The Time is Now to Maximize Holiday Income for your Hotel Just last month, AAA reported travel volume for Thanksgiving was the highest since 2005. Nearly 50 million people traveled more than 50 miles for the holiday. That’s right, even more people are traveling in 2018 than during the height of the last economic [...]
Be Open with your Rate Management Being flexible with rate management allows hoteliers to think in creative ways that can make hotels more money. The newest iteration of revenue management; understanding the total value of the customer rather than just what they pay on rate. Time for a quick quiz. Which guest is more [...]
It’s time to cozy up to the BAR That’s Best Available Rate, of course, and by focusing a revenue management strategy around Best Available Rate, hoteliers are successfully pushing the average rate charged per room by more accurately leveraging the all-powerful supply vs. demand equation. However, to fully maximize the opportunity to charge the [...]
Millennials are set to be the largest active adult generation in 2019, surpassing Baby Boomers, according to the U.S. Census Bureau. So, what does this mean for the hotel industry and its technology and why should we care? Technologically Savvy Millennial hoteliers have reached the age where they are taking over hotel ownership. Parents are passing [...]
With hurricanes, wildfires and other natural disasters affecting many areas of the country, it’s a grim reminder disaster can strike at any time. No matter where you are in the country, there are both inherent natural threats, and the chance for manmade catastrophes too. As hoteliers, you must be ready in times of emergency to [...]
Now that we’re deep into the fall travel and conference season, it’s time to start thinking about holiday season. Sure, some parts of the country may feel like summer, but with Halloween decorations popping up everywhere, hoteliers must start thinking about selling rooms at the best possible rate between now and Thanksgiving, Christmas and New [...]
Managing hotel revenue has become an increasingly complex endeavor as individual skills and technology constantly advance. Long gone are the days of setting rates once a year, or even setting rates seasonally. Now, it’s about constantly adjusting rates along with the ebb and flow of demand. Complicating matters, we’re entering a post revenue management world. [...]
Part three of our series exploring the basics of hotel operations brings us to the topic of RevPar. To fully maximize hotel performance, we use several specific terms including RevPAR, ADR and Occupancy; each of which we’ve been discussing over the last few weeks. This week we’re examining RevPAR. What is RevPAR? RevPAR is short [...]
The days of continually setting rates manually are over. Both costly and time consuming, setting rates by hand is not only outdated, but prone to human error. Imagine the savings you can create by eliminating all those people hours changing rates up and down across myriad channels. Plus, automatic rate setting helps to ensure you’re [...]
Before meaningful hospitality software, property owners would rarely reset rates. The common approach of set it and forget was dominant. That meant a guestroom was generally priced the same for an extended period of time, such as the entire season or year, with little consideration given to demand trends. For most of the history of [...]
