How Does Your 2021 Hotel Performance Affect Your 2022 Forecast?
As a hotelier, you know Occupancy and RevPAR (revenue per available room) data are fundamental to your bottom line. Such data helps you interpret and compare the profitability of your property from year to year. As a revenue manager, you can make educated predictions. This article will review the benchmarks of the past two years and will use 2019 data to project possible scenarios in 2022. Introduction For context, this data comes from a representative
Metaverse and the Hospitality Industry; The No. 1 Information Guide!
The idea of the metaverse - a network of digital spaces where social interactions can occur, facilitated by virtual and augmented reality - has gained traction as technology has improved. However, the social aspect of the metaverse is not the only aspect to focus on, and there are several exciting metaverse hospitality opportunities to be aware of too. This post lets you learn more about the metaverse and these various opportunities. Table of Contents: What
What are the Top Hotel Benchmarking Tips and Strategies for 2022?
Question for Our Hotel Marketing Expert Panel As a hotelier, or an advisor to hoteliers, how and what do you currently benchmark? How do you benchmark your hotel competition? What changes are you planning to make in your 2022 benchmarking strategy? (Question proposed by Andrew Kavanagh) Our Marketing Expert Panel Susanne Williams - Performance and Revenue Director, Journey Hospitality Alessandro Inversini - Associate Professor of Marketing and
How Can Hotels Reach Their Ancillary Revenue Management Potential?
Question for Our Revenue Management Expert Panel: The importance of Ancillary Revenue Management is growing. What ARM strategies can be used to increase room revenue / revenue per guest? (Question proposed by Pablo Torres) Our Revenue Management Expert Panel Theresa Prins - Founder, Revenue Resolutions Nikhil Roy - Revenue & Pricing Manager, Key Hospitality B.V. Daniel Feitosa - Revenue Management Specialist Chaya Kowal - Director of Revenue Management,
7 Common Revenue Management Mistakes and How to Avoid Them
Imagine a well-located boutique hotel. The guests enjoy themselves, and while it's slow, it is low season. However, as high season approaches, many rooms remain empty while other nearby properties fill. What's Making Nearby Hotels More Attractive? On the surface, there's no obvious reason why guests are choosing the competition. A little sleuthing shows that these hotels use dynamic pricing and have had many favorable reviews. The reviews boost the property's brand reputation and visibility on search engines, translating into higher rates that customers are happy to pay. Dynamic pricing and recent reviews are only two ways hotels use revenue
Guest Expectations in 2024: 8 Trends You Should Be Aware of
As time passes and technology keeps evolving, we enter into a new era of guest expectations. It's no longer enough to simply meet their needs, and the challenge now lies in exceeding them. In this dynamic landscape, where every guest is an insightful traveler armed with high expectations, how can you ensure your property fulfills those expectations and stands out? What Do Guests Expect in 2024? In the rapid world of hospitality, the only constant
Is Conversational AI a Good Fit for Guest Communications?
The power of Artificial Intelligence (AI) has been making waves in the hospitality industry. Considering rapid developments in AI-based hotel tech solutions, rising expectations of tech-savvy travelers, and challenges the industry faces, let’s explore the fit of conversational AI in guest communications, as well as its role and benefits. Beyond the Hype: Sophistication of Conversational AI Before exploring the answer to the titular question from guests’ and hotels’ perspectives, let’s take a closer look at
How to Start Hotel Business: 10 Steps for Launching a Successful Hotel Business
Deciding how to start a hotel business is always complex. There are many factors to consider: the location, the type of hotel you want to run, the clientele you want to attract and the services you plan to offer, and more. In this article, you'll discover everything you need to
Hotel Room Cleaning Tips for Meeting & Exceeding Guests’ Expectations
Hotel room cleaning is an essential part of housekeeping, and your efforts in this area can go a long way toward enhancing the guest experience and improving your hotel's reputation. In this article, you can find various ways to meet and even exceed your guests' expectations in this area. Table
9 Audiences You Can Create for Better Hotel Marketing Campaigns
The marketing department in a hotel has a crucial role in increasing revenue. Not only has to do with creating initiatives to attract new guests but also with communicating with previous guests and making them come back. The Task of Increasing Revenue Increasing revenue is hard in an industry with