This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
What is YieldManagement? Yieldmanagement is a pricing and revenue management strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. A similar principle can apply to distribution.
Anyone who has worked in the hospitality industry for a few years would enthusiastically attest to the importance of yieldmanagement in hotels, particularly in hotel revenue management. Furthermore, we will provide examples of successful yieldmanagement strategies and offer tips on how to implement them in your hotel.
The accommodation, with more than 17 years in operation, is one of the most sought-after places worldwide, and has held the title of “World’s First Seven Star Boutique Hotel”. He also added that SiteMinder’s features allowed for improved yieldmanagement , which resulted in an increase of average daily rate (ADR) for the property.
Capstone, which recently joined forces with leading global hotel brand BWH Hotels, manages a diverse range of businesses, from high-end lodges like Awaroa Lodge in the Abel Tasman National Park, to central city hotels like 300-room ABSTRACT in Auckland.
By combining modern technology with an analytical mindset, you can refine your operations, target high-performing markets, and realign your offering with consumer demands to achieve sustained revenue growth.
Silavadee Pool Spa Resort Samui, a renowned 5-star establishment with over 14 years of operation, is nestled on the tranquil Lamai Beach in Surat Thani, Koh Samui. The resort boasts a mesmerising setting, characterised by magnificent rocks and boulders, offering direct views of the beach and ocean from its well-appointed rooms.
As someone who spent his fair share of time in the trenches of revenue management, I can tell you it isn’t just some fancy industry jargon; it’s a game-changer, a revenue booster, your ticket to serious profit. What is YieldManagement, Really? That’s yieldmanagement in action.
As someone who spent his fair share of time in the trenches of revenue management, I can tell you it isn’t just some fancy industry jargon; it’s a game-changer, a revenue booster, your ticket to serious profit. What is YieldManagement, Really? That’s yieldmanagement in action.
As someone who spent his fair share of time in the trenches of revenue management, I can tell you it isn’t just some fancy industry jargon; it’s a game-changer, a revenue booster, your ticket to serious profit. What is YieldManagement, Really? That’s yieldmanagement in action.
HotelRunner, the leading hospitality and travel technologies platform, has launched HotelRunner Elite, an exclusive service designed to add exponential value to independent and chain hotels, helping them overcome the challenges of strategic positioning and yieldmanagement. We’re excited to see the incredible results it delivers.”
The owner and manager of this boutique hotel in Saratoga Springs, New York, responded to this challenge with an innovative compensation approach: dynamic pay. Inspired by yieldmanagement principles, this strategy has proven to be a game-changer for staffing issues.
We’ll also show you how to harness this powerful technology to capture more reservations, streamline booking processes, save time and costs, and increase guest satisfaction – whether you operate a hotel, hostel, motel, B&B, or vacation rental company. Manage rates and availability in real-time. What is a hotel reservation system?
Hospitality properties use Book4Time’s appointment booking, contactless guest intake, revenue and yieldmanagement and other capabilities. 1 SaaS platform for spa and wellness operations,” Roger Sholanki, Book4Time founder/CEO.
Following extensive discussions with stakeholders, such as developers, owners, operators and municipalities, and considering insights from market-based analytics, the company developed a four-story, 71-unit prototype. “We Operators can use this room as an upgrade for Stay Rewarded members or as an upsell option for discerning guests.”
The exact genesis of yieldmanagement (now revenue management) in the hospitality sector is hotly debated,” says Stuart-Hill. It’s become much more of a commercial function than just a revenue management function.” The alignment of the operational and the strategic elements is what I call modern-day revenue management.”
This article explores the top trends in hotel revenue management, yieldmanagement, and revenue management in the UK, offering insights and strategies for hotel professionals. Dynamic Pricing: The Heartbeat of YieldManagement Dynamic pricing remains at the forefront of yieldmanagement strategies.
Let’s be honestrunning a hotel while managing its revenue at the same time is a balancing act. 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. Cheers, Patrick Landman PS.
So a revenue manager should always be tracking the impact on the NRevPar (Net RevPar) or GOPPar (gross operating profit per available room). Too much focus on only Occupancy or your average room rate, will erode your business. In the end, the bottom line is what counts.
These costs are typically associated with the hotel’s operations, such as food, beverages, laundry, and housekeeping. Yieldmanagement systems use sophisticated algorithms to analyse data such as occupancy levels, booking patterns, and competitors’ rates to determine the optimal room rates.
From site selection and zoning approval to sourcing contractors and setting up operational systems, every decision can affect how profitable and practical the final property will be. Below is a step-by-step guide to setting up a construction plan that works for medium-sized hotel operators juggling budgets, timelines, and future operations.
Challenges Operating in a traditional manner, Sidus Galaxy Resort & Spa confronted several hurdles that hindered its growth. Foremost among these challenges was the absence of an integrated booking system and hotel management system.
For hoteliers, understanding cost-based pricing as a method for hotel pricing is crucial for setting room rates that not only cover the costs of operations but also provide a healthy profit margin. Table of contents Why do hotels use a cost-based pricing strategy?
