Modern Restaurant Management

MARCH 21, 2024

As we head into 2024, all eyes are on the Federal Reserve as interest rates hold the key to employment and the consumer spending fueling the small business economy. In all, we expect 2024 to be a better year for business than 2023 as the Federal Reserve executes the soft landing it has been seeking since this tightening cycle began.

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Modern Restaurant Management

AUGUST 2, 2024

2024 By the Numbers Participants reported continued food and labor cost increases with slight shifts compared to the end of 2023. Those totals are down from the end of 2023 when 89 percent said labor costs increased, with 54 percent reporting 1 percent to 5 percent. LTO Impact A new Placer.ai

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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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InnQuest

MARCH 23, 2023

in 2023 (IBISWorld). billion in 2023. Revenue is forecast to have an annual CAGR of 1.85% between now and 2027. 23% of bookings are currently made offline. 91% of total revenue will be generated through online sales by 2027, reaching a market volume of US$7.27 From 2018-2023, the industry within Australia declined by 4.9%

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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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Revenue Hub

JANUARY 24, 2023

NB: This is an article from OTA Insight To catch up on our first three trends, which included inflation, expenditure on experiences and the industry’s COVID hangover, click here and read on to see the four remaining hospitality and travel trends shaping 2023. Subscribe to our weekly newsletter and stay up to date 4.

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SiteMinder

FEBRUARY 13, 2023

days, while Mexican reservations were the longest year round, followed by those made to Portuguese, Thai and Spanish properties. Despite the average daily rate (ADR) of a hotel room rising 24% year-on-year to US$177, booking momentum remained robust, with reservation volumes rising to 104% of 2019’s levels globally by December 31.

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InnQuest

DECEMBER 21, 2022

For example, let’s say Hotel X has successfully booked 100 rooms at an average price of $150/night — here, the ADR stands at $150. Hoteliers typically pool in ROMI by driving reservations through their website, third-party booking sites, and offline channels such as travel agents.

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Revenue Hub

FEBRUARY 9, 2023

Booking behavior appears to also be up: 17% of American travelers said they made reservations or purchased tickets for trips in the last week alone. Currently, 42% of American travelers say high travel prices have kept them from traveling in the past month, down from 49% in December.

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Serviced Apartments

MARCH 23, 2023

USA: Red Roof will open 50 new properties in 2023, which will represent 60 per cent year-on-year growth. Red Roof plans to open 50 properties in new builds and conversions, in 2023. ” The post Red Roof will open 50 new properties in 2023 appeared first on Serviced Apartment News. .” per cent year over year.

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Revenue Hub

APRIL 21, 2023

Direct hotel bookings are reservations that a guest makes directly with a property. The most direct a guest can book is via walk-in or phone reservation, but depending on your property type and location you may not receive many of those. Your booking engine is the end destination of every direct online reservation.

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Revenue Hub

NOVEMBER 8, 2024

NB: This is an article from CBRE Subscribe to our weekly newsletter and stay up to date After analyzing publicly available data from five large hotel companies, we found that while growth in several key metrics slowed in 2023, loyalty members’ overall contribution to occupancy increased, though marginal contribution per member contracted.

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Boutique Hotel News

JANUARY 27, 2023

The company, which has €18 billion of assets under management, has committed to reducing embodied and operational CO2 emissions by 30 per cent and 50 per cent respectively before the end of 2023. 2023 is likely to see further political and economic uncertainty which will see winners and losers on the exchange rate see-saw.

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SiteMinder

JANUARY 29, 2024

Sydney, Australia – A new report by SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, shows the global hotel industry has been primed for a new era of travel after rises in international hotel arrivals in 2023 triggered a wave of changes in travel behaviour.

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Modern Restaurant Management

SEPTEMBER 27, 2024

A 2023 study by Toast found that 30 percent of staff in the restaurant industry are at risk of leaving in the next two years, highlighting an equally concerning high turnover rate within this sector. From 2023, consumer spending has been steadily increasing and is set to continue into 2025. percent year-over-year, compared to 0.4

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Modern Restaurant Management

OCTOBER 20, 2023

2023 brought new challenges to the table for the restaurant industry, from rising food prices due to inflation to continued disruptions in the supply chain. A Restaurant Pulse Check by Vericast found that nearly half of consumers plan to spend less on dining out in 2023. billion consumers with restaurants every year.

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eZee Absolute

NOVEMBER 18, 2022

For the year 2023, it’s important to ensure your hotel is up to standard. What’s in Store for the Hospitality Industry in 2023? Things to Change and Improve in a Hotel in 2023. What’s in Store for the Hospitality Industry in 2023? Furthermore, new travel trends are expected to show up in 2023.

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Revenue Hub

JUNE 18, 2024

The Front Desk Manager in a hotel is pivotal in orchestrating the first and lasting impressions of guests, managing the reception team to ensure a seamless check-in and checkout process, handling reservations and addressing guest inquiries and concerns – always with the utmost professionalism. reservations, housekeeping, maintenance, etc.),

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InnQuest

AUGUST 15, 2023

Hotels face a daunting challenge as travelers seek convenience and competitive prices: how to efficiently manage their room inventory across multiple online distribution channels while maintaining real-time updates and avoiding overbooking. To learn about hotel pricing strategies to boost revenue in 2023, read this.

