4 Steps for Improving Meetings & Events Revenue Performance
Revenue leaders across the globe devote a considerable amount of their efforts to driving room revenue performance. It’s an understandable decision, given that rooms are the obvious staple of any hotel operation and there are only so many hours in a day. 4 Steps for Improving Meetings & Events Revenue Performance With meetings and events (M&E) being responsible for nearly 20 to 30 percent of revenue for the average hospitality organization, those who neglect to
How to Measure The Profitability of Your Hotel Business
Profitability is a business's ability to generate earnings from its operations over a given period. Various methods, known as profitability ratios, gauge a business's overall profitability. This article explains the different profitability ratios and explains how revenue management can positively impact profitability. Insight in Profitability Ratios Profitability ratios provide insight into how a business is performing and are key tools for accurately analyzing financial statements. Every business owner should know what these parameters represent and
Maximizing Revenue for Extended Stay Accommodations: Challenges and Opportunities
Extended stay accommodations and serviced apartments represent a small but fast-growing portion of the European hospitality sector, with the market projected to grow (1) at CAGR of 12.3% from 2024 to 2030. The segment’s relatively rapid growth should come as no surprise as more travelers are booking trips that blend both work and play, major hotspots crack down on short-term rentals like AirBnb, and their relatively lean operating models fuel an influx of investment and
How to Maximize Hotel Revenue by Applying Open Pricing to Upselling
You probably already know that adjusting your room rates based on demand fluctuations can boost your revenue. But have you ever thought of applying this approach to upselling? And what about taking things yet another step further and using the principles of open pricing on upselling as well? Keep reading to discover how these techniques can take your revenue strategy and top line to the next level. The Role of Upselling in Revenue Management Upselling
Restaurant Management: Everything You Need to Know
Restaurant management involves overseeing day-to-day operations within a restaurant. Still, it also has a significant strategic component because managers are ultimately tasked with guiding a business to long-term success. Here, we provide all the information you need on restaurant management, its definition, why it is so important, and the qualities and qualifications required to work in such a role. Table of Contents: What is the Restaurant Industry? What is Restaurant Management Why is Restaurant Management
Resort Revenue Revolution: When Technology Meets Paradise
Resort operators should take a moment to reconsider the potential for significant revenue growth. It is worth noting that leading revenue management system (RMS) providers are now directing their attention toward meeting the unique requirements of resorts. Resorts can unlock various possibilities by embracing automated dynamic pricing, flexible inventory optimization, and other innovative tools. Bye Bye Spreadsheets Gone are the days when revenue managers had to devote excessive time to cumbersome spreadsheets. With the advent
Green is Gold: How Regenerative Tourism is Transforming Marketing Strategy for Hotel Teams
The shift towards regenerative tourism represents a significant opportunity for hotels to differentiate themselves in a crowded market while contributing positively to the greater good. By effectively marketing these initiatives, hotels can attract conscious travelers, enhance their brand reputation, and play an important role in shaping the future of tourism. Rising Demand for Travel That Gives Back: Regenerative Tourism In recent years, the hospitality industry has witnessed a significant shift in consumer preferences and market
5 Tips to Create The Perfect Promotional Hotel Video
Videos are increasingly important in the world of hotel marketing. The right hotel video can make a tremendous difference to your sales, raising your profile in the hotel industry. Whether you're unveiling a new facility, announcing a special offer, or letting people know about improvements you've made, video is the
List of Hotel Chains to Search for Hotel Vacancies
Hotel vacancies are often advertised online and represent an ideal way to begin or advance a career in the industry. Some vacancies are best found by visiting hotel chain websites, requiring you to have a list of options to explore. Here, you can access a list of top hotel chains
Will the Appetite for Upselling Opportunities Continue Post-Pandemic?
Question for Our Revenue Management Expert Panel: With rising trends of staycations & workcations, is there a greater appetite amongst guests for upselling (e.g., room upgrades) post-pandemic to maintain physical distancing or to “treat” themselves? Our Revenue Management Expert Panel Patrick Wimble -
Don’t Settle for Hotel Upselling “Light”
Today's revenue managers are not stupid. They all know that occupancy is terrible, and while they can try to prop up the rate, it will be hard to reach 2019 revenue levels from reservation acquisitions alone. Their plan is to derive more revenue from their acquired guests now. So, things
Hotel Trends: Discover The Latest Hotel Industry Trends for 2025!
Owners and marketers need to keep pace with the latest hotel trends because new technology, shifting social attitudes, demographic changes, and emerging economic realities fundamentally alter how hotels and their customers do business. In this article, you can learn more about the latest hotel industry trends for 2025. Table of
Hotel Technology Trends: 26 Upcoming Innovations You Must Know for 2025
Modern hotels appeal to customers in several ways, including the quality of customer service, the facilities on offer, the property's design, and hotel technology. This technology is often used to deliver a superior customer experience. It is especially important to do so in the post-COVID era, when those customer expectations