Weekly Insights. January 27, 2024

Weekly Insights. January 27, 2024

Best hospitality industry articles focused on 💵revenue, 📊markets, and 🎯strategy (Jan 21 - Jan 27, 2024).

Alex Kapichin

Introducing machine learning’s applications for hotel operations

So much has been written recently about how artificial intelligence (AI) in its various forms can help hotels run their businesses better by increasing guest engagement while decreasing expenses. Almost all that attention to date has focused on generative AI (genAI) and its potential to help travelers plan and book travel or to provide personalized responses to service guest or employee queries. But because genAI is in its infancy, there are few real-world use cases in hospitality today proving its value. So let’s take a look at an AI that’s already in use, is a building block of genAI, and has already proven its value to hospitality: machine learning.

The vital role of human interaction in effective team management

Creating a culture where team connectivity flourishes isn't just about the nuts and bolts of workflows and project management tools—it's fundamentally a human endeavor. It's about nurturing a space where human interaction is valued and encouraged, allowing team members to feel included and psychologically safe. This inclusive atmosphere not only makes room for everyone to contribute but also empowers individuals to bring their full selves to work. There, in the richness of authentic connections and shared experiences, teams don't just function—they thrive.

Beyond silos: Unleashing the power of commercial teams in hotels

Welcome to a turning point in hotel management. As the hospitality industry evolves, the need for a more dynamic, integrated approach to managing critical business functions has never been more apparent. Gone are the days when marketing, sales, and revenue management operated as isolated entities, each siloed in its world, often disconnected from the others. In this blog post, we're delving into a groundbreaking shift in hotel management—a shift from these traditional silos to an integrated commercial team.

Profitable approaches to early check-ins and late check outs

Hotels recognize revenue management drives profits, but only some hotels recognize revenue management is like a stream running through the hotel.

Every department and staff member impacts the hotel’s profitability.

Take early check-ins and late checkouts. Usually, the reception staff handles these requests and must strike a balance. Your front-line staff wants to keep the customer happy, but they must also keep the hotel’s needs in mind.

The risk of undervaluing your hotel brand

Personally, I find myself thinking more and more about a fundamental aspect of the business – which has the potential to define the commercial success of a hotel and which is often neglected: branding.

I think it’s worth starting by defining branding – to understand why you should really spend your time thinking about it. Perhaps it is easier to say what branding is not: it is not a logo, although it is part of branding; and it is not a product, a service or a promise. A company’s branding is a result: it is the feeling and perception generated in each person, by the brand story that is told, demonstrated and/or experienced.

Hotelier's guide to Google Hotels and its API: Listing, updating, competing

With the evolution of the digital landscape, the hospitality industry has witnessed a transformative shift in how travelers search for accommodations. Among a multitude of choices, Google Hotels has emerged not just as another metasearch engine but as a platform with distinct advantages. This article provides a comprehensive guide for hoteliers, explaining the intricacies of Google Hotels and its APIs and offering best practices for optimizing hotel listings.

Hotel loans: The best financing options for hotels

Looking for funding for your hotel or hospitality business? Traditional bank loans are just one option when it comes to financing hotels and hotel operations. Whether you need cash to cover a new washing machine or a loan to finance the purchase of an entire resort, the plethora of financial instruments to choose from can be overwhelming. In this article, we’ll break down several popular funding sources for hotel businesses, including pros, cons, and specific situations in which they are most advantageous. The right financing option can unlock tremendous value to your business without compromising your equity, your working capital, or your business’s long-term financial health.

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