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This scalability is especially valuable for hotels – as more information is collected about guest behavior, booking trends , and occupancy patterns the more precise rate adjustments, inventory management, and marketing strategies will be in the future. Why it’s important for hotels? Why it’s important for hotels?
Solid occupancy isnt enough anymore. While occupancy is still a core metric, relying on it too heavily can leave your property management business vulnerable to seasonal swings, economic uncertainty, and a volatile demand environment. Why You Cant Rely on Occupancy Alone First, lets state the obvious: you dont control demand.
An effective strategy that can help is to upsell additional services or products relevant to customers. Therefore, upselling in hotels is not only influential but cost-efficient as well. What is Upselling? Upselling is a sales strategy that offers consumers additional services or add-ons to increase revenue.
This collaboration enables hotels using Infor HMS to drive incremental revenue and elevate guest personalization by seamlessly integrating Plusgradeâs proven upsell technology into the core guest journey. Hotels face growing pressure to do more with lessâdelivering tailored guest experiences while improving margins.
But a lot of hoteliers have gotten stuck in a loop of constantly slashing prices, offering direct channel discounts, OTA promotions, and special rate packages to drive occupancy. Think TRevPAR over ADR Shifting focus toward optimizing total revenue per available room (TRevPAR) instead of purely occupancy or ADR can unlock performance gains.
Energy & Guest Room Management- Advanced smart devices such as thermostats, lighting and occupancy sensors ensure that hoteliers can automatically minimize utility costs while maintaining a welcoming guestroom environment that can be seamlessly personalized to individual preferences.
You can maximise occupancy and revenue without manual rate updates. 7) Drive More Revenue with Upsell Tools Why stop at the room? Integration with upsell tools allows you to offer guests added services like late check-outs, room upgrades, spa packages, or dining experiences at the right time, and through the right channel.
Double bookings , incorrect charges, and missed upsell opportunities can result in revenue loss and negative guest reviews. By tracking occupancy trends, revenue forecasts, and guest preferences, hotels can fine-tune their marketing strategies and improve personalized guest experiences. Manual processes lead to costly errors.
The right sales tactics can help increase revenue, boost occupancy rates , and ensure guests have a positive experience. A loyalty program can encourage guests to keep coming back, which boosts your occupancy rate. Cross-Sell Other Services: Offer guests extra services like spa treatments, dining experiences, or local tours.
The report highlights that hoteliers view increasing occupancy and improving operational efficiencies as key priorities, with 85% of hoteliers anticipating that personalization could help deliver over 5% in incremental revenue.
It acts as a virtual concierge, answering common questions, sharing booking links, promoting special offers, and even upsellingservices without staff intervention. It can also share booking links, promote special offers, and upsellservices all within the same conversation.
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. On the contrary in low season, in order to ensure revenue, you can charge lower prices in order to increase occupancy.
Its a strategic move to streamline customer service across all touchpoints. Integrating your hotels core systems is no longer just a technical upgrade its a strategic move to increase efficiency, improve decision-making, and free up your team to focus on what matters most: delivering excellent service. Whats hotel integration?
Revenue management tools are software and systems that help hotels optimize pricing, control cost , maximize occupancy, and increase profitability. It monitors guest reservations, room occupancy, and overall performance metrics. Automated Upselling & Ancillary Revenue Tools Have no clue on how to make extra revenue for your hotel?
Historically, hotel performance has been measured by room-based metrics such as Revenue per Available Room (RevPAR), Average Daily Rate (ADR), and occupancy. Hoteliers can unlock this potential by diversifying their revenue streams and leveraging guest data to create targeted upsell opportunities.
at our customersâ fingertips through the Community Portal to enable effortless self-service. This solution boosts operational efficiency while delivering fast, personalized service over the phone. This solution boosts operational efficiency while delivering fast, personalized service over the phone. SynXis Concierge.AI
Several key themes emerged from the research, including a primary focus of investment on ‘improving operational efficiencies during times of high occupancy’ (43%). Nearly half of all those surveyed (49%) said they hope AI will be able to help them to identify and offer upsell opportunities to travelers at all stages of the booking process.
The data is another proof point that occupancy levels have more than stabilized, making for a meaningful rise in RevPAR for our customers,” said Matt Welle, Mews CEO. Average occupancy in 2023 was 49.1%, a 3% increase YOY and 19% higher than 2019 levels. Online check-ins and upgrades continue to increase.
Todd Johnstone, Allbridgeâs CEO said, âSkyway with Allbridge Intelligence is the only platform that provides the foundation for the seamless connected technology required to deliver the highest standard of digital service. LAN service providers are enabled to provide more customized solutions to their hospitality clients.
When everyonefrom housekeeping to maintenance to the GMcan see the same occupancy targets, service goals or scheduling benchmarks, there is clarity across the organization. Its easy to drift into silos, with each team focused on its own pressures and priorities. Data, however, creates a shared reality.
While revenue management is more focused on a hotel’s pricing and availability to maximize revenue, revenue optimization takes a broader approach to include a full range of revenue sources that includes food and beverage, spa services, events, classes, and other ancillary revenues.
It serves as the operational hub, housing these key modules: Itinerary Builder & Manager â A dual-functionality tool that offers both a self-service interface for guests and a staff-facing backend. LAN service providers are enabled to provide more customized solutions to their hospitality clients.
Another common strategy utilised in hotel revenue management consulting is to identify other potential revenue streams, from value-adding services, to new target markets, to opportunities to upsell and cross-sell. An investment in hotel revenue management services is therefore one that can quickly deliver an attributable return.
From spa services to dining experiences and beyond, hoteliers are leveraging dynamic pricing strategies to optimize ancillary revenue streams. Hotels can increase revenue per guest by adjusting prices according to demand, seasonality, and consumer preferences , achieved through upselling and cross-selling additional services and products.
This enables instant alerts on drops in conversion rates, underperforming channels, or missed upsell opportunities. Evidence-Based Action, Not Intuition Hospitality managers often operate under pressure, needing to make rapid decisions about staffing, pricing, and service delivery. Talk to one of our specialists today!
Booking promotions serve multiple strategic purposes: Increasing occupancy rates: Promotions can help fill rooms during low-demand periods and help a hotel “piggyback” on subjects that are already front of mind for their audience. Here are just five examples of hotel promotions you can run to increase occupancy and revenue when needed.
“We’ve been able to invest significantly because of our sharp focus on what matters most: people, technology and the tools and services that support our franchisees. The campaign runs through the fall and will appear nationwide across TV, streaming services, online video, social, out-of-home, search, metasearch and display.
For example, during peak travel periods, an efficient reservations manager using a modern property management system (PMS) can swiftly allocate room blocks for group bookings or special events, maximising occupancy without overbooking. Efficiently managing OTAs and direct bookings is key to maintaining high occupancy rates.
These frontline employees are instrumental in shaping the guest experience, impacting occupancy rates, and ultimately driving revenue. Personalized Service Reception staff have the opportunity to provide personalized service, which can significantly enhance the guest experience.
For hoteliers, this translates to more room-nights, improved occupancy during off-peak periods, and reduced reliance on OTAs. Imagine welcoming a returning guest with their preferred room type, a note referencing their last visit, or a complimentary service they previously enjoyed.
Based on data from Mews partners worldwide, the Mews Data Snap unpacks hospitality’s performance across five key areas: occupancy, ADR and RevPAR; online check-ins and upsells; and additional bookable spaces. Monthly additional bookable service revenue more than doubled YOY.
Several key themes emerged from the research, including a primary focus of investment on “improving operational efficiencies during times of high occupancy (43%).” Nearly half of all those surveyed (49%) said they hope AI will be able to help them to identify and offer upsell opportunities to travelers at all stages of the booking process.
However, meeting these expectations has become increasingly complex as customers demand faster responses, greater personalization, and innovative services. From chatbots that handle customer inquiries in seconds to algorithms that predict travel demand, AI is unlocking new possibilities in hospitality management and customer service.
This shift requires a comprehensive approach integrating cost control, strategic marketing, and top-notch guest services. Optimizing ancillary revenue streams: To diversify your revenue sources, consider enhancing offerings in food and beverage, spa services, and event hosting. Read Also: What is Dynamic Pricing in Hotels?
They would sell the same price to everyone and assume that 100% occupancy was the ultimate goal. With rising prices, accommodation providers across all segments are compelled more than ever to consider all costs and opportunities associated with their services and amenities. That, for me, is the optimum goal of revenue management.”
There is no set formula to increase a hotel’s revenue, it can be achieved by creating a good promotion plan, tapping into sources of ancillary revenue , upselling and other marketing strategies. Ancillary services such as restaurants, spa treatments, meetings and event spaces can generate more profit for your hotel.
The portfolio of solutions provides full-service, mid-scale, and limited-service hotels a range of connectivity options for delivering customized guest Wi-Fi experiences that meet the unique demands of each market segmentâfrom luxury to budget hotels. AI-Driven RUCKUS Wireless APs Two new APs join an already existing AP solution.
Guests today aren't just looking for a place to stay—they're seeking experiences that resonate, services that anticipate their needs, and efficiency that makes their journey seamless. Meanwhile, nationwide hotel occupancy reached 67.5% What does this mean for you as a new hotelier ?
“The data is another proof point that occupancy levels have more than stabilized, making for a meaningful rise in RevPAR for our customers.” “The data is another proof point that occupancy levels have more than stabilized, making for a meaningful rise in RevPAR for our customers.”
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.
Discount pricing is a revenue management strategy where prices are lowered temporarily or for certain conditions to attract guests and boost occupancy rates. Loss leader discounts: Offer one service at a discount to promote sales of other services, like a discounted room rate to promote spa services.
Learn more Yield management vs revenue management The goal of yield management is not merely to increase room rates or occupancy; rather, it’s to maximise your hotel’s revenue by forecasting your room supply and demand across a variety of key factors. This strategy aims to ensure maximum occupancy.
Those who book directly are often: More invested in your property; More likely to engage with your services; and ultimately, More inclined to leave a glowing review. An online booking system automates the reservation process, freeing up your staff to focus on more pressing tasks like guest services and property maintenance.
Hotel revenue is the income your business earns from selling rooms or other products and services to guests. Of course, you must maintain rate parity (the same rate on your website as on the OTA) but try making booking direct a more attractive method by offering guests value-added services. What is hotel revenue?
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