The Risks of Ignoring Revenue Management’s Budget Advice
Question for Our Revenue Management Expert Panel: What happens if hotel owners do not listen to revenue managers during budget preparations? What advice would you give to an RM team when asked to justify their budget? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Hirmer
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
RevPAR versus GOPPAR
Revenue per available room, or RevPAR, and gross operating profit per available room, or GOPPAR, are two of the most vital KPIs available to hotel managers. Both form an important part of any effective revenue management strategy. Both metrics concern themselves with occupancy rates, but they detail very different things, as one is centered around money being brought in, while the other is based on overall profit. How Do You Calculate RevPAR and GOPPAR? The
How Much Revenue Could Your Hotel Make From Upselling?
Upselling is a great way to boost both your guests’ experience and your revenue through paid upgrades and ancillary services. In this article you will learn how you can calculate additional revenue, made by upselling. Additionally you find a handy tool to help you to estimate the potential. Success Factors for Upselling A recently published benchmarking report shows that elements like property type (e.g. resort, downtown hotel, hostel…) and location (e.g. mountains, beach, downtown…) strongly impact
Is it Realistic to Focus on Profitability over Revenue?
Question for Our Revenue Management Expert Panel: Is it realistic to focus on profitability over revenue? How should revenue management teams manage stakeholder expectations? Where might challenges arise? (Question by Diego Fernandez Perez De Ponga) Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Massimiliano Terzulli - Revenue
Should Sales Teams Receive Revenue Management Training?
Question for Our Revenue Management Expert Panel: Should Directors of Sales be trained in Revenue Management? How would it affect their understanding of Revenue Management complexities, their results & strategy? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Travel Charme Hotels & Resorts Diego Fernández
Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel
The hospitality sector has long underestimated the influence of short-term rental accommodation on their operations, viewing it as a specialized lodging type that wouldn't impact conventional hotel reservations. However, the swift expansion of short-term rentals, spearheaded by organizations like Airbnb and VRBO, has made an undeniable mark on the hotel industry. The Importance of Short-Term Rental Bookings There's a growing intersection between the hotel and short-term rental sectors, with consumers weighing up both alternatives based
14 Pricing Strategies to Increase Your Hotel Revenue
Maximizing revenue is a top priority for hotel operators, and achieving this goal often requires the right pricing strategy at the right time. Making room rate adjustments based on demand, customer segmentation, and other factors can be the key to overall business success. In this article, we offer insight into
How Successful Hoteliers Handle Pricing Strategies for The Recovery
Analyses showed that hotels with a solid revenue management strategy came out of the Covid-19 crisis better than hotels without. In this article, you’ll learn how successful hoteliers handle pricing strategies during the post-covid era, and how to deal with spillage, spoilage, overbooking, and overselling. Quick menu: Hotels With a
Pricing Personalization & the Future of Hospitality
Pricing personalization allows hotels to move towards total profit optimization by combining the power of the guest profiles in your CRM with revenue management forecasting to deliver the right price to the right guest at the right time during the guest journey. Guests Have Increased Expectations for Personalization Personalization is
Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty
Cast your minds back to midnight on new years eve. You probably weren’t thinking about your room pricing. But if you had been, would you have felt confident about how demand will play out this year? How much would you bet on being right? If you are in charge of
Which Matters Most for Winning Guests – Price or Loyalty?
Regardless of who you are, competition in the hospitality industry is increasingly fierce, and winning new customers is a major challenge even for experienced hoteliers. So, what makes the most significant difference in getting guests to stay at your hotel versus the one down the street? Is it price? Is
Which Software Integration Should a PMS Have?
Property management software, or PMS software, is widely utilized within the hospitality industry, helping owners to manage many of their daily operations from a single location. However, it is also important for your PMS system to offer integration with other software solutions, which may be more specialized. In this article,