Editorial Board   Guest Author

Mr. Ricaurte

Eric Ricaurte

Principal, Greenview

Eric Ricaurte is the founder of Greenview, an international consultancy helping travel and tourism catalyze innovation and best practice through strategy, programs, data management, and reporting. Greenview advises several hotel companies and lodging REITs, in addition to citywide event organizers, cruise lines, DMOs, and industry organizations including the WTTC and UNWTO. With 20 years of hands-on experience, Mr. Ricaurte is a frequent speaker, convener, and researcher on the topic of sustainability.

Mr. Ricaurte began his career managing a rainforest lodge and tour operation in Costa Rica and winning a student research finalist award in 2001 for his paper titled “Carbon Sequestration, Credit Trading and Offsetting, and their Relation to Travel and Tourism.” Since then he has consulted globally for hotel properties; hotel companies; hospitality vendors; tourism operators, attractions and complexes; tourism boards and tourism clusters. His consulting firm, Greenview, provides services top global lodging companies and lodging REITs for their sustainability reporting, and collaborates with partner firm LEGACY Sustainability Management to help large association events measure, report, and improve their triple bottom line performance.

Mr. Ricaurte earned a B.S. from the Cornell University School of Hotel Administration and a M.S. in Tourism & Travel Management from New York University. Mr. Ricaurte's notable industry work includes serving as technical consultant for the Hotel Carbon Measurement Initiative, and launching the Cornell Hotel Sustainability Benchmarking index, Green Venue Report, Green Lodging Trends Report, and Hotel Owners for Tomorrow.

Mr. Ricaurte is a member of the UFI Committee on Sustainable Development and the International Standards Working Group of the GSTC. He has held a research fellowship at the Cornell University Center for Hospitality Research been an adjunct instructor at the NYU University Tisch Center for Hospitality and Tourism.

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

Mr. Ricaurte can be contacted at 202-470-1094 or eric@gviewadvisors.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.