Library Archives

 
S. Lakshmi Narasimhan

Owners as stakeholders of a hotel asset realize that continuous revenue generation and profit retention are the only paths to getting a decent return on their investment. Not for nothing have they poured big dollars in their hotel project. However, it is one of the ironies of diminishing revenues of a failing enterprise that often the business never looks right under their noses - at their capital commitments to understand the revenue erosion. That capital budgeting literally is a blueprint to determining how well an enterprise uses its assets to generate revenues is nevertheless a grossly underutilized phenomenon. A look at how to harness this powerful strategy. Read on...

Inger Oliver

From a "set it and forget it" approach to dynamic daily rates, revenue managers have seen a dramatic shift in hotel pricing. Learning from the airlines decades ago, the hospitality industry quickly realized it needed to build a yield management system to spot trends over time. But the process of selling the right room to the right guest at the right time didn't end there. Four key factors - technology, demographics, consumer behaviors and markets - made the process even more complex. In this piece by hospitality veteran Inger Oliver, learn how studying the right insights can help revenue managers succeed in today's complex marketplace. Read on...

Paul van Meerendonk

Cultivating asset value for resorts is all about capturing and capitalizing on the unique revenue opportunities their distinctive business models create. However, compared with standard hotel operation, where revenue management processes are well-established based on industry-wide practices, resorts are challenged by much more complicated business models and a diverse range of revenue streams. Read on...

Nicholas Tsabourakis

While Total Revenue Management is primarily focused on implementing a holistic approach to increase your hotel revenues, the fact of the matter is that none of this is possible if you don't have the right technologies by your side. Whether or not your hotel has the resources of a five star international chain, it is essential for you to start using the latest technologies to make the most of a total revenue management approach. Using the latest software and systems will allow you to collect important and high quality data in a timely manner, and enable you to use this data to your advantage before it becomes obsolete. Read on...

Nicholas Tsabourakis

Market segmentation is of particular importance in the complex and competitive hospitality world of today because it does not only help put things in perspective, but also ensures that you won't have to waste money and efforts in areas that won't bring any positive results. Cost of acquisition and contribution by revenue source are extremely important factors that need to be taken into consideration when managing a business in the highly competitive and ambiguous hotel management industry, which is another reason why market segmentation needs to be leveraged. Doing so will not only help you understand where your customers are coming from, but it will also be easier for you to figure out which areas need improvement and which customer groups you should focus on more for greater revenues. Read on...

Lily Mockerman

Revenue management professional and industry thought leader Lily Mockerman shares expert tips that will help struggling hotels easily and quickly improve total revenue management to increase profitability. Ms. Mockerman is acquainted with hotels' biggest revenue challenges, which often create amplified effects for already struggling hotels. Taking an inside look at the common problems brand and independent properties face, along with their unique advantages as well as disadvantages, Lily shares five tested tips that will help both types of properties achieve effective, measurable results. Read on...

Bhanu Chopra

It is challenging task to manage rate parity. A lot of effort is required to track cracks in rate parity, especially for enterprise hotel. Current market subtleties require that hoteliers move much beyond detecting breaches and focus on implementing manners to not only report breaches, but take measures to put a stop to rate disparities and also avert them in the future. In this article learn how to avoid revenue damages caused by breach of rate parity. Know what kind of rate parity tools are modern and learned hotel revenue managers investing in to stay up in the game. Learn about a well-executed rate parity strategy, to make your hotel superbly prepared to achieve its goals in 2018. Read on...

Gino Engels

The hospitality industry's shift toward technology solutions is a recent development. Not that long ago in fact, fax, paper and legacy systems ruled the industry. But in today's online and connected world, the technology boom has firmly taken hold, big data and analytics are finally ingrained in the hospitality professionals' day. In this article, Gino Engels offers his insights on how data reshaped the online booking landscape. We will explore the value of data, from automation and time-saving to personalization through predictive analytics. Lastly, we'll show you how to gain a competitive edge by capitalizing on different data-sources. Read on...

Lily Mockerman

Revenue management professional and industry thought leader Lily Mockerman shares her insight on how hotels may increase profits across multiple revenue streams through proper data management and analyzation. Going beyond the numbers, Lily teaches hoteliers how to set up a proper data collection strategy, collect key information including customer feedback to craft a results-oriented Total Revenue Management strategy, monitor competitor data and more in this deep dive into the world of big data mining and profit optimization for the hospitality industry. Read on...

S. Lakshmi Narasimhan

While RevPAR is a powerful measure of how hotel assets are delivering optimum Room Revenues, often they may not be telling the entire story. The channels of distribution being adopted by a hotel to generate room revenues may have varying costs to them. Accounting methods make these costs be disclosed among expenses in a hotel Income Statement. Factoring in those costs in the calculation of RevPAR provides a realistic picture. Is your hotel taking this critical step? In other words, are your channels delivering optimum Room Revenues net of costs? Read on...

Paul van Meerendonk

Revenue technology is following the evolution of the mobile phone. What once was just a rate-setting and forecasting tool is now the convergence of all data insights you need to influence revenue productivity, whether at your desk, on the road or at home. An RMS visualizes thousands of data points, and an RMS mobile app or voice-enabled assistant, like Amazon's Alexa, make access to that data simple, convenient and possible from anywhere with an internet connection. Read on...

James Downey

Do you know how to read a balance sheet and know the value of your hotels assets, liabilities and equity? Can you analyze an income statement as to its profit, revenues and expenses? Do you collect credit card charges on a timely basis? If you answered no to any of these questions, you are at a distinct disadvantage from a financial perspective. This article will explore the financial red flags that creep up on you that can be monitored and controlled before disaster sets in and therefore is too late to take corrective action. Read on...

David Chitlik

The decision to appeal a hotel's property assessment for tax purposes is only the first of a series of judgments before the case is resolved. Who will defend the appeal? Based on what facts? How far is an appellant willing to go to gain a remedy for the assessment? In order to be successful in this effort, particularly if the appeal involves a large amount of money or is extremely complicated, the hotelier would be wise to seek out expert guidance. With this decision, new questions arise of where to find that guidance and how much it will ultimately cost. Read on...

Paul van Meerendonk

The evolution of revenue management has taken hotels from dynamic pricing of transient rates to a holistic strategy of maximizing profitability across multiple revenue streams. Revenue management has moved far beyond the Microsoft Excel expert in a small back office and now involves multiple stakeholders from several departments, all influencing overall revenue strategy with each of their key areas of function. Today's hotel leaders are tasked with converging the traditional roles of sales, marketing, meetings & events and revenue management with an inclusion of other departments like F&B, banquets and finance. Read on...

Paul van Meerendonk

Over the years, the pool of data sources hotels utilize within their business strategies has grown exponentially larger. The propagation of its importance within the development of short- and long-term vision and strategic planning has also become more commonplace than in years past. Innovative breakthroughs in technology and analytics mean organizations continue to see more opportunities to leverage data in meaningful ways. However, the alternative side is the steep volumes of data can be dauntingly large and intricately complex. Organizations that focus on using the right types of data -- with an infrastructure that can effectively leverage it -- can confidently reach ambitious profit goals. Read on...

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Coming up in July 2018...

Hotel Spa: Oasis Unplugged

The driving force in current hotel spa trends is the effort to manage unprecedented levels of stress experienced by their clients. Feeling increasingly overwhelmed by demanding careers and technology overload, people are craving places where they can go to momentarily escape the rigors of their daily lives. As a result, spas are positioning themselves as oases of unplugged human connection, where mindfulness and contemplation activities are becoming increasingly important. One leading hotel spa offers their clients the option to experience their treatments in total silence - no music, no talking, and no advice from the therapist - just pure unadulterated silence. Another leading hotel spa is working with a reputable medical clinic to develop a “digital detox” initiative, in which clients will be encouraged to unplug from their devices and engage in mindfulness activities to alleviate the stresses of excessive technology use. Similarly, other spas are counseling clients to resist allowing technology to monopolize their lives, and to engage in meditation and gratitude exercises in its place. The goal is to provide clients with a warm, inviting and tranquil sanctuary from the outside world, in addition to also providing genuine solutions for better sleep, proper nutrition, stress management and natural self-care. To accomplish this, some spas are incorporating a variety of new approaches - cryotherapy, Himalayan salt therapy and ayurveda treatments are becoming increasingly popular. Other spas are growing their own herbs and performing their treatments in lush outdoor gardens. Some spa therapists are being trained to assess a client's individual movement patterns to determine the most beneficial treatment specifically for them. The July issue of the Hotel Business Review will report on these trends and developments and examine how some hotel spas are integrating them into their operations.