Revenue Hub

MARCH 7, 2023

Subscribe to our weekly newsletter and stay up to date In this post, we are going to explain what the total revenue definition is, and how you can calculate total revenue in your hotel. Total revenue definition Let’s start by looking at a basic total revenue definition. How do you calculate total revenue?

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Definition Accounting Concierge Article 71

Les Roches

JANUARY 12, 2024

Pricing strategies are an essential part of commercial activity. Entrepreneurs, marketing strategists, and a whole host of other roles in practically every industry require a thorough knowledge of how to set pricing. It goe­s beyond simply assigning a random price and require­s strategic thinking and careful analysis.

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Pricing Marketing Definition Catering 52

Synergy Suite

MAY 16, 2023

Inventory management software provides features to manage vendor information, track vendor performance, and compare prices from different suppliers. Different software solutions have varying pricing models, such as monthly subscriptions or one-time license fees. Budget Consider your budget when choosing your solution.

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Definition POS Systems Vendor Management Scheduling 52

Soft Inn

JANUARY 5, 2023

Whether your hotel is located in the heart of the city area, near the beach or even situated on a hill surrounded by lush forests, having a good pricing strategy would definitely affect your hotel’s revenue. It is very important to sell the room at the right price at the right time.

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Definition Pricing Book 130

SiteMinder

OCTOBER 5, 2023

Was it a case of the price leading to a lack of perceived value or was it the contents of the package itself? Traditional revenue management focuses on selling the right service to the right guest at the right time, for the right price. It’s crucial to know not only if something worked or didn’t work, but why.

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Definition Blog Events Pricing 59

Les Roches

OCTOBER 27, 2023

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. However, there are various factors to be considered when pricing and, if you want to maximize revenue, it’s essential to know all about effective hotel pricing strategies.

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Pricing Communication Book Marketing 52

Revenue Hub

NOVEMBER 14, 2024

If you ask 10 hoteliers what revenue management is, you will probably get 10 different definitions. Pricing: What Rates Will You Charge? Pricing is one of the most important tasks of revenue management. If your property is priced too high, you will miss out on bookings. Price dynamically.

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Pricing Scheduling Book Article 67

Synergy Suite

FEBRUARY 7, 2023

Simplified menu and pricing management Updating menus, prices, and item descriptions can be done easily with a restaurant POS system. POS Definition, Types, and Benefits appeared first on SynergySuite.

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POS Systems Definition Server Information 52

Revenue Hub

NOVEMBER 6, 2024

The OTA balancing act OTAs definitely have their place. Competitive Pricing vs. Value Add: While OTAs often focus on price comparisons, your direct channels can emphasize unique value propositions. When OTