Revenue Hub

OCTOBER 1, 2024

As a hotelier, one of the most critical aspects of revenue management is setting the right prices at the right times. This is where a seasonal pricing strategy comes into play. We explore what a seasonal pricing strategy is, why it’s essential, and how you can effectively implement it in your hotel.

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Revenue Hub

NOVEMBER 20, 2024

A common myth in hotel revenue management is the belief that increasing prices during periods of high demand is a form of exploitation. Understanding Demand-Based Pricing in Hotels To start, let’s clarify what demand-based pricing means. Hotel demand fluctuates widely based on seasonality, local events, and economic conditions.

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Revenue Hub

FEBRUARY 23, 2024

are among a group of hotel chain operators accused of inflating the cost of luxury hotel rooms with help from a price-setting database. The agreement to regularly exchange detailed and non-public information about current supply and pricing suppressed competition between the defendants,” according to the suit. “The

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Revenue Hub

MARCH 18, 2024

Discount pricing is a strategy in which you offer your hotel rooms at a lower price to draw guests, boost demand, increase sales volume, or decrease perishable inventory. This pricing strategy can be applied temporarily for promotional purposes or over an extended period to help position your hotel.

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Revenue Hub

SEPTEMBER 2, 2024

Price skimming can be highly effective, especially during peak demand periods like major events or holidays. We explore the ins and outs of price skimming in hotels, discussing how it works, its benefits and challenges, and best practices for implementing it successfully. The goal is to maximize total revenue rather than occupancy.

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Revenue Hub

OCTOBER 29, 2024

NB: This is an article from CWT Subscribe to our weekly newsletter and stay up to date With the hotel sourcing season well underway, many corporate travel and procurement teams are likely trying to figure out which hotel pricing model makes the most sense for their programs. Fixed or dynamic hotel rates?

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Revenue Hub

DECEMBER 12, 2024

NB: This is an article from RoomPriceGenie , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date In the hospitality industry, we dont think of our competitors as enemies, of course theyre more like friendly rivals. It also means monitoring their offerings and pricing. Do You Know Who Your Competitors Are?

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Revenue Hub

MAY 9, 2024

Let’s talk about something revolutionary, yet as ancient as commerce itself: value-based pricing. It’s time to ditch the old-school, cost-plus mentality and hello to a pricing strategy that actually makes sense for your independent hotels. Why It Barely Works The fundamental flaw of cost-plus pricing is its inward focus.

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Revenue Hub

JUNE 19, 2024

Smart hoteliers implement dynamic pricing, but very smart hoteliers combine it with a strategy for reaching the top positions on OTAs. Dynamic pricing is crucial for hotels looking to maximize revenue and occupancy rates. Read on to become a very smart hotelier!

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Lodging Magazine

NOVEMBER 30, 2023

Look for the second article next month, offering advice on the conversion process. J&P Asset Management manages 109 hotels, about 85 percent of which are […] The post Succeeding in Extended Stay: Operational and Pricing Insights From a Specialist in the Sector appeared first on LODGING Magazine.

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Revenue Hub

SEPTEMBER 9, 2024

Dynamic pricing can be a contentious topic. Consumers often view it as an exploitative pricing strategy in which brands try to charge the highest possible price for their products or services. For example, in the fast-food industry, the introduction of dynamic pricing has gone down like a lead balloon.

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Revenue Hub

JUNE 27, 2024

During periods of increased demand, it’s possible to elevate your room prices to make the most of the average daily rate (ADR). There are limits – don’t forget you have a brand and reputation to maintain, and your competitors can undercut you – but guests will expect to pay more at these times as long as it’s a fair price.

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Revenue Hub

MAY 7, 2024

Perfect competition is a term used in economics to describe a market structure where many buyers and sellers interact without any restrictions, and prices reflect the actual supply and demand dynamics. The industry is characterized by its diverse pricing and services and the advanced technological tools used to set those prices.

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Revenue Hub

JUNE 27, 2024

Effective pricing strategies are the cornerstone of spa revenue management. NB: This is an article from Cayuga Hospitality Consultants Subscribe to our weekly newsletter and stay up to date 1. Setting Competitive Spa Prices Spa Revenue Management begins with setting competitive prices that attract guests while ensuring profitability.

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Revenue Hub

OCTOBER 31, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date When a single group books the entire property, hotels secure guaranteed revenue upfront, eliminating concerns about vacancy rates and providing predictable income streams.

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Revenue Hub

NOVEMBER 20, 2024

NB: This is an article from RoomPriceGenie , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Do guests and staff often get confused about the differences among room types? To help, here is an introductory guide to managing room descriptions, photos, and pricing to maximize returns on your room inventory.

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Revenue Hub

DECEMBER 19, 2024

Dynamic pricing tools use algorithms to recommend the ideal rates and the right time. NB: This is an article from Lighthouse Subscribe to our weekly newsletter and stay up to date Price optimization works by collecting and analyzing data from sources like competitor rates, seasonal trends and external events.

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Revenue Hub

OCTOBER 16, 2024

NB: This is an article from Right Revenue , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Well, of course there are considerations to be made, and if you missed the advice, you can read it here. Now for the second consideration… Dynamic Pricing So, what exactly is Dynamic Pricing? to £140.00

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Revenue Hub

JULY 31, 2024

The ongoing manual calculations and pricing updates across all your distribution channels are huge headaches to most hoteliers, especially if pricing isn’t your only responsibility at your property. How can you use data to improve your pricing strategy? Do they have shared price sensitivities?

