During the last few years, F&B services have been a main source of income (beyond rooms) for hotels, with some of the largest F&B operations approaching 50% of total revenues. Meanwhile, the Wellness Real Estate Report 2023 revealed that average TRevPAR increased by over 53% in 2022 at hotels with 'minor wellness' offerings and around 47% at 'major wellness' properties.
With wellness being a priority of modern travellers, the question is, can wellness generate revenue the same way as F&B services in hotels?
How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management?
Our Industry Expert Panel exists out of professionals within the hospitality & travel Industry. They have comprehensive and detailed knowledge, experience in practice or management and are forward-thinking. They are answering questions about the state of the industry. They share their insights on topics like revenue management, marketing, operations, technology and discuss the latest trends.
- RevPAR softened each quarter after Q1 due to declining occupancy and moderating ADR.
- Quarterly ADR was up throughout the year, but inflation-adjusted ADR fell from Q2 onwards.
- The Top 25 Markets outperformed all others in aggregate.
- Group demand was stronger than transient each month but still below 2019.
- Upper Upscale and Upscale chains led industry performance, boosted by recovering weekdays and group demand.
- December results were impacted by the New Year’s Eve calendar shift.
- Annual total revenues and profits were up from 2022, slightly below 2019.
- F&B revenues aligned with improvements in group demand, especially for Upper Upscale and Upscale chains.
How do you maintain peak performance amidst the rapid pace of the hotel industry? One crucial aspect of maintaining excellence and competitiveness is ensuring that your staff is well-trained and equipped with the right skills. However, hotels often face the dilemma of choosing between in-house training and external training programs. Both options have their pros and cons, and making the right choice can significantly impact your hotel's success.
What factors do you currently weigh when making decisions about training programs for your hotel team?
In this blog, we'll compare the advantages and disadvantages of in-house training versus external training to help hotels make an informed decision.
Hotel sustainability refers to the practices and policies that hotels implement to minimise their environmental impact, promote social responsibility, and ensure economic viability.
This holistic approach encompasses energy efficiency, waste reduction, water conservation, and sourcing ethically produced goods, all while enhancing guest experiences without sacrificing on profitability.
This blog will tell you everything you need to know about hotel sustainability and how to get started on plans for your property.
In this article, we’ll highlight 8 smart devices that are worthy investments for your hotel, and they can help you achieve higher ADRs and guest satisfaction scores too.
Any marketing content that describes your product - in this case your hotel - must be original, authentic, enticing and believable. Your marketing content should tell a consistent "story" about your hotel’s value proposition and brand, and inspire travelers to consider and eventually book your property. This is marketing 101. This rule applies to your website copy and descriptions, OTA and directory listings, social media posts, digital marketing messaging, etc. If it is not, then you are hurting yourself by alienating your prospective guests and sending them to the competition.
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