Editorial Board   

Mr. West

Paul West

Principal & CEO , priZem Hospitality Solutions

Paul West's career consists of more than 25 years of versatile hospitality experience. His multi-faceted technology exposure draws from a variety of positions ranging from Principal and CEO for the current software company priZem Hospitality Solutions, to Vice President of Technology for several hotel chains at the corporate level and IT Director for several hotels at the single property level. Past management and technology positions have been with Nikko Hotels International, The St. Regis New York, Hotels of Distinction, Swissotels, Sheraton Hotels and The Rainbow Room in New York City. Technology consultancy work has been within a number of environments ranging from domestic to international Ritz Carlton properties to variety of independent, luxury, conference and convention hotels. Mr. West has extensive experience implementing technologies and related operational processes in ground up installations as well as within operating properties transitioning from older technologies to more advanced systems. His comprehensive organizational and project management skills have been repeatedly sharpened over the years by assuming IT cleanup roles and turning around stagnant operation with promising results. priZem Hospitality Solutions is a provider of hospitality corporate and property financial solutions that cost effectively reduce the budget/forecast preparation cycle; facilitate the daily labor/revenue preparation and reporting process; increase overall operational data accuracy and allow for faster corporate and departmental report distribution. More information can be found at www.prizem.com.

Mr. West can be contacted at 646-213-0067 or pwest@prizem.com

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.