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Modern Restaurant Management

JANUARY 9, 2023

expect to be less profitable in 2023. Rising food, labor and energy/utility costs pose significant challenges heading into 2023. business leaders anticipate a recession in 2023, according to JPMorgan Chase’s 2023 annual Business Leaders Outlook survey. 50 percent of operators expect to make less profit in 2023.

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SiteMinder

JULY 11, 2024

“We are seeing heightened demand from a range of both international and domestic locations, and are confident that SiteMinder’s revenue platform will allow us to optimise our pricing strategies and inventory management, with speed, to meet current and future demand.”

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InnQuest

OCTOBER 3, 2023

Real-time Updates: Thereafter, integration with property management system s (PMS) provides real-time updates on room availability and pricing. This ensures that guests are always presented with accurate information, reducing the likelihood of overbooking or reservation errors.

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Revenue Hub

MAY 24, 2024

Whether it’s a Friday evening flight, a hotel during the holidays, or a taxi ride in a downpour, we have all been burned by higher-than-normal prices due to excess demand. ” Restaurants have long used dynamic pricing, for example, by offering Happy Hour specials to attract customers after work.

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Revenue Hub

OCTOBER 17, 2024

This is where last-minute deals shine, offering hotels a way to fill rooms faster, gain more exposure, and stay competitive on pricing. What are Last-Minute Deals Last-minute deals offer a powerful way to boost hotel bookings by capturing spontaneous, price-conscious travelers quickly.

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SiteMinder

NOVEMBER 24, 2023

The system does exactly what I need it to do.” – Hotel reservations supervisor in the United States “The channel manager is very efficient: Fast set up, fast connectivity. I will recommend this system to someone I know.” – Reservation manager of a luxury hotel in Taiwan Pros: Very easy to control the allotment/ rates.

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Revenue Hub

FEBRUARY 15, 2023

In this situation, cash reserves must be managed carefully. Read rest of the article at OTA Insight The post 8 Steps to Help Make Your Hotel Recession Proof in 2023 appeared first on Revenue Hub. It’s the only way to develop the agile practices you need to detect, understand and quickly react to trends and market changes.

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Modern Restaurant Management

JANUARY 31, 2024

Inventory : Generally, when food costs go up, operators will raise their menu prices by a small amount. But what we’ve found is that operators have been leaning on menu price hikes to cover their expenses for more than two years now, and they’ve finally reached the limits of what consumers are willing to pay.

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Revenue Hub

OCTOBER 12, 2023

According to a Moody’s report, nine of the 19 CMBS loans that liquidated in the second quarter of 2023, 47%, were hotel loans that initially defaulted in 2020, selling at a loss after the borrowers failed to work out a solution to avoid default. The post Hotel Sector Health Still Strong: Will This Continue or Melt Away?

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SiteMinder

APRIL 16, 2024

New data from SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, reveals a 70% rise in the average booking lead time for hotels in Vietnam, following a sharp rise in international arrivals in 2023. The growth supported Vietnam to reach its target of welcoming 12.5

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EATER

SEPTEMBER 11, 2024

Lille Allen Six chefs and restaurant owners from across the country explain why restaurants feel so expensive right now, and how they’re coping with high prices and customer complaints Dining out involves calculating the intangible: What is hospitality worth to you? This isn’t a problem of one city or class or demographic.

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Revenue Hub

NOVEMBER 15, 2022

If your hotel is not currently considering including new technology in the 2023 budget, below are 5 things you may wish to consider – plus an added bonus: 1 reason NOT to adopt new technology. 2023 is time to do less with more. Reservations Manager doesn’t have time to update rates daily? Reception team understaffed?

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Hotel Owner

SEPTEMBER 12, 2024

Radisson Hotel Group has partnered with Etraveli Group to launch ‘Radisson Flights ,’ a service enabling guests to book flights directly while reserving a hotel. By leveraging Etraveli’s technology, the service offers real-time flight availability and competitive prices in 13 countries. Down Hall in Essex has completed a £1.5m

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Revenue Hub

NOVEMBER 14, 2024

There are two ways hotels go about this: either they send lots of information as soon as the reservation is made or they send everything one or two days before the check-in date. Sending all information as soon as the reservation is made will only overwhelm them, and sending it too close to the trip date will do it too.

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SiteMinder

SEPTEMBER 17, 2024

Dynamic Revenue Plus is uniquely powered by the data within SiteMinder’s platform, which stems from an unparalleled 120 million annual hotel reservations that give users of Dynamic Revenue Plus the most comprehensive data available, including top source markets.

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Hotel Owner

SEPTEMBER 21, 2023

The MPC also voted unanimously to reduce the stock of UK government bond purchases held for monetary policy purposes, and financed by the issuance of central bank reserves, by £100bn over the next year. Last month, the bank raised interest rates for the 14th consecutive time in a bid to combat inflation.

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Revenue Hub

JANUARY 10, 2023

To emphasize the short duration of the Annual Sale, hotels should establish a sense of urgency by including different elements to their websites, such as a countdown clock, a message indicating the number of people looking at the promotion, or the number of rooms left at a particular price, on a specific date.

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SiteMinder

APRIL 18, 2024

The longer lead time prior to this year’s London Marathon, up 10 days from 73 days in 2023, is not an isolated case. According to SiteMinder’s Hotel Booking Trends , the average lead time for UK hotel bookings grew by 7% in 2023, when compared to 2022, and by 12% when compared to 2019. year-on-year.

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