Editorial Board   Guest Author

Dr. Forgacs

Gabor Forgacs

Professor, School of Hospitality & Tourism Management, University of Guelph

Dr. Gabor Forgacs has twenty years work experience in the hotel industry on two continents including a management position at a Four Seasons hotel in Toronto, Ontario, Canada and the position of president and general manager of a full service hotel in Budapest, Hungary.

Dr. Forgacs teaches at the Ted Rogers School of Hospitality and Tourism Management at Ryerson University, Toronto since 1997. He is teaching Revenue Management for Hospitality & Tourism, The Value of Branding in Lodging, and Property Management Systems.

Dr. Forgacs is also a member of the Special Graduate Faculty of the School of Hospitality and Tourism Management at the University of Guelph, Ontario, Canada where he teaches Advanced Revenue Management for the MBA program.

Dr. Forgacs had received his doctorate from the Karl Marx University of Economic Sciences, Budapest, Hungary, in 1977. He has authored a book “Revenue Management: Maximizing Revenue in Hospitality Operations” published by the American Hotel & Lodging Educational Institute (2010) and he was the editor of the online discussion series “Branding and Product Specialization in Hotels” by Henry Stewart Publications (2009).

Dr. Forgacs has published articles in the International Journal of Contemporary Hospitality Management, The Hotelier Magazine (Canada), The Rooms Chronicle (U.S.), The Accommodator (Canada), The Canadian Lodging News and other print magazines. Also published in conference proceedings of the ICHRIE (International Council on Hotel, Restaurant and Institutional Education), plus in online publications e.g. Hotel-Online.com, ehotelier.com, hotelnewsresource.com, 4hoteliers.com, htrends.com, HVS Intrenational.com, hsyndicate.org and other electronic publications. Dr. Forgacs is frequently quoted and interviewed in the Canadian media.

Dr. Forgacs can be contacted at 41697950006693 or gforgacs@ryerson.ca

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.