Patti A. Sedlacek Named Vice President of Revenue Management at Hostmark Hospitality Group

USA, Schaumburg, Illinois. August 28, 2019

Officials of Hostmark Hospitality Group, an award-winning hotel management company specializing in unique lifestyle hotels and resorts as well as branded properties, today announced that Patti A. Sedlacek has been named vice-president of revenue management. In her new role, Sedlacek will work closely with the company's hotel general managers and sales teams to improve business planning and pricing.

"Patti has spent the past two decades honing and perfecting her revenue management skills, and her hotels' bottom lines have benefitted from her expertise," said Jerome F. Cataldo, president & CEO, Hostmark Hospitality Group. "She worked hand-in-hand with our recently named COO, Ron Vlasic, as they helped grow Kimpton Hotels & Restaurants into a nationally recognized hospitality platform."

Previously, Sedlacek held numerous increasingly important positions with Kimpton Hotels & Restaurants, culminating in a regional director of revenue management title. In that role, she oversaw a team of 10 revenue management specialists servicing 10 hotels in Ill., Wis., Minn., Texas and Ariz. Prior to that, she served as director of revenue management for the Embassy Suites by Hilton Chicago, Ill., where she improved hotel revenues by eight percent. Additionally, Sedlacek received the 2012 Bill Kimpton Award for Revenue Management.

"I enjoy the challenges associated with companies growing from smaller, regional entities into national powerhouses," Sedlacek noted. "Hostmark already is a well-respected name within the hospitality industry, and the company clearly is eager to move to the next level with its recently announced internal and external growth plans. I look forward to helping Hostmark meet and exceed its business objectives."

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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.