Hotel Business

FEBRUARY 1, 2024

According to the 2024 State of the Meetings Industry report from Knowland and ConferenceDirect , pricing continues to be an issue with 47% of meeting planners. The report reveals insights to help industry professionals understand what meeting planners and event managers expect and will prioritize in 2024.

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Revenue Hub

MARCH 15, 2024

Overall, the arrival of Swift is positive for pricing in every hotel market we look at, although the level of variation from destination to destination can be quite extreme, for reasons we will discuss later. We can see that the effect on hotel room pricing in some cities is staggering.

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Revenue Hub

FEBRUARY 5, 2024

Open pricing is a hotel pricing and room distribution strategy that sells rooms at a rate that will both benefit the customer and provide the highest possible profit for the hotel at the same time. How does open pricing work? Open pricing offers more flexibility than the popular BAR strategy used by most hotels.

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Hospitality Net

MAY 3, 2024

They are generally circled out in any hotel commercial team’s calendar as critical points to drive revenue and consequently you must have the right strategy in place.

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Revenue Hub

OCTOBER 12, 2022

As more hoteliers adopt revenue management systems, and implement demand-based pricing strategies, how can hoteliers ensure that their property retains a competitive advantage, no matter how common pricing technology becomes? NB: This is an online event conceived and produced by Jurrnee. Why or why not?

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Revenue Hub

NOVEMBER 15, 2023

In the good old days, hotel room pricing used to be simple. As a result, however, hotels were often under priced when travellers were willing to pay more and overpriced when travellers were price sensitive. Subscribe to our weekly newsletter and stay up to date Today, most hotels take a dynamic approach to pricing.

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Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Revenue Hub

SEPTEMBER 25, 2023

Talk to any hotel operator about empty rooms, and you’ll likely hear about price sensitivity. What if the relentless focus on price is causing more harm than good? If you think you know all there is to know about price sensitivity, prepare to think again.

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Revenue Hub

DECEMBER 12, 2023

In a hospitality industry marked by fierce competition and evolving consumer preferences, dynamic pricing has emerged as an indispensable strategy for success. This nuanced pricing approach, characterized by its responsiveness to market dynamics, plays a crucial role in enhancing key performance indicators (KPIs) for hotels.

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Revenue Hub

MAY 15, 2024

Today’s hotel and event salespeople work in completely different environments than most of their leaders experienced. Meeting and event booking sites have created a flood of leads, which can be overwhelming for those working in a sales role equipped and staffed for the era when leads came in by phone or website inquiry forms.

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Hospitality Magazine

OCTOBER 3, 2022

The event includes a series of dinners that will be held every month on 8 October, 5 November and 10 December at Cooinda Lodge in Kakadu National Park. Tickets are priced at $199 per adult and $139 per child (including beverages). To book click here.

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Revenue Hub

DECEMBER 15, 2023

For hotels, this time offers a golden opportunity to implement effective pricing strategies that not only cater to the surge in guests but also optimize revenue generation. Dynamic Pricing Model Implementing a dynamic pricing model allows hotels to adjust rates based on demand fluctuations.

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Hotel Owner

JULY 3, 2023

The way that the majority of hotel businesses currently make price level decisions is by looking at historical data, taking what happened last year and comparing that with the upcoming dates year-on-year. Pricing needs to reflect two factors. Secondly, recognition that price elasticity is relative to demand for different products.

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Revfine

APRIL 5, 2023

Question for Our Revenue Management Expert Panel: How do you calculate demand and room price for unique events that are new to your area (e.g., Question by Massimiliano Terzulli) Our Revenue Management Expert Panel The post Tips for Calculating Demand and Price for Events without Historical Data appeared first on Revfine.com.

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Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Revenue Hub

SEPTEMBER 12, 2023

Dynamic pricing is like a flexible price tag for products or services that can change depending on different factors. NB: This is an article from eZee Absolute Think of it as a “smart” price that goes up or down based on what’s happening at the moment. You might notice that the price isn’t the same all the time.

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Revenue Hub

JUNE 27, 2023

When hotels implement dynamic pricing, they are constantly adjusting their room rates based on mathematical algorithms aimed to increase occupancy based on area demand. The success or failure of price optimisation often depends on how the strategy is specifically implemented at an individual property. 2. Offer competitive rates.

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SiteMinder

OCTOBER 10, 2023

What is hotel price monitoring? Hotel price monitoring is a crucial practice that involves tracking the prices of hotel rooms, both within your own portfolio and across competitors. This data-driven approach enables you to make informed pricing decisions , ensuring you remain competitive in the market while maximising revenue.

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Revenue Hub

OCTOBER 4, 2023

In the quest to maximize your hotel’s revenue, two buzzwords often come up: Revenue Management and Price Optimization. We demystify the differences between Revenue Management and Price Optimization and provide actionable insider tips to boost your hotel’s earnings. Price Optimization: Precision Pricing What is Price Optimization?

