with leading business conglomerate Wai Eco World Developer (WEWD) and operated by the successful Ennismore team – leaders in operating hotels and building brands.
The PwC hotel forecast for 2025 shows 1.9% occupancy growth. occupancy growth this year. One of the big areas that we’ve seen a massive rise in the industry is the tour operator space, said Claire Steiner, UK Director of Global Travel and Tourism Partnership. Business hurdlesor opportunities? ATOL says there are 31.5
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