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Trevor Stuart-Hill

Everyone reacts to a crisis in their own way. Some retreat into their own silo whereas others seek to collaborate. As an industry, the speed of recovery depends on the latter as travelers expect to travel safely and can stay healthy throughout their journey. We call this transparency, and it requires us to think differently about how we reassure travelers and how we compete for business. READ MORE

Lily Mockerman

Because of COVID-19, many revenue teams had to be furloughed. Not all will return, leaving vacancies. Could it be time to evaluate the kind of Revenue Manager that will move your property forward? The revenue manager of the future will be part accountant, part marketer, part guardian. This revenue manager will be the gatekeeper of revenue. There are five strong foundational skills to look for in the revenue manager of the future. Lily Mockerman explains these skills, how to recognize them in a revenue manager, how to keep them on your team, and how to help them shine. READ MORE

S. Lakshmi Narasimhan

Pandemics though less inevitable than natural calamities have been confronted in the past. They have to be accepted and dealt with in a sensible manner. The discovery of a viable vaccine for the coronavirus as soon as possible is everybody's hope. Meanwhile, what can you as a business, do for the rebuilding crusade going forward? Reaching out and assuring your customers, employees, communities and stakeholders about their safety in your establishment is the first step. As a business with a standing, this is the minimum you owe to your customers, employees, partners, communities, stakeholders as well as yourselves. This hopefully, will bring business back and cause the coronavirus pandemic chokehold to ease over time. READ MORE

Scott Watson

Hoteliers need to be equipped with the most up-to-date and cost-effective business solutions available. Finding the right technology partner can be like finding a needle in a haystack, so it's important that hoteliers come equipped to get the most of out of their investments. Especially for management companies balancing numerous properties, switching to an outsourced business model can make all the difference. For hoteliers looking to cut-costs and streamline their portfolios back-office operations, outsourcing hotel accounting can help tighten up loose ends and improve your management company's financial health. With so many technology solutions available, it's important to know your options and how they can best help your company. READ MORE

Kristi White

Taking a page out of Gary Chapman's bestselling book, The 5 Love Languages, The Secret to Love that Lasts, Kristi White, VP Product Management at Knowland, takes a look at how the various hotel stakeholders – from Owners and Operations Teams to Group Sales Managers and Revenue Managers communicate and connect. And what better month to do this than in February - the month of love. In this edition, Kristi explores the "love language" of a revenue manager. Is it Words of Affirmation, Receiving Gifts, Acts of Service, Quality Time or Physical Touch? Read this compelling take on how to better connect, work and align with your revenue manager for achieve a long, healthy and profitable relationship. READ MORE

S. Lakshmi Narasimhan

Does it make sense to adopt outsourcing as a strategy? Does it have a future? With asset management becoming a critical stakeholder driven role in business performance, outsourcing has been given a dose of steroids. By marrying key asset management strategies in the execution of an outsourcing exercise, predications of success have become better. Thus, the way forward looks bright for outsourcing and other asset management strengthened strategies as they seek to deliver the year on year growth that stakeholders seem to be obsessed about. Stakeholders could be laughing all the way to the bank with this approach to return on investment delivery. READ MORE

Rod Clough, MAI

Although legislation is working its way through Congress to raise the bar on how resort fees are communicated to consumers, these fees are unlikely to go away anytime soon. As consumer awareness evolves regarding these fees and the amenities included, it behooves a hotel owner and management team to be on the forefront of communicating the charges in the most direct way possible and to offer the best array of benefits for the dollars spent. We recently surveyed 50 resorts to uncover not only what their resort fee currently is, but what they offer to the consumer for this fee. READ MORE

Paul van Meerendonk

Revenue management plays a vital role in the modern hotel technology stack, and demonstrating ROI in a hotel's revenue technology investment goes deeper than year-over-year RevPAR uplift. The additional revenue from the proper implementation of revenue technologies and strategies directly impacts a hotel's bottom line, making it a valuable tool for optimizing the net value of a property. Forecasted earnings and asset sales proceeds are critical factors in applying revenue science to hotel real estate assessment. It's only a matter of time before the majority of the industry catches up to what leading hotel owners and asset managers have already realized: a smart investment into revenue strategy and technology is the key to driving greater property profitability and value. READ MORE

S. Lakshmi Narasimhan

So, what does the future hold in store for the wedding event as well as business? The hospitality industry is currently going through what can be termed as the guest experience customization craze. No one wants a cookie cutter stay in a hotel. They want their stay to be a memorable experience. Well, if that is the requirement, wedding events have a lot going for them. To begin with, they are already clear, important events in any one's life. Thus, the motivation to make it something to remember is already there. What new initiatives would you bring to your target market's wedding or anniversary events? READ MORE

Lisa Bonanno

Hotel property managers are tasked with ensuring that the ROI goals for their portfolio of properties are met. As part of that responsibility they are an integral to the budgeting process. Budget season is the perfect time to evaluate the efficacy of existing group sources of business to determine if they will continue to produce the same level of return going forward. As we approach economic uncertainty, it will be important to focus on controlling the bottom line and the impact derived from group business. READ MORE

Paul van Meerendonk

For the hospitality and travel industry, giving the customer the ability to personalize their experience, and thusly pay the right price for that experience, is all the rage. Airlines, restaurants, and even some resorts have pioneered new ways to give the people precisely what they want, but for the standard hotel operation, it's not proven to be so simple. In this article, we'll take a look at some of the hurdles hoteliers face when it comes to instituting customer-choice pricing into their sales processes, and we'll take the pulse of personalization in the industry and the evolving guest expectations driving this shift. READ MORE

Mostafa Sayyadi

I present hotel executives with a new idea in that when change becomes increasingly valuable, hotel executives can manifest themselves as catalysts to implement effective changes in hotel's internal resources. I suggest new insights to identify corporate culture and corporate structure as primary drivers, which influence financial performance that matters to hotel executives that care. The focus of this article is based upon the critical role of corporate culture and corporate structure which allows a rich basis to understanding the mechanisms by which financial performance is influenced. READ MORE

Rick Garlick

Over the past decade, most assessments of guest satisfaction show guest experience scores generally increasing year after year. As the competition becomes more crowded in the hotel space, it doesn't take long for competitors to start emulating one another, leaving industry leaders to think about their next enhancement to make the guest experience even better. Making the right decisions regarding upgrades and investments becomes critical in the evolution of hotel brand standards – but what's the best approach? This article will cover how to develop a strategy to measure the ROI of service, product, and amenity upgrades while maintaining brand integrity. READ MORE

Mostafa Sayyadi

This article offers practical contributions for hotel executives at all levels of the hotel. Hotel executives will see how hotel leadership not only can directly support financial performance, but it can also cultivate effective technological initiatives, which will enable organizational processes within hotels. I also present hotel executives with a new idea in that when change becomes increasingly valuable, hotel leadership manifests as a catalyst to implement effective changes in hotels' internal resources. Hotel executives leverage positive effects on information technology. Thus, I provide evidence that hotel leadership is used in corporate infrastructure for technological decision-making. READ MORE

S. Lakshmi Narasimhan

So, what does the future hold in store for guest loyalty? And more importantly loyalty for independent hotels? Well, independent hotels have their work cut out for them but do not need to despair. The customer is looking for value offerings and in recent times does not care whether they are from independent or chain hotels. A slickly executed marketing strategy on the foundation of strong differentiation and tying into guest personalization demands can bring the bacon home. Owners of these independent hotels who have already stuck their necks out with the investment can then laugh all the way to the bank. READ MORE

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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.