Library Archives

 
Renato Fantoni

Coronavirus has cast many dark shadows across the world of hospitality. It has highlighted certain disagreements between hotels and their guests when it comes to payments, in particular whether money should be refunded or put towards future bookings. To progress beyond the global crisis, a new form of mutual respect between all parties is required. One way of achieving this is for everybody to agree that people are an important part of the ecology of the planet and that by creating a Travel Emotional Intelligence a long overdue appreciation of each others' needs can be attained. READ MORE

Daniel Hostettler

Few hoteliers understand the impact of the COVID-19 crisis better than Daniel Hostettler. Not only is he the president of Ocean House Management (OHM), a luxury hotel group in New England, but he is also president of Relais & Chateaux, North America, in constant contact with its 88 properties nationwide. In this article he shares his four-part strategy for countering the effects of the crisis and gives some predictions for how and when the industry will recover. He says the next six months are going to be tough, reducing annual budgets by at least 35% and, in some cases, a lot more. READ MORE

Mark Ricketts

All hospitality organizations strive to embody a corporate culture of service to guests and community. But how do we establish and perpetuate this conscious workplace culture-one that represents worthwhile goals and values as it builds strong connections within and without our organization. This article will discuss positive actions that can help drive our business and the ways they work to satisfy some of the most basic human attitudes and values. It is important to stress that a time of stress puts our corporate culture to its test. Will we pass? READ MORE

Kristi White

In the hospitality industry, hotels allocate guest room inventory across multiple channels to optimize guest room revenue. As an industry, we typically do this very well for transient business. However, when it comes to group revenue the discipline is not always the same. Group revenue for many hotels is an integral part of their business plan but all group revenue should not be treated equally. Smart hoteliers leverage data to know the difference between available revenue and preferred revenue. With the help of strong group and meetings dataset, hotels can leverage these insights to improve sales productivity, make smart revenue choices, and ultimately optimize profitability. READ MORE

Robert Post

In this article we explore the traits that make group sales hunters special from others in the sales arena. Hunter tend to be self-driven and arguably possess certain innate traits that can't be taught even if the skills they exhibit can be acquired. The key is to recognize these traits when seeking hunters and then translate them into skills. Once you have identified hunters in the recruiting process you need to hold on to them and create an environment to allow them to flourish. By the same token it's usually a good idea to let the farmers farm and service your existing base of customers. READ MORE

Rick Garlick

Brand extensions have always been a common part of corporate growth strategies, but have more recently expanded into the hospitality business. From retail and entertainment brands like Restoration Hardware, Taco Bell and Disney, companies from all industries are now looking into brand extensions. This article examines the implications for hospitality brand extensions, provides examples os successful integrations, explains how hotel brands can expand into the retail space, and examines the questions they need to address before doing so. Following these tips will help brands avoid being the next Blockbuster and will ensure longevity in the space. READ MORE

Steven Ferry

A bold and perhaps perplexing question, but the unfortunate reality is that almost all third-party Quality Assurance audits are designed either to increase membership in a club that guests used to use as a barometer of whether or not a hotel or resort would be good (where mostly today they make these decisions based on social media/OTAs); or to be included in a magazine that some guests refer to for the same reason. The goal of those participating does not necessarily add up to improved service and guest experience-more to influencing guest perception and awareness of the property and so strengthening sales. READ MORE

Rick Garlick

The expectation for a travel experience to mimic at-home smart capabilities is coming fast, and it's only a matter of time before all hotel guests expect to be able to simply speak a directive to order room service, request valet bring their car, or adjust the temperature. Now is the time for brands to embrace building a strategy for voice search and utilizing smart speakers in-room. Discover the key challenges and opportunities that voice technology presents and what its popularity could mean for the travel and hospitality industry. READ MORE

Herve Tardy

In the quest to put the customer first, many hotel chains are reevaluating their approach to IT. The advancement of cloud services, Internet of Things (IoT) technology and enhanced mobile connectivity has created new possibilities to improve the guest experience. However, capitalizing on these capabilities means moving away from traditional, centralized IT and implementing a hybrid IT system. Migration brings its own set of challenges when it comes to network and power management. In this article, global power management company Eaton addresses these challenges and shares strategies to help companies improve critical data protection as they shift toward decentralized IT. READ MORE

Shahin Sharifi

This research examines consumer reactions to types of consumer reviews and finds that when a satisfaction guarantee is not provided, the most favorable evaluations belong to positive reviews, followed by mixed reviews, and then negative reviews. With a satisfaction guarantee, consumers react the most favorably to mixed reviews and have similar evaluations of positive and negative reviews. Furthermore, this research concludes that uncertainty intolerance (i.e., the need for cognitive closure) enhances the evaluations of positive and negative reviews but lowers the evaluations of mixed reviews. Nonetheless, with a satisfaction guarantee, consumers' uncertainty intolerance enhances also the evaluations of mixed reviews. READ MORE

Rocco Bova

Reputation used to be word of mouth, recommendations and built over years of hard work and professional behavior. Today, thanks (or not) to social media, reputation can be built in very short time (see ''influencers'') and destroyed as quickly. Needless to say that your online behavior is as important as your public one. Ensure you follow these basic rules to not fall in the sea of sameness. I am not an expert, and neither I want to be, but I want to share what helped me become a trusted and respected hotelier. READ MORE

Gino Engels

The best business decisions are often derived from Big Data. With revenue management so heavily influenced by dynamic changes in data, this is more true of the hotel industry than most. Just consider the variables: seasonality, local events and conferences, room types, amenities, variations of packages (such as breakfast included)... the rate permutations across hotels in a given market can easily run into the millions. So how do revenue managers adapt to this firehouse of data? It's about having the most relevant dataset. With that in mind, Gino Engels discusses the good, better, and best tactics for leveraging data effectively. READ MORE

Melissa Maher

Hotels are not only looking for industry partners that provide them access to a diverse breadth of travelers, but also for tools and technologies that will help them optimize their revenue and overall business. Business needs constantly evolve at the pace of the consumer today, and by better leveraging technology partner tools, they can drive insights and efficiencies that will not only grow their business, but can maximize occupancy and ADR, and even improve guest relations. This byline will explore how technology partners, like Expedia Group, are powering the travel industry and mobilizing technical expertise to offer data-driven and tested technology solutions. READ MORE

Mia A. Mackman

This article highlights Spa and Wellness program innovation and investment risks. While wellness and spa are commanding high-level investments across the hospitality and travel sector, knowing how to measure risk versus reward during conceptual development and assembling sound operational framework, can mitigate challenges and safeguard imperative returns on investment. This article also addresses management, leadership and employee turnover challenges that can often disrupt profitability and downgrade quality, consistency and program performance. READ MORE

James Downey

Do you know at what point your hotel is neither making money nor losing it? Do you know what fixed and variable costs are in relation to total sales, room revenue, restaurant seats sold, rooms sold and occupancy? If you answered no to any of these questions, you need to understand how break-even analysis can aid in determining your hotel's short and long-term financial profitability. . This article will provide a definition of fixed and variable costs so as to aid in the calculation of a hotel's break-even point. 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.