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Revenue Hub

DECEMBER 3, 2024

Imagine if your hotel room rates could shift as smoothly as gas prices, responding to demand, seasonality or even events in town. NB: This is an article from Canary Technologies Subscribe to our weekly newsletter and stay up to date Even better, what if these rooms could add ancillary revenue when you have a full house?

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Revenue Hub

OCTOBER 10, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date Whether you’re hosting corporate events, weddings, or intimate gatherings, event minimums help ensure your venue’s costs are covered. Event minimums are nothing new, but determining the amounts can be challenging.

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Revenue Hub

SEPTEMBER 18, 2024

One of the most pervasive myths is the belief that offering low prices will automatically lead to high occupancy rates. In fact, setting prices too low can have several detrimental effects on a hotel’s revenue, profitability, and overall brand perception.

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Revenue Hub

SEPTEMBER 27, 2024

NB: This is an article from Knowland Subscribe to our weekly newsletter and stay up to date Also known as attribute-based pricing, the shift allows guests to customize their stay by selecting only the necessary services, potentially reducing costs and enhancing their overall experience.

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Revenue Hub

DECEMBER 3, 2024

Price optimization and sensitivity analysis are essential tools for refining your pricing strategy to maximize revenue. This method is highly effective in predicting how changes in features or pricing might influence consumer choices and market share.

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Revenue Hub

MAY 17, 2024

Read the full article at Cayuga Consulting The post How to Price Buyouts of Smaller Hotels in Leisure Markets appeared first on Revenue Hub. This can range from weddings and reunions to corporate and association retreats or incentive travel.

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Revenue Hub

OCTOBER 22, 2024

As we look toward 2025, global pricing trends reveal a resilient industry, but one marked by stark regional differences. Latin America leads the charge Latin America has emerged as the star performer in hotel pricing recovery. The hospitality landscape in 2024 is a study in contrasts. With a remarkable 12.2%

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Revenue Hub

SEPTEMBER 13, 2024

Open Pricing provides you with the ability to yield room types based on demand. NB: This is an article from Duetto Subscribe to our weekly newsletter and stay up to date All prices in a BAR concept are fixed modifiers off each other, either at a dollar mark or as a percentage discount.

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Modern Restaurant Management

FEBRUARY 16, 2022

You can't scroll news sites without seeing more articles about inflation, but was does it mean for restaurants? Those who don’t are effectively lowering their prices. Understand if your prices are keeping pace with inflation and maintain a markup that matches the costs associated with paying suppliers and staff.

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Revenue Hub

OCTOBER 30, 2024

NB: This is an article from Topline , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date It’s a world of covert operations, hidden agendas, and strategic maneuvering. Welcome to the “rate wars,” where hoteliers engage in a constant game of pricing cat and mouse.

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Soft Inn

MARCH 17, 2024

Discovering the perfect hotel door lock to suit your security needs involves navigating through a diverse array of options, exploring innovative features, and considering pricing. That’s why investing in a dependable and advanced door lock system, such as the Adel Door Lock , is paramount in safeguarding your property.

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Modern Restaurant Management

MAY 10, 2022

Nobody has time for that when there is a crowded dining room, to-go orders flying out the window and customers complaining about their favorite menu items going up in price. We’re going to park this one here until a little later in this article. Are you doing anything with that data? Partner with Supply Chain Experts.

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Modern Restaurant Management

SEPTEMBER 9, 2022

This article will cover how implementing automation tools like IoT monitoring can save your business money, protect your inventory, and save time. Rising Overhead Costs Are Hiking up Prices. Inflation drives price increases for raw materials and labor costs, which are some of a restaurant's most significant expenses.

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Modern Restaurant Management

JUNE 14, 2022

Last month, our article summarized the “state of the market” for employee benefits in the restaurant sector. In our last article in MRM, we noted that none of our restaurant groups raised employee medical premiums for the 2022 plan year. Restaurants Can’t Increase Employee Premiums.

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Revenue Hub

NOVEMBER 14, 2024

NB: This is an article from RoomPriceGenie , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Here we make things easy for you. Pricing: What Rates Will You Charge? Pricing is one of the most important tasks of revenue management. If it is priced too low, you will miss out on revenue.

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Revenue Hub

DECEMBER 9, 2024

NB: This is an article from Triptease Subscribe to our weekly newsletter and stay up to date It was our first chance to get a glance into the EU hospitality industrys reaction to the report and there was a definite sense of disappointment in Booking.coms limited changes. This came up via a few specific points raised during the workshop.

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Revenue Hub

NOVEMBER 21, 2024

NB: This is an article from LodgIQ , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date If you haven’t heard of this minor league baseball team, they’re famous for breaking all the rules of traditional baseball and succeeding because of it. Unpopular opinion: I don’t like baseball. It’s time to shift focus.

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Revenue Hub

MARCH 6, 2024

Anyone who has heard me speak or read past blogs and articles will know that while I steadfastly agree that OTA’s are a necessary evil, I am also incredibly aware of how they do business; how they continually find ways to disadvantage hoteliers and how their under-hand sales tactics are never, ever there to support hoteliers.

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