As we enter into the planning period for 2018, you might be talking about revenue forecasting, occupancy rates prediction, holiday promotions - but have you factored in the winning guest feedback formula to operate a hotel successfully? This “winning formula” is one I’ve written about before, but here, and in my two upcoming articles, I’ll be sharing specific details on how to use this formula in your 2018 planning, in order to see greater success next year. By now, you probably want to know what this formula is. Read on...
When beginning the search for a room, guests already have certain ideas of the class of hotel they’ll consider, amenities that they expect, and the price they’re willing to pay. They also have an idea of how the room will be used, special considerations they will require, and how they want the experience to play out. Hoteliers need to be able to anticipate these guest expectations, even though the value perception for one guest is totally different than another, to be able to not only meet them but exceed them, and to align prices with the potential guest’s budget. Read on...
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As the industry sits at the top of the hotel cycle, one of increasing supply, rising labor costs, peak occupancy, marginal rate growth, and growing customer acquisition costs, hoteliers and asset managers need to evaluate all cost containment opportunities to improve profits and enhance asset values. As is evident when reviewing the large amount of expense attributable to the Contract Services lines in most hotel P&Ls, many hotels are already outsourcing various components of their operations, including public area cleaning, maintenance, pest control, and landscaping, to name a few. While these functions may be considered routine, there are more profitable (yet riskier) areas of the operation that can be outsourced, particularly those related to labor, which currently accounts for more than 50% of a hotel’s total operating expenses. Read on...
A decade ago it might have been socially acceptable to swim with dolphins in a hotel pool. But those days are gone. Now posting a holiday pic posing with Flipper is hugely controversial. Just ask reality TV star Kim Kardashian, who found herself in hot water after swimming with dolphins in Mexico. Or Real Housewives’ Bethany Frankel, who copped a wave of social media criticism for visiting Atlantis Paradise Island’s Dolphin Cay in August. Read on...
Do you have a catering assistant whose first question each morning is Did we sell out? or What was our occupancy and ADR last night? What about a front office associate who is so hungry to earn the perfect sell incentive that every time she works the 3:00 to 11:00 shift and the hotel has just a few rooms left to sell, you can count on the fact that you are going to end up with a perfect sell? If so, you may have just found your next revenue manager! Read on...
Airbnb is less than a decade old, but it has already begun to make waves in the travel industry. The online marketplace where individuals can list their apartments or rooms for guests to book has been able to secure a surprisingly stable foothold for itself. This has caused some hoteliers to worry that there’s a new competitor in the market with the potential to not only take away market share but drive prices down lower than ever. Let’s take a closer look at how Airbnb fits into the industry right now and then walk through the steps of the ways your hotel revenue management strategy can be adapted to the age of Airbnb. Read on...
Revenue management tends to be one of the most challenging hospitality disciplines to define, particularly due to the constant evolution of technology. Advancements in data processing, information technology, and artificial intelligence provide our industry with expanded opportunities to reach, connect, and learn from our guests. Ultimately, the primary goals of revenue management remain constant as the ever-evolving hospitality industry matures. We must keep these fundamentals top of mind, while proactively planning for the tighter targets that lay ahead. That said, how can we embrace these innovations, operate under constricted parameters, and learn from the practices used today to achieve our same goals moving forward? Read on...
Every year, it seems as though the hospitality industry faces more competition, new opportunities to leverage their data, and difficult organizational challenges to overcome to remain competitive in a hypercompetitive marketplace. The popularity of the sharing economy, dominating OTAs and a growing generation of often-puzzling consumers all give pause to hotels as they strategize for a more profitable future. Hotels have been feeling the heat from OTA competition for several years, causing many organizations to double down on their efforts to drive more direct bookings. Revamped loyalty programs, refined marketing campaigns and improvements to brand websites have all become primary focuses for hotel brands looking to turn the tables on their online competition. Read on...
For 15 years, the Hotel Business Review journal has been a leading online resource for hotel executives, providing white papers on best practices in hotel management and operations. With a dedicated board of more than 300 contributing editors - some of the most recognizable names in hotels - the Hotel Business Review maintains a progressive flow of exclusive content every week, so that owners, operators, senior executives, investors and developers can stay informed on the constant changes in the hotel industry. k
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