Soft Inn

DECEMBER 11, 2024

In the hotel industry, pricing is a critical component that can significantly impact revenue and occupancy rates. Understanding the basics of hotel pricing involves knowing the different types of pricing strategies such as seasonal pricing, competitive pricing, and value-based pricing.

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InnQuest

MAY 11, 2023

As we step into 2023, the hospitality industry is still reeling from the effects of the pandemic – which makes implementing hotel pricing strategies more important than ever. However, one of the biggest challenges hoteliers face is determining the right pricing strategies to maximize their revenue in the post-pandemic world.

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Boutique Hotel News

JUNE 16, 2023

UK: The four-star Lion Hotel , located in Criccieth, Gwynedd in North Wales, is up for sale at a reduced price of £1,800,000 marketed by business property adviser Christie & Co. The hotel increased business year on year for over 40 years. The post The Lion Hotel for sale at reduced price of £1.8

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Modern Restaurant Management

MARCH 15, 2023

Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.

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Modern Restaurant Management

AUGUST 16, 2024

One of the more popular solutions to helping a business thrive is dual pricing credit card processing. What is Dual Pricing? Dual pricing is a payment model that allows businesses to implement two different prices for credit card transactions. A perfect example of dual pricing is a gas station.

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Hospitality Magazine

JULY 16, 2024

New figures from CreditorWatch’s June Business Risk Index paint a grim forecast for hospitality operators, with 1 in 11 businesses predicted to fail in the next 12 months. The business failure rate has increased by 8.8 The hospitality business failure rate is forecasted to rise from 7.5 per cent to 9.1

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Modern Restaurant Management

JUNE 12, 2024

Have you completed a small business checkup at your restaurant lately? If you are experiencing the opposite: if check sizes and alcohol sales are declining, employee turnover is increasing, and vendors are refusing to deliver without receiving payment in advance, then your business is not thriving, he warned.

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eHotelier

FEBRUARY 9, 2023

How can you make sure that the system’s responses completely align with your company’s business strategy? And what part does your team play in this? Here are three steps to achieve a balance at your hotel to foster solid collaboration between your team and their AI-based helpers.

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Hospitality Magazine

FEBRUARY 21, 2024

Create unique and high-caliber content Food content is big business on social media and it’s time to take a multifaceted approach to posting. Establish your digital presence This one goes without saying and the following platforms are essential: a website, Google business profile, and social media accounts.

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Revenue Hub

NOVEMBER 28, 2024

Dynamic pricing has long been a cornerstone in industries that rely on demand-driven revenue strategies. Pros of Dynamic Pricing in Hotels Revenue Maximization : By adjusting rates in real-time, hotels can charge more when demand is high, boosting revenues during peak seasons or major events.

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Modern Restaurant Management

MARCH 21, 2024

It also ended with continued economic growth and low unemployment, making it a profitable, yet challenging year for small businesses in the food service industry. 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.

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Revenue Hub

DECEMBER 5, 2024

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?

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Hotelogix

NOVEMBER 28, 2024

Managing bookings across multiple channels has become a core part of running a successful hospitality business. How to Pick the Right Channel Manager for Your Business There are hundreds of options in the market. Many systems offer automated pricing tools. Pay attention to the results seen by other businesses in your sector.

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Hospitality Magazine

SEPTEMBER 15, 2024

FoodByUs, Australia’s largest online hospitality wholesale ordering platform, has launched a new feature, Price Tracking, designed to help the more than 90,000 independently owned Australian restaurants, cafes and caterers access real-time pricing visibility across all items and suppliers. The result?

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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

DECEMBER 12, 2024

But we do compete with them for business. It also means monitoring their offerings and pricing. This includes: Location: Properties in a similar geographic region, close to the same attractions, activities, beach, shopping, entertainment, or businesses. Pricing: Properties that offer similar room types at similar prices.

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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. That’s the power of dynamic pricing in the hotel industry. The concept of dynamic pricing is simple: as demand rises and supply shrinks, prices increase.

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Hotelogix

DECEMBER 19, 2024

This is what hotel business intelligence software accomplishes. This guide will explore how hotel business intelligence operates, why it matters, and how it can boost your hotel management. Understanding Hotel Business Intelligence Hotels create vast amounts of data. Hotel business intelligence steps in to address this question.

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Modern Restaurant Management

OCTOBER 12, 2023

Both legacy restaurants and newer establishments can agree that the literal cost of doing business from payment processing can severely hamper revenue growth from the first sale. business owners an added $1.2 Businesses can easily avoid this by becoming PCI compliant. billion in fees.

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MEWS

SEPTEMBER 3, 2024

What is a hotel business? What transforms a hotel into a hotel business is the ability to consistently fill rooms while providing these services at a price that ensures profitability and keeps guests coming back. Running a hotel business isn't easy, but with the right strategy and execution, it can be highly successful.