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Revenue Hub

JUNE 13, 2023

NB: This is an article from Revenue Team by Franco Grasso , one of our Expert Partners One component is “dynamic pricing.” ” You’re familiar with this model when considering your rack rate vs. your bottom prices. First, consider your hotel has a pricing path. What are the bottom and starting prices?

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STAAH

DECEMBER 12, 2023

Here are 8 smart pricing strategies for hotels to boost revenue and drive more bookings during the holiday season The holiday season marks a period of increased travel, festive cheer, and heightened demand in the hospitality industry. Monitor and Adapt Continuous monitoring and analysis of pricing strategies and their effectiveness are vital.

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SiteMinder

OCTOBER 10, 2023

What is discount pricing? Discount pricing is a revenue management strategy where prices are lowered temporarily or for certain conditions to attract guests and boost occupancy rates. By offering discounted prices, hotels aim to increase demand, especially during off-peak periods, without compromising on profitability.

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Revenue Hub

FEBRUARY 15, 2024

When it comes to demand indicators for travel and hospitality companies, events stand out as one of the most accurate predictors of out-of-season spikes. Or if a new major event is announced? Or if an event experiences a significant increase in attendance? So, there will most likely be a spike in demand here.

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Hotel Business

AUGUST 11, 2023

Global business travel and events costs are set to climb higher through the remainder of 2023 and into 2024, albeit at a much more moderate pace than the exceptionally steep increases seen in 2022. A potent combination of demand and supply-side pressures propelled travel prices higher than expected last year,” said Patrick Andersen, CEO, CWT.

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Revenue Hub

MARCH 21, 2023

Price elasticity is an essential KPI for any business, and the hotel industry is no exception. NB: This is an article from Lybra , one of our Expert Partners It measures the responsiveness of demand for a product or service to changes in its price. Seasonality This is another important factor that affects price elasticity.

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Revenue Hub

MAY 22, 2023

Dynamic Pricing Strategy in Hotels, Airlines practice it. So do online retailers and sports event organizers. Subscribe to our weekly newsletter and stay up to date Dynamic pricing in the hotel Industry Thanks to sophisticated technology and the internet, the pricing operations of hotels have never been more efficient and profitable.

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Revenue Hub

MAY 2, 2023

NB: This is an article from Lybra , one of our Expert Partners A well-defined pricing strategy is vital for the success of any hotel business. Hotel pricing is a dynamic process influenced by various factors, including location, competition, customer preferences, and seasonality.

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STAAH

NOVEMBER 26, 2023

The boutique New Zealand property – The Convent Hotel in Auckland changed its pricing strategy to be based on more real-time market conditions and customer demand. Listening to the guests was key to informing room pricing that yielded the best returns for the business, i.e. moving into the era of dynamic pricing.

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Hotel Owner

APRIL 27, 2023

Hotel operators have continued to outperform the wider hospitality sector as they were able to charge the same room rates as peak season prices in 2018, despite March’s wet weather, according to the RSM Hotel Tracker. Upcoming major events such as the King’s Coronation and Eurovision will provide another boost for the hotel industry.

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Duetto Cloud

NOVEMBER 12, 2023

The event saw a coming together of hoteliers, leading industry experts, and technology innovators to discuss the power of Total Profitability and Open Pricing. Revenue Strategy Forum (RSF) Hong Hong took place on September 22 at the Mira Hong Kong.

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Hotel Owner

JULY 28, 2023

The Gaskell Arms Hotel and Restaurant, situated in Much Wenlock, has been brought to market at the revised price of offers in excess of £750,000. Formerly a 17th Century coaching Inn, The Gaskell Arms has become a landmark in the sought after mediaeval town.

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Hotel Owner

JUNE 16, 2023

Welsh family-run seaside hotel, The Lion, has been brought to market for the first time since 1978 for a reduced asking price of £1.8m. The property also includes a spacious reception and lounge, “Llewelyn’s” breakfast and dining area which is also used for conferences and events, and a 60-seat bar with an additional snug area.

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Revenue Hub

APRIL 11, 2023

Most importantly, AI takes the guesswork out of pricing. Why Are Hoteliers Still Playing a Game of The Price is Right? Today, companies like Amazon change prices every few minutes to offer the most competitive prices. This data aggregation scope is simply impossible for hotels relying on legacy pricing strategies.

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SiteMinder

OCTOBER 10, 2023

What is cost based pricing? Cost-based pricing is a pricing method where the selling price of a product or service is determined by adding a markup to the unit cost or, in the case of hotels, the cost of keeping a room available and maintained for use. Table of contents Why do hotels use a cost-based pricing strategy?

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Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Revenue Hub

MAY 11, 2023

However, it wasn’t just trips that were canceled ad nauseam over the course of the pandemic – it was also groups and events. Now, in the wake of the pandemic, we are not only seeing “revenge travel”; we are witnessing revenge events. Finally, the appetite for in-person events is, once again, omnipresent – if not insatiable.

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