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Spring is a key revenue period, andnow is the ideal time to analyze early booking data and optimize your pricing strategy. It also allows you to establish starting prices for each room type for the spring season. Check out our guide on using the booking window to increase hotel reservations.
NB: This is an article from D-Edge Subscribe to our weekly newsletter and stay up to date In the hospitality sector, the no-show rate for hotels is commonly between 1-5%, providing insight into the revenue lost by hoteliers each year. Read the full article at D-Edge The post How to Prevent Hotel No Shows and Last Minute Cancellations?
A capitalization rate, or cap rate, is a measure of the income return on an asset, such as hotel or rental property, relative to its purchase price. Normally” NOI is calculated using all income less all operating expenses but does not include costs for debt, depreciation, amortization, reserve for capital expense or income taxes.
NB: This is an article from Net Affinity Subscribe to our weekly newsletter and stay up to date With the majority of bookings now made online, ensuring your website provides a seamless, user-friendly experience is not just beneficial — it’s essential. appeared first on Revenue Hub.
NB: This is an article from GuestCentric Subscribe to our weekly newsletter and stay up to date More than half of U.S. The Mobile Takeover in Hospitality Mobile is dominating hotel bookings, with half of reservations now happening on smartphones. As of June 2024, 70% of the worlds population (5.68 The good news?
NB: This is an article from Mews Subscribe to our weekly newsletter and stay up to date When you book a flight, you don’t do so speculatively, knowing that you can cancel it without penalty a few days before departure. Paying at the point of reservation can provide a much better guest experience. At least, it shouldnt be.
NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date These are some of the most common myths that keep hotels from harnessing the full power of their data. Revenue Growth : Uncovers opportunities for upselling, cross-selling, and optimizing pricing strategies based on comprehensive data analysis.
NB: This is an article from Duetto Subscribe to our weekly newsletter and stay up to date But which one is better? Transient bookings : These are individual reservations made by business or leisure travelers, typically through direct bookings or online travel agencies (OTAs). Greater pricing flexibility with dynamic revenue management.
This article offers simple ways to make your mark. Stuck with old-fashioned booking methods: Traditional methods can be time-consuming and prone to errors, making it difficult to efficiently manage reservations. Helps you compete: Gives you tools similar to what big hotels use, but at a price small hotels can afford.
NB: This is an article from Userguest , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date With the right strategy, you can turn the Easter holiday into a high-performing period for your property. Families often plan their Easter trips well in advance, typically booking their stays 6 to 8 weeks ahead.
NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date These tools enable teams to make data-driven decisions at every stage of the guest journey, ensuring that strategies align with market demands and guest expectations. Optimized Revenue: Securing reservations via the most profitable channels.
In hotel management, blackout dates act as a powerful revenue tactic that can optimize pricing, control inventory, and boost profits during peak periods. These are periods when rooms are highly sought after, enabling hotels to establish ideal pricing and booking terms without depending on discounts.
NB: This is an article from 80 Days Subscribe to our weekly newsletter and stay up to date Visit the Rolls-Royce website and you won’t easily find specs and prices. They want to feel like what they’re buying – hotel room, dinner reservation, or another experience – is different and special. What you’ll find are stories.
NB: This is an article from Revenue Team by Franco Grasso , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date The difference is understanding how to use available tools and analysis to stand out from the competition. One example is hotels that rely on static pricing. Are price and quality always equal?
NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date With travelers in a spending mindset and evolving travel trends, hoteliers can tap into this lucrative season by embracing innovative strategies.
Knowing where to list your hotel and the prices to charge can be tricky, especially for busy operators of small, independent properties. Here we explain the essentials of hotel distribution and pricing. What are the pros and cons of different distribution channels? And how can you make your property stand out?
NB: This is an article from Little Hotelier , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Why? By doing this, you don’t just get more reservations, but you also increase your customer’s loyalty and brand awareness increases. Your reservation system should allow you to do this.
NB: This is an article from Bookboost , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Why is pre-arrival communication important for hotels? 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.
NB: This is an article from Topline Revenue , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Its everything from how long they hover over your suite photos to how many times they check out the price of a room before actually making a booking decision (or backing out). Time to raise those prices.
Here is our round up of 8 Success Stories from our Expert Partners outlining revenue growth, increased ADR, occupancy, booking growth, pricing changes and direct channel success. Challenge Eliminating heavy reliance on manual spreadsheets for revenue management and generating data insights for accurate, data-driven pricing.