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Revenue Hub

OCTOBER 16, 2024

In our last blog, we looked at Channel Shift and the impact that this can make by simply restricting lower rated business in favour for higher rated business. Now for the second consideration… Dynamic Pricing So, what exactly is Dynamic Pricing? Many hotels work much better with a derived pricing strategy.

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Revenue Hub

OCTOBER 31, 2024

Hotel buyouts present a compelling business opportunity that delivers both financial stability and operational efficiency. Read the full article at Tripleseat The post Hotel Pricing for Buyouts: How to Maximize Revenue with Groups appeared first on Revenue Hub.

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Hospitality Magazine

OCTOBER 9, 2024

Inspectors are targeting 27 food businesses in the Manningham City Council suburbs of Doncaster, Doncaster East, Bulleen, Templestowe, Park Orchards, and Warrandyte. Contributing factors include high rates of labour turnover, readily accessible workforces, and menu prices that appear ‘too good to be true’.

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Hospitality Magazine

SEPTEMBER 16, 2024

From cyber security, tipping, and payment solutions to financial wellbeing, practical business advice, and produce price tracking, technology innovators are helping each part of the industry run more effectively and efficiently. As they say, you can’t stop progress. Hospitality is not immune to cyber threats.

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Revenue Hub

NOVEMBER 20, 2024

To help, here is an introductory guide to managing room descriptions, photos, and pricing to maximize returns on your room inventory. Research shows that consumers like to have several pricing tiers to choose from when shopping for a product or service. If you’re not optimizing inventory, you’re missing out on revenue opportunities.

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eHotelier

APRIL 24, 2024

It's about understanding not just how to optimize prices and manage inventory, but why these actions matter in a larger context — a context that includes genuine customer satisfaction and enduring business success. Effective revenue management is driven by a clear sense of purpose.

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Revenue Hub

OCTOBER 30, 2024

Welcome to the “rate wars,” where hoteliers engage in a constant game of pricing cat and mouse. From fancy software tools that track every rate change in real-time to secret phone calls under the guise of a corporate booker, hoteliers have mastered the art of “price espionage.”

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Revenue Hub

NOVEMBER 19, 2024

Myth 1: A Siloed System Is Business Intelligence In the hotel industry, it’s common to use separate systems for reservations, property management, customer relationship management (CRM), and accounting. Let’s dive in and discover how dispelling these myths can unlock untapped opportunities for growth and excellence in your hotel.

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Hotelogix

SEPTEMBER 22, 2024

These platforms allow users to compare prices and amenities, making it easier to find and book accommodations at the best prices available on the Internet. Since many travelers book based only on price or location, they may not develop loyalty to a particular hotel brand. Popular OTAs include Booking.com, Expedia, and Airbnb.

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InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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Modern Restaurant Management

MARCH 15, 2024

90 percent of restaurant operators are small businesses, competing for every dollar they earn. These small businesses must be aware of the options they have when it comes to choosing a payment processor to handle these interchange fees and make sure they do not rack up and instead help a restaurant owner keep their doors open.

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InnQuest

OCTOBER 28, 2022

Unfortunately, most businesses in this sector are still struggling to keep up due to various factors like changing marketing dynamics, rising competition, operational issues, labour shortage, etc. However, one of the biggest factors severely affecting the growth of these businesses is the rising inflation rate.

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Hospitality Magazine

AUGUST 5, 2024

The spirits tax in Australia has now risen to $103.89, making it the world’s third highest as consumers and businesses struggle in the midst of the cost-of-living crisis. These six-monthly increases are becoming increasingly difficult for our business to sustain, and they are impossible to plan for,” he said.

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Boutique Hotel News

MARCH 14, 2023

This represents a premium of around 52 per cent on the volume-weighted average price (VWAP) in the three-month period leading to the end of January. Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business.”

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InnQuest

NOVEMBER 30, 2022

Modern, tech-based solutions are facilitating businesses in the hospitality industry to streamline their operations, boost productivity and enhance the overall guest experience – all at a cost-effective rate. One such facet of business that has seen phenomenal growth in recent years is how payments are processed. billion by 2030.

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Modern Restaurant Management

FEBRUARY 26, 2024

Restaurants and franchises face numerous financial challenges that can hinder their success, however, by optimizing their payment processing strategy, these businesses can overcome some of the major obstacles faced by restaurants in their early start, helping them to achieve greater stability and ultimately profitability.

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Modern Restaurant Management

JANUARY 9, 2024

Restaurant owners should work to forecast their busy and slow seasons and use these projections to determine whether they are likely to need capital as they transition into their busy season. Small business owners should consider exploring options with their bank as well as these non-bank lenders.

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