Weekly Insights. March 23, 2024

Weekly Insights. March 23, 2024

Best hospitality industry articles focused on 💵revenue, 📊markets, and 🎯strategy (Mar 17 - Mar 23, 2024).

Alex Kapichin

The risks of ignoring revenue management’s budget advice

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.

How to manage cultural diversity in hospitality - A quick guide

In this article, we’ll explore some of the many benefits of cultural diversity in hospitality businesses, discuss how diversity is perceived in the industry, and provide tips you can use to manage your multicultural customer base and workforce effectively.

Broadening the scope: Why hotels must rethink revenue management

How long will hotel CEOs continue to accept revenue managers who only scratch the surface of their potential? Every penny counts in hotels, and competition is fierce; settling for anything less than comprehensive revenue optimization leaves money on the table. Yet this is precisely what happens when revenue management is confined solely to room sales. This myopic focus hampers a hotel's financial performance and overlooks the rich tapestry of revenue streams waiting to be harnessed.

The main argument of this blog post is simple but essential: hotels focus too much on room revenue, ignoring other valuable sources of income. Full-service hotels have various revenue-generating opportunities, such as food and beverage operations, spa services, and event hosting. By neglecting these areas, hotels limit their potential for growth and profitability and fail to use the full scope of revenue management practices available to them.

Hotel development – Looking beyond traditional metrics

For years, data analytics has played a significant role in the hotel acquisitions, market due diligence, and site selection process. By evaluating top-line ADR, Occupancy, RevPAR and other basic key performance indicators, developers and investors have been able to gain valuable insights into the financial health and performance of any property, competitive set, market, or submarket they may be targeting. However, as the industry has changed over the past several years, and as certain markets and submarkets continue to return to pre-pandemic levels for certain segments, hoteliers are competing for an ever-growing spectrum of demand sources across both commercial and leisure business. It is critical to understand the composition of KPIs and what specific segments are driving demand and the impact of costs associated with each.

Hotel Revenue Management glossary: The definitive A to Z of terms for hoteliers

It takes patience, practice, commercial nous and access to the best data and software available. We hope, that with a good understanding of the topic, the starting point of which is a familiarity with its foremost terms and concepts, you’ll be able to more than exceed 12.5% in your efforts at your hotel.

The hospitality industry is moving faster than ever and new terms will keep popping up over time. So, be sure to bookmark this page, as we will keep on adding and updating definitions along the way.

Now, let’s check in straight away at A.

2024 Global Hotels Outlook

Sector-specific tailwinds should offset broader economic challenges.

Report PDF

The role of AI in transforming today’s hotel landscape

The integration of Artificial Intelligence (AI) into the hotel industry marks a revolutionary shift, not just in operations and guest experiences but more profoundly in the sphere of revenue management. This journey into the AI-enhanced hotel landscape uncovers the nuanced ways AI is reshaping hospitality, making what was once exclusive domain knowledge accessible to many. Drawing on insights from peer-reviewed articles, this exploration highlights AI’s pivotal role in elevating hotel success, a mission that Catala Consulting passionately champions.

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