How to Build an Effective Commercial Hotel Organization in 2024
A hotel’s commercial team—revenue management, sales, and marketing—is critically important to the financial health of a property. When working harmoniously, these functions combine to ensure a property is filled with high-value guests while minimizing acquisition costs as much as possible. However, “harmonious” is an unlikely descriptor for many hotel commercial teams. 3 Ways to Build an Effective Commercial Hotel Organization in 2024 Revenue management and sales professionals often find themselves at odds over whether to
Uncovering the Importance of Pickup and Pace in Revenue Management
As a revenue manager, one of your essential daily inquiries is, "What was yesterday's pickup?" It's a question that sets the tone for your day and helps you make informed decisions about selling the right room, to the right guest, at the right time, at the right price. Setting the correct room price is undoubtedly the cornerstone of revenue management, how you arrive at the optimal price point requires a considerable amount of context, of
Guest Communications: Gold Standards, Key Challenges, and the AI
Time and effort going into answering guest queries should not be underestimated. How to optimize the process to benefit your guests and your staff? This article explores how hotel tech solutions powered by artificial intelligence (AI) can help you do that. Still, first, it outlines the reasons behind the high volume of guest questions, the value of achieving the gold standard in responding to them, and the challenges hoteliers face to succeed in that area.
The 7 Star Hotel: Learn Everything About Seven Star Hotels
Just what is a seven-star hotel? These luxurious and grandiose establishments strive for a place above and beyond even the notable luxury of a five-star rating. Seven-star hotels aim for levels of sumptuousness and extravagance that most luxury hotels can only dream of. In this article, you'll learn what makes a seven-star hotel and discover some examples. Table of Contents: What Is the Hotel Industry? International Standardization in Hotel Star Rating Systems What is The
Profitable Forecasting: How to Boost Hotel Profitability with Revenue Management
Well-run and profitable hotels are like a symphony where talented performers play their parts within the framework of the score. Their skilled cooperation creates the business foundation for the hotel to meet or exceed its business goals. Revenue management principles provide such a framework, with the revenue manager serving as the conductor. The Strategic Framework Behind Profitable Hotel Revenue Management Hoteliers can take multiple paths to profitable revenue management within this framework. It includes: Data Technology Competitive Analysis Brand Reputation Channel Management Starting and Dynamic Rates These elements of revenue management may surprise some hoteliers since there’s a common misconception
Wheelchair Accessible Hotels: Real Examples of Accessible Hotels
Wheelchair accessible hotels are hotels designed to accommodate the needs of guests who require wheelchairs. This includes making sure the building and rooms can be accessed, but also providing special features inside the hotel. Providing wheelchair accessibility is important for the guest experience and for ensuring your property is suitable for people with certain disabilities. It is also a legal obligation in many locations. In this article, we will explore the meaning and importance of
Maintenance in the Hospitality Industry: Best Practices and Tips
Maintenance in the hospitality industry involves the upkeep of facilities, technology, equipment and other important assets. This can include everything from plumbing systems to elevators and televisions. The importance of maintenance is impossible to overstate because it is necessary to keep things running smoothly. If issues occur and things stop working, you can expect this to negatively impact or entirely ruin the guest experience. In this article, you will find out more about the value
Boost Hotel Revenue with CRM and Digital Marketing Integration
Your hotel CRM isn’t only the hub for your guest-facing operations. It can also supercharge your hotel’s digital marketing by leveraging real-time guest data to shape your strategy. However, hotels cannot rely on their CRM’s guest profiles alone – they need to utilize that data to enhance and personalize their
Mastering the Art of Multi-Property Management
This article explores the nuances of managing multiple hotel properties. It emphasizes the importance of creating a unified guest experience, utilizing advanced technology to enhance operational efficiency, and incorporating local cultures into service delivery. You find three topics that discuss increasing guest loyalty, optimizing revenue, and maintaining competitiveness in the
Why Revenue Management Systems Will Never Replace Human Revenue Managers
When the desktop computer came along, it needed human input. It’s no different with an RMS (revenue management system.) Even an AI-enabled RMS can’t think independently (and that’s a good thing!) You’ve probably heard plenty about AI (artificial intelligence) chatbots that learn from biased human language and “deep fakes,” which