About HotelExecutive

Prime Reading for Hotel Executives

HotelExecutive is the hotel industry's leading online business resource for hotel owners and operators, including senior executives, directors, managers, investors and developers.HotelExecutive provides two services, the Hotel Business Review magazine, and the Hotel Newswire news distribution service. Both the Hotel Business Review and Hotel Newswire are essential tools for today's successful hotelier.

Hotel Business Review

Since 1996 the Hotel Business Review has been the premier daily industry read for hotel professionals, providing exclusive content on best practices in hotel management and operations. Articles in the Hotel Business Review come from the most recognizable names in the industry. Their experience and expertise provide our readers with the most valuable information available on managing their hotels successfully.

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Hotel Newswire

The Hotel Newswire is our proprietary news release distribution and is the largest news release distribution service available to the hotel industry. It is circulated each business day and provides up-to-date information on hotel openings & acquisitions, executive appointments, business & finance, as well as the latest industry products and services.

Create an account at https://www.hotelexecutive.com/newswire/clients



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Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.