On the eve of the new year, we asked six industry Revenue Optimization experts for their thoughts on the coming year. You can read their interesting comments about 2024 below.
In the revenue management world, data is a guiding force, though it often presents challenges. When I teach a class or seminar, I always talk about the two rules of data. Rule #1 is "You can’t get it," and Rule #2 states is "If you get it, it will be dirty." To the uninitiated—the bright-eyed students who have yet to encounter data outside the classroom—these rules seem like a cynical view of the information age. Yet, the more experienced students and participants in my classes laugh and roll their eyes since they’ve had multiple experiences with data issues.
As a testament to its resilience, agility and innovative spirit, this article reflects today’s increasingly dynamic hospitality industry in terms of its long, medium and short-term evolution. Best-selling author, Will Guidara, claims “We are entering into a hospitality economy” – suggesting that what underpins the essence of hospitality, (service excellence, human interaction, personalization and the co-creation of memorable experiences), is actually what many sectors of industry are desperately in need of today. As we charge at break neck speed towards an ever-more digitalized society, the hospitality industry stands out as the successful hybrid that balances the implementation of tech innovation for improved operations whilst preserving the human need for connection, authenticity and real-life discovery.
This blog post is your go-to guide for understanding the pivotal strategies that can make or break your hotel's financial success. We explore the 'Go With the Flow' and 'Targeted Approach' strategies, each with unique advantages and challenges. We'll guide you through an insightful journey, examining everything from broad market appeal and operational flexibility to targeted marketing and guest loyalty.
Discover the top rated hotel tech products to run & grow your hotel business in 2024 based on real product reviews from verified hoteliers at the world’s leading hotel companies.
To help hotel developers and investors with their due-diligence process, CBRE Hotels Research collected more than 20 years, and analyzed ten years, worth of hotel key performance indicators (KPIs) disclosed in the SEC filings of six large public companies: Choice, Hilton, Hyatt, IHG Hotels & Resorts, Marriott and Wyndham. Combined, these companies had more than three million rooms or approximately 60% of total U.S. hotel supply at year-end 2022.
Winning guest loyalty has been a hot topic for many hoteliers in recent years. With OTAs commissions on the rise and increased competition, implementing and scaling effective loyalty programmes has become more vital than ever.
Are you also searching for ways to attract and retain guests? Read on to discover how to create and implement effective loyalty programmes and maintain a long-lasting relationship with your hotel guests.