RevPAR versus RevPOR
Revenue per available room, or RevPAR, and revenue per occupied room, or RevPOR, are two KPIs used within the hotel industry, especially for revenue management purposes. Although the two metrics have similar names, what they measure is quite different, meaning neither KPI is necessarily more useful than the other. How Do You Calculate RevPAR and RevPOR? The formulas for working out the revenue management metrics RevPAR and RevPOR are as follows: RevPAR = Rooms Revenue
4 Reasons Why Resorts Outsource Revenue Management
For resorts, hotels, and other hospitality companies, revenue management is vital, allowing financial results to be optimized. However, many outsource revenue management to a third party rather than handling it internally, because it requires specialist knowledge and tools. In this article, you will learn more about revenue management strategies and some of the key reasons why they are often outsourced. Defining Revenue Management Revenue management is a strategy that maximizes financial results through data and
8 Ways to Improve Customer Experience in the Hospitality Industry
For hotels and other businesses operating in hospitality management, customer experience has developed into one of the single most important battlegrounds, and those who excel in this area are likely to gain a significant competitive advantage over rivals. With that in mind, this article will provide you with eight of the most effective ways to improve the experience you are providing for your customers. 8 Ways to Improve Your Customer Experience Find the eight ways
5 Ways to Transform Your Hotel Into a Smart Hotel
Hotel owners and other leaders within the hotel industry are constantly striving for new ways to reduce costs and improve the customer experience. One of the emerging trends within this area is smart hotel technology. In this article, you will learn more about what a smart hotel is, why it benefits owners and customers alike, and ways you can transform your standard hotel room offering into a cutting-edge smart room. What is a Smart Hotel?
A Steady Hand: How Revenue Management Solutions Can Help Hoteliers Navigate Economic Uncertainty
It’s a foreboding statement that surely hoteliers are getting at least a little tired of seeing, particularly with the economic shock of COVID-19 firmly in our rear-view mirrors. While it’ll take time for the dust to settle, an aggressive and often-shifting trade policy from the world’s largest economy has undoubtedly injected a substantial amount of uncertainty into the plans of hotels across the globe. 5 Revenue Management Tech-Driven Tips for Taming Uncertainty Before you start stocking up on antacids, let’s focus on the good news. Hotels that have invested in advanced revenue management technologies have an excellent resource at their
Best Practices for using Artificial Intelligence in Hotel Marketing
Question for Our Hotel Marketing Expert Panel What are the most beneficial use cases of Artificial Intelligence in hotel marketing? Where are the opportunities and what are the pitfalls for hotels to be aware of? (Question from Cory Falter) Our Marketing Expert Panel Cory Falter - Partner and Visionary at Lure Agency Thom de Graaf - Online Marketing Specialist, The Orange Studio Luminita Mardale - Director Of
Hotel Bill Format: Essential Guidelines for Professional Hospitality Invoicing
A hotel bill format is a standard framework or template used to document charges a guest has incurred over the course of their stay. This includes the cost of the room itself, as well as the charges associated with additional services used. Having a hotel bill format in place is important because it allows for accurate record-keeping and transparent communication with guests. By using an established format or template, you can save time and prevent
How Should Hotels Decide on their Online Platform Listings?
Question for Our Revenue Management Expert Panel: There is a growing need for hotels to be listed on multiple online platforms. What should Revenue Managers consider when deciding on where/where not to list? (Question proposed by Theresa Prins)Â Our Revenue Management Expert
Types of Hotel Rooms: The Different Hotel Accommodation Types
Types of hotel rooms range from the simplest dorms and motel bedrooms to luxury suites and apartments. There are as many different hotel room types as there are travelers. In this article, you'll learn everything you need to know about the range of hotel rooms and how these categories are
5 Keys to Becoming a Great Hotel Marketing Leader
Being a leader is one thing; being a great leader is a whole new ball game. To stay at the forefront of innovation, creativity and ahead of your competitors, you need to learn the skills required to be a great leader when marketing your hotel. The Core Fundamentals of Why