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CoralTree’s parent company, Lowe, launched its hospitality management business in 1973 to provide residential resortmanagement services. In late 2023, we substantially grew our portfolio of vacation rentals and are excited to further expand, operationalize and brand this collection to highlight our expertise in this area.”
If you want a career in hotel management , you’ll need to be familiar with many aspects of overseeing a hospitality venue, including hotel pricing strategy. In this article, we’ll go over what hotel pricing strategy is and have a closer look at specific strategies different hotels and resorts use.
In addition to technical abilities, soft skills such as communication, problem-solving and adaptable leadership skills are also crucial. Transferable skills from hospitality management Hospitality management helps develop a set of transferable soft and hard skills.
Providing excellent customer experience will also allow a hotel to maintain a higher price point, helping improve profits. The other factors that affect guest satisfaction in the hotel business include the amenities, what the hotel offers and price or value for money. How does hotel customer service impact guest satisfaction?
Mark-up on supplies and services Hotel management companies often generate additional revenue through mark-ups on supplies and services provided to the properties they manage. They use their purchasing power to buy goods and services in bulk at lower costs, then charge the hotel a marked-up price for smaller quantities.
Sales and marketing can be great career choices if you like working in a fast-paced and exciting field where you can be creative and use your excellent communication skills. Working specifically within the hospitality sector means you can be based almost anywhere in the world, since there are resorts and hotels on every continent.
There are lots of career paths you can consider in the hospitality industry, especially once you have completed professional qualifications such as a hotel management degree. These are specialist roles, each overseeing managers within their departments. We’ll look in more detail at some of these later in the article.
Known as hotel property management systems or hotel PMS , this software enables hotel management to use digital platforms to streamline operations such as bookings, guest check-ins and housekeeping coordination, while enhancing guest experiences. Costs vary depending on the size of hotels and the features available.
Companies can look at adopting ethical pricing models, establishing long-term partnerships with fair-trade suppliers and using data-driven insights to make smarter decisions. Zero-waste initiatives: hotels and resortmanagement are increasingly implementing zero-waste initiatives.
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