Hotel Room Types & Room Pricing Tips for Hoteliers
Deciding what kinds of accommodation to offer your guests can be complex. In this article, you'll learn about the different types of hotel rooms, how they're categorized, and what types of guests they may attract. You'll learn about room categories based on use, number of occupants, and purpose, as well as pricing strategies for every room type. Table of Contents: What Is the Hotel Industry? The Necessity of Different Hotel Room Types Most Common Hotel
Hotel Room Service: The Ultimate Guide to Elevate the Guest Experience
Hotel room service provides guests with access to food, drinks and other items, delivered directly to their door. This offers excellent convenience and is used by all kinds of guests, including leisure and business travelers. Room service is an important offering and can help to shape overall guest satisfaction levels. It also provides an additional revenue stream for hotels and similar properties, improving overall financial outcomes. In this article, you will find details about what
How High and Low Can You Go With Your Hotel Room Pricing?
Behavioural economics is the study of people’s decision-making processes and how they are not always entirely rational. By understanding people’s reactions to the choices available, you are better able to make pricing strategies that maximise your revenue. For example, evidence dictates that ending your prices with the number ‘9’ increases your revenue. If you charge $119, you should see more bookings than if you charge $117 or $120. This is not ‘rational’ as economists would
Hotel Room Maintenance Checklist: Ensuring Comfort and Quality (Free Template)
A hotel room maintenance checklist is a comprehensive list, designed to help hotel staff to carry out checks and maintenance work within guest rooms. The checklist covers inspections and preventative maintenance tasks. These checklists are important because they help to ensure compliance and prevent important tasks from being overlooked. By following procedures, hotels can help to ensure guest comfort and operational efficiency. In this article, you will learn about what hotel room maintenance checklists are,
IHG Hotel Brands: List of InterContinental Hotels Group Brands
IHG Hotel Brands (InterContinental Hotels Group) encompass various hospitality options within over one hundred different countries. Because of its significance, as you learn about IHG you learn about the larger hotel ecosystem as a whole. Understanding the IHG hotel brand is especially important because of its wide reach. The full scope of the IHG encompasses such important and diverse options as the Regent, Crowne Plaza, Holiday Inn, and much more. In this article, you'll learn
Identity Crisis in the European MICE Market
Hotels operating in the MICE market have traditionally been obsessed with processes and churning out proposals. But for hoteliers to Find and Grow the MICE segment, first you need to understand data and market trends to define your identity in this sector. Ultimately, knowing the market demand and your clients translates into a stronger kind of success. The Billion-Dollar Opportunity Hotels Can’t Ignore Meetings, Incentives, Conferences and Exhibitions (MICE) can mean big business within tourism
Balancing System and Manual Forecasts for Ideal Hotel Budgeting
Question for Our Revenue Management Expert Panel: What is the “ideal” budget process for hotels? Is it relying entirely on tech-based forecasting, or also maintaining manual forecasts to ensure accuracy? (Question proposed by Mariska van Heemskerk) Our Revenue Management Expert Panel Niko Krauseneck - Founder, RevenueRebel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Chaya Kowal - Director of Revenue Management, Potato Head Family Dermot Herlihy
5 Common Challenges for Cluster Revenue Managers and How to Master Them
The idea of clustering revenue management positions has become more customary recently. When it’s done well, it lets you reduce costs, boost efficiency, and increase revenue. But clustering isn’t always easy. Time constraints and the ability to access reliable, real-time data can make it difficult. 5 Common Challenges for Cluster
Breaking the Silos: Marrying Commercial and Finance Analytics for the Greater Good of Everyone
In today’s complex and competitive hospitality environment, complacency is not an option. Data-driven decision-making is essential for the success of your business. In most organizations commercial analytics are the domain of sales, marketing and particularly revenue management. Financial data is leveraged by Accounting and Finance teams focusing on costs, profitability
How to Combine Human and AI Collaboration for the Best Hotel Results
The advancement of AI and automation over the past few years has transformed the hospitality industry. New technology enabled gathering and evaluating vast amounts of data, quickly making informed decisions, and lifting the topline. Especially in the revenue management department, new AI-powered solutions offer the real-time market insights hoteliers need
Do City Hotels Need to Stay Open or Close During the Pandemic?
In the wake of the COVID pandemic, it is fair to say that the hospitality and tourism industry has been hit hard. It has dealt with an unprecedented economic fallout as international travel became restricted, flights reduced, events cancelled or postponed, and attractions and entertainment venues closed for extended periods.
Choosing the Right Hotel Property Management System Through the RFP Process
When selecting a Property Management System (PMS) for your hotel, the Request for Proposal (RFP) process is crucial for making an informed decision. Through a well-structured RFP, you can ensure a comprehensive evaluation of potential vendors, leading to a successful PMS implementation that aligns with your hotel's needs. This article
How Often Should Hotels Update Their Pricing?
Question for Our Revenue Management Expert Panel: Are Revenue Managers updating prices too frequently or not often enough? Both pose risks, especially for last minute sales. When is the best time to update prices? (Question proposed by Nikhil Roy) Our Revenue Management Expert