NB: This is an article from Chekin Subscribe to our weekly newsletter and stay up to date Whether youre managing a boutique hotel or a large resort, implementing the right tactics can significantly enhance your hotels performance. Automating this strategy can significantly increase your revenue per reservation.
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.
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.
NB: This is an article from Theresa Hajko , Regional Director of Revenue at Spire Hospitality Subscribe to our weekly newsletter and stay up to date Thinking outside the box can be beneficial in driving more guests to our hotels or capturing more revenue from the guests we already have.
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. Catering budget : A required minimum amount to be spent on catering to reserve the event space.
Effective yield management isnt just about dynamic pricing (as much as we do love dynamic pricing). Here are some innovative yield management approaches that go beyond the conventional demand-based pricing model. Its about creatively optimizing revenue while enhancing the guest experience.
We have a long history and exceptional pedigree in intelligent pricing automation, initially in digital advertising and then in hotels. And now we are providing pricing automation to the live entertainment industry. It does this by ingesting and analyzing live reservation data and other demand signals such as website searches.
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?
NB: This is an article from DerbySoft Subscribe to our weekly newsletter and stay up to date Almost a century later (1841), Thomas Cook opened the first leisure travel agency, and by 1845, he launched his first commercial packaged tour. With this value proposition in mind, lets consider a scenario.
(Article originally published by Adam Mogelonsky on Hospitality Net ) Its always illuminating to speak one-on-one with brilliant hotel marketers like Jason Pirock, Head of Marketing for Springboard Hospitality , as I did during our recent Insider Conversation, Mastering Conversions: Crafting an Omnichannel Booking Journey.
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.
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.
The article below explores key features of restaurant POS systems, comparing top options like ere4u and LimeTray, along with their pricing factors. With instant updates on table availability and reservations, your staff can seat customers more efficiently. Here are ten key factors that influence POS system pricing.
In the case of buyouts, it is the cost of taking the buyout rather than the usual transient business that would have filled the hotel to full occupancy and would have included in their reservations on shoulder nights (weeknights before or after the weekend nights).
NB: This is an article from Beonprice , one of our Expert Partners. And this has led us to a fork in the road where, in order to remain competitive and relevant in the industry, hotels must develop new data-driven pricing strategies. Why are pricing strategies so important in the hotel industry?
With the right approach and the right pricing strategy, rate parity can actually be a great opportunity to enhance your guest experience and generate increased ancillary revenue streams for your hotel. NB: This is an article from BEONx , one of our Expert Partners Rate parity can be a difficult concept to understand and even harder to manage.
NB: This is an article from Userguest , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date What was once a rigid system of non-refundable deposits and strict cancellation rules has evolved into a much more flexible and guest-friendly approach. Here are a few notable trends: 1.
Attribute-based pricing is becoming an increasingly popular pricing model in the hotel industry. NB: This is an article from BEONx , one of our Expert Partners It enables property managers to establish a range of rates in line with the features and services that a guest is willing to pay for. What is attribute-based pricing?
” NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date In reality, that belief is misguided. My two main methods are: Visiting an OTA : If I go to Booking or Expedia, I can view a list of hotels in the city I plan to visit, complete with photos, prices, and availability.
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.
NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date We highlight three significant hurdles they face, providing insights into why these challenges exist and how revenue managers can position themselves and their hotels for success. This unified view is the foundation of actionable analytics.
In this article, we’ll explore why AI messaging is becoming a must-have for hotels, how it enhances operational efficiency, and how it helps drive direct bookings while reducing reliance on OTA. AI chatbots can engage them in real time, providing answers and guiding them toward direct reservations. Let me help!"
NB: This is an article from Revinate Subscribe to our weekly newsletter and stay up to date These legislations, effective from July 1, 2024, focus on cancellation policies and pricing transparency, respectively. Potential impact on hoteliers: Transparent pricing: Hotels must ensure their advertised rates include all mandatory fees.
This article explores the top 10+ distribution channels , the biggest travel industry trends , and strategies to drive direct bookings while reducing OTA commission fees. Metasearch Engines – Google Hotel Ads, Kayak and Trivago collect prices directly from OTAs and direct websites. Three Key Travel Industry Trends for 2025 1.
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