Start increasing your revenue today by reading our all-in-one ultimate guide on what is revenue management from our expert perspective as a hotel revenue management consulting company. Article Summary: What is the Definition of Revenue Management? Why is Revenue Management Important to Hotels & Other Industries?
The Trip.com Extranet is an online platform that allows hotel owners and operators to manage their property listings on Trip.com. It provides tools for updating room availability , adjusting rates, adding property details, and managing bookings. What is the Trip.com Extranet?
The all-too-common assumption among many hoteliers is that limited-service hotels don’t benefit from revenue management technology and practices when compared to full-service and resort hotels. Despite this, the user base for this technology among select-service operators continues to increase dramatically.
And even then, manually-managed distribution is risky: any delays in updating rates and availability on a channel’s extranet could mean selling a room that isn’t available or selling at a lower rate, which can lead to overbooking and sub-optimal yieldmanagement. What’s allotment ? What’s a closeout? What’s iCal?
Resort revenue management has become an indispensable tool for businesses, fostering strategies that maximize yield and build strong customer relationships. The Cornerstones of Resort Revenue Management Resort revenue management , interchangeably used with yieldmanagement, revolves around a strategic pricing approach.
Through this inbox, hotel operators can manage reservations, respond to inquiries, and foster a personalised guest experience before, during and after arrival, all contributing to a more streamlined operational workflow – particularly when integrated with a broader property management system like SiteMinder.
Artificial intelligence (AI) is seamlessly integrating into hospitality experiences, redefining our expectations – from chatbots providing instant customer support to predictive analytics optimizing hotel operations. Hotels can now use machine learning to analyze data to anticipate guest needs, optimize pricing and improve operations.
Each hotel must customise its segmentation strategy based on its market, property, and revenue management goals. Demand Calendar The demand calendar is a tool that helps to make informed pricing strategies in hotel revenue management. So which main segments can different hotel types expect, you might ask?
With 56% of hoteliers worldwide prioritizing smarter tech investments (2024 Lodging Technology Survey), the focus isn’t just on cutting costs but revolutionizing guest experiences and streamlining operations. Whether you manage a boutique inn or a luxury resort, these innovations will redefine hospitality. Let’s dive in!
Hotel podcast: SiteMinder’s Standard Room With Breakfast Gain new and unique perspectives on hotel operations and revenue optimisation, featuring interviews with a variety of industry professionals. We were able to increase RevPAR by more than 30% by executing yieldmanagement on the platform swiftly and accurately.”
The art is to maximise revenue with rate premiums when there is an abundance of demand and also set competitive and sustainable rates in the low season when market demand is more fiercely contested: in short, yieldmanagement. Revenue managers continuously solve an ever-changing puzzle, where occupancy and ADR are two key pieces.
Use Technology Wisely: Implement tools such as channel managers and GDS platforms to streamline operations and improve efficiency. These channels connect hotels with travelers, enabling bookings through platforms like your hotels website, OTAs, GDS , and even traditional tour operators. What Are Hotel Distribution Channels?
Wholesalers- Wholesalers buy room inventory from hotels in bulk and sell it to travel agents or tour operators. While partnering with wholesalers can increase occupancy, it’s essential to manage inventory carefully to avoid over-committing rooms at low rates.
For a more full picture including operational costs like cleaning into the mix, the KPI GOPPAR is used. It stands for Gross Operating Profit Per Available Room. This will give you a much better understanding of how much each channel and reservation is actually contributing to the bottom line.
Evaluating SiteMinder reviews enables accommodation providers to determine its suitability for their specific needs and operational requirements, allowing them to invest in solutions that align with their business goals and increase overall efficiency, guest satisfaction, and revenue results.
Outsourcing Why hotels should outsource revenue management remains an important topic for hoteliers, as outsourcing can offer hotel owners a strategic advantage by freeing up internal resources, accessing specialised expertise, and driving top and bottom-line growth. Thank you for Signing Up Please correct the marked field(s) below.
Outsourcing Why hotels should outsource revenue management remains an important topic for hoteliers, as outsourcing can offer hotel owners a strategic advantage by freeing up internal resources, accessing specialised expertise, and driving top and bottom-line growth. Thank you for Signing Up Please correct the marked field(s) below.
Each hotel must customise its segmentation strategy based on its market, property, and revenue management goals. Demand Calendar The demand calendar is a tool that helps to make informed pricing strategies in hotel revenue management. So which main segments can different hotel types expect, you might ask?
Hotel training is a custom program designed to give a hotel team the knowledge and skills they need to operate and grow a hotel business. We were able to increase RevPAR by more than 30% by executing yieldmanagement on the platform swiftly and accurately.” Atchara Nakpoom, Revenue and Reservations Manager Kirimaya Read more
What is YieldManagement and Why It Matters for Hoteliers Yieldmanagement is a core revenue strategy in hospitality that enables hotels to adjust room rates based on real-time demand, booking pace, and occupancy forecasts. Yieldmanagement ensures you're not leaving money on the table.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content