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Lily Mockerman

Today's revenue management systems can help any hotel quickly and efficiently manage revenue tasks that would otherwise present a challenge. It can be difficult to stay on top of distribution across multiple channels when there are plenty of other issues facing a property at any given time. In the Revenue Management world, the differences within independent or branded environments can often be significant regarding how each respective entity deals with revenue management. Often, we're asked about differences in working with each type of property as it relates to strategies or RMS systems, and how TCRM approaches these unique challenges. Read on...

Lily Mockerman

Over the years, outsourcing has developed a somewhat sordid reputation, synonymous with offshoring and tax evasion in some consumers' minds. But when the concept of outsourcing is applied to specialty areas such as IT, accounting, HR and others, it tends to be somewhat more accepted. Nevertheless, many companies still favor hiring these employees directly. Most feel that it ensures better control over that department's performance, and allows them to provide their own assessment of talent. Yet perhaps this level of control and talent direction is precisely why hiring internally can be a disservice to companies. Read on...

Tom Engel

The hospitality industry is abundant with more than 270 hotel brands globally. Nevertheless, this whopping number is not stopping Marriott, Hyatt, IHG, and Hilton from expanding their portfolios with even more new brands. Theoretically, broadening the supply of brands is favorable for generating revenues from various distribution networks, loyalty programs and supply channels. But just how useful, helpful or even good is all this for the customer? Has the hotel industry gone mad by over-saturating the market with brands that are not all that different from each other? Read on...

Paul van Meerendonk

Today's hoteliers face mounting pressure to increase their hotel profitability. From acquiring brand new customers to driving repeat business and loyalty, making the right operational decisions and running a hotel with optimal efficiency continues to be an ongoing challenge for top hotel executives. However, with increased scrutiny focused on the best ways to drive total hotel profitability, what exactly do the industry's c-suite executives need to know about revenue strategy and profit optimization? Read on...

Lily Mockerman

Revenue Management is a quickly developing and growing field as it strives to adapt to changing trends and technology. There are still many opportunities to enhance the true potential of this discipline. Whether in the areas of metrics, departmental cooperation, technology and social trends, or multiple revenue streams, there is much for revenue management professionals to tackle on any given day. The future of Revenue Management will quickly be defined by those with the vision and ability to harness the evolution of each of these areas. Read on...

Heather Stone

Understanding and addressing the reasons behind, and risks associated with payments processing is a critical issue in the hospitality industry. This introduction to payments fraud provides critical knowledge for anyone dealing with accounting, payments, or vendor relationships. In this article we will explore how this new evolution of technology, which automates the entire procure-to-pay workflow process, dramatically reduces the risk of fraud. Read on...

Paul van Meerendonk

Today hotel guest options, incentives and choices are ultimate reflections of an overall brand strategy. However, choice shouldn't be a message embodied only within the vivid description of a brand promise, its contemporary lounges or the high-tech amenities and ultra-modern guestrooms. For organizations with a unique portfolio of hotel brands, choice also needs to be a primary theme that permeates into every one of their properties' revenue strategies—and it needs to be supported by advanced revenue technology. Read on...

Bob Lowe

Every hotel needs to accept credit cards as a payment method, and to do that you need a credit card processor. As you select a processor, you should look at what they can do for you and how you will connect to them, because not all are created equal, and the choice you make could have a far- reaching impact. First, will you connect directly to them or connect through a switch, gateway or other intermediary? You may be constrained by the choices your property management system (PMS) or even your hotel brand offers, but it's good to explore those choices and make the decision that works best for you. Read on...

David Lund

Flow Thru, this is my abbreviation, is a catch all phrase that measures how much made it through your business comparing one period to another. What made it through, from revenues to profit. Another term to describe this measurement is retention. A good analogy to grasp the concept of flow thru is to compare it to your paycheck. Imaging I give you a $1000 a week raise. The question then is how much will end up on your pay vs. how much got eaten up by higher taxes and other deductions. The same goes for additional revenues in your business. If revenues are $50,000 higher this month than the same month last year, how much of the $50,000 will make it through to the profit line. How much will flow? Read on...

Paul van Meerendonk

There's arguably no other four-lettered word that has made quicker—and more impactful—moves in the hospitality industry than "data" has. With the ascension of the Internet igniting a brisk evolution of big data, the hospitality industry now orbits within an increasingly interconnected and technologically-savvy world. Keeping ahead of the curve in the midst of the Internet of Things (IoT) means hotels are not only evolving in how they meaningfully connect with their guests, but they also have to develop short- and long-term revenue strategies to capitalize on the new industry data and insights available to them. Read on...

Ravneet Bhandari

Together, big data and machine learning provide the most accurate information from which to base pricing on in the entire history of the hotel business. Setting rates is no longer a guessing game. Leveraging the newest tools on the market gives hoteliers the most accurate forecasting data ever seen. The invisible becomes visible and that porridge is suddenly cooked to perfection ever time. Today, pricing with confidence means making decisions based on reams of previously undetectable information. Valuable data we never realized existed because it was invisible to us. We've had the illusion we've attained perfect pricing, but that wasn't the case at all. The good news is, though seemingly more complex, finding confidence in pricing is not as difficult as it seems. Read on...

David Lund

Do your hotel financial statements give you the information you need to effectively manage your hotel? Are you able to see if your profits are where they should be in an enhanced top line statement? Do your statements measure flow thru? Do you record your rooms business by proper segments and track the rooms occupied, rate and revenue in each segment? Do you record customers served in F&B and do you separate meal periods? Do you record liquor, beer, wine and mineral sales on your financials separately? Do you measure labor productivity in your financials? Do you record hours of work in your financials? Do you have payroll segmented by management and hourly classifications? Do you have a separate supplemental payroll and benefits statement? Do you track arrivals and departures? Read on...

Tom Engel

As an American working with colleagues in other parts of the world, nuances about collaboration in the business is key. This takes experience, savvy and know-how. Hotel investment decisions, opportunities in the Middle East and opportunities for those from the Middle East looking elsewhere are shared from the eyes and insights of a seasoned hotelier and hospitality-focused financial advisor. Read on...

Paul van Meerendonk

Big data has been a starting player on the strategic revenue roster for years. In fact, years before big data exploded into something like a phenomenon, hotels were increasingly incorporating industry data into their revenue technologies and strategies. The opportunities afforded through the effective use of big data have grown to such an extent that today's flourishing hotels must increasingly leverage larger amounts of available data to seize their most lucrative revenue opportunities. Read on...

David Lund

Do your hotel financial statements give you the information you need to effectively run your business? Do they have an effective summary statement with departmental profits, flow thru analysis, proper room segment statistics, labor productivity, do you have payroll segmented by management and hourly classifications, do you have separate supplemental payroll and benefits, do you track arrivals and departures? Most statements I see do not have most of these critical elements. They're lacking these incredibly effective elements that can easily be added. How would these elements add insight and value to your business? Let's explore this 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.