Editorial Board   Guest Author

Mr. Wolfe

Frank I. Wolfe

CEO, Hospitality Financial & Technology Professionals

Frank I. Wolfe, CAE is CEO of Hospitality Financial and Technology Professionals (HFTP), which produces the largest hospitality technology conference in the world - HITEC (Hospitality Industry Technology Exposition and Conference). Every other year at HITEC, HFTP reveals an updated version of GUESTROOM 20X, a hands-on exhibit that displays new and futuristic technologies for the hotel guestroom.

Mr. Wolfe, along with an Advisory Council comprised of industry experts, search the globe looking for technologies that could improve the guest's experience at a hotel. The 2010 version took lead with travelers' increased use of personal electronic devices and the Internet as a central resource for entertainment and information. Some technologies featured include a cell phone application that unlocks the guestroom door with a unique audible signal, integrated environmental room controls via touch screens that include Internet access; a canopy bed with an all-in-one multi-media experience; a bathroom mirror that broadcasts the day's weather, news and health data; and much more.

Mr. Wolfe joined HFTP in 1991 and has been at the helm since 1994. At that time, he was one of the youngest association CEOs in North America. In 2000, Mr. Wolfe was honored by Lodging Magazine by being included in the "75 Profiles in Leadership" edition, a who's who of 75 individuals who have made major contributions to the hospitality industry.

In 2002, Mr. Wolfe received the HFTP Paragon Award for his significant and lasting contributions to HFTP and the hospitality industry. In 2010 he was recognized as a "Technology Trailblazer" by Hotel Business Magazine.

In June 2011, Mr. Wolfe was inducted into the International Hospitality Technology Hall of Fame for his leadership with various hospitality technology projects, as well as assisting in educating the industry, over the past 20 years.

Mr. Wolfe frequently speaks on hospitality finance, technology, social media, travel issues, and meetings industry topics to varied audiences and has presented in more than 20 countries. He has appeared on several television network interviews and programs including CNN, CBS, ABC, NBC, TVAsia, and Bloomberg TV. Mr. Wolfe is also a frequent author and has been published in publications throughout the world.

Mr. Wolfe currently serves on the Board of Directors of the American Hotel & Lodging Association, the Finance Committee of the Texas Society of Association Executives, and the Dean's Advisory Board at the Conrad Hilton College at the University of Houston. He has been an instructor for the Academy of Assn. Management on topics including education, association law, finance and technology.

Please visit http://www. for more information.

Mr. Wolfe can be contacted at +1 512-249-5333 or frank.wolfe@hftp.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.