Library Archives

 
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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

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 on...

Ravi Mehrotra

Today's hoteliers face rising pressure to increase their total profitability. Hotel profit optimization through revenue management has traditionally focused on guest-room strategies alone without considering ancillary revenue streams and costs. In recent years, however, hoteliers have recognized the benefits of expanding their revenue management practices to incorporate a more holistic business view. As forward-looking hotel companies have adopted more scientific and analytical approaches to total property and portfolio-wide revenue management, they've experienced significant financial rewards. With increased scrutiny on driving total hotel profitability, what exactly does the industry need to know about profit optimization to finally do something about it? Read on...

Paul van Meerendonk

By addressing channel performance-the concept of measuring key performance indicators across a complex, multi-channel booking landscape-hoteliers can optimize pricing and marketing across all channels, and boost revenue as a result. But for those new to the world of advanced revenue management practices and technology, how does one begin to map out a proactive and profitable distribution strategy? How you choose to distribute your offerings must be carefully and regularly assessed, with the goal of maximizing your profit potential always in mind. Evaluating channel acquisition costs, looking beyond online travel agencies (OTAs) for better revenue opportunities, and finding ways to drive more direct bookings are all good practices for monitoring and improving the health of your distribution strategy. Read on...

Marcela Trujillo

Increasing ADR, in conjunction with appropriate occupancy levels, is an ever-present goal. Not only does this increase RevPAR, but gaining more revenue through ADR provides assets with increased profitability. Consistent application of the following proven techniques leads to consistent rate dominance. In this article, co-authors Marcelo Trujillo and David Beaulieu rely on their experience of more than 35 combined years to thoroughly analyze and explain the pathway to sustainable ADR to maximize a hotel's success. Read on...

Gino Engels

Revenue managers face a daily melange of ingredients to analyze, digest and base decisions on. Advances in Big Data and tools to make sense of it are making life a little easier. But, amid this data-overload, losing sight of the bigger picture - exactly how these metrics are impacting on your bottom line - is an ever-present risk. In what will be a refresher course for some readers and a set of new ideas for others, we present our crucial data tips for profitable revenue management, from KPIs to supply and demand factors, and technology to better visualisation. Read on...

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Coming up in March 2020...

Human Resources: Confronting a Labor Shortage

With the unemployment rate at its lowest level in decades (3.7%), what has always been a perennial problem for human resource professionals - labor shortage - is now reaching acute levels of concern. It is getting harder to find and recruit qualified applicants. Even finding candidates with the skills to succeed in entry-level positions has become an issue. In addition, employee turnover rates remain extremely high in the hotel industry. As a result of these problems, hotel HR managers are having to rethink their recruitment strategies in order to hire the right talent for the right job. First, hotels have been forced to raise their wages and offer other appealing perks, as a way to attract qualified candidates. Secondly, HR managers are reassessing their interviewing techniques, focusing less on the answers they receive to questions and more on observable behavior. Part of this process includes role-playing during the interview, so that the recruiter can gauge how a candidate works through specific problems and interacts with other team members. Additionally, some HR managers are also creating internal talent pools as a way to address labor shortages. Instead of utilizing department resources to find new hires with specific skills for needed positions, hotels are cultivating talent pools internally and preparing their employees to assume leadership roles whenever the time comes. They are also placing greater emphasis on a company culture that is more performance-based, as a way to curb employee turnover, increase employee satisfaction, and assure higher levels of customer service. Finally, recognizing the importance of employee retention as a way to lessen the impact of a tight labor market, some HR managers are instituting generous reward programs in order to retain their top performers. The March Hotel Business Review will explore what some HR professionals are doing to address these and other issues in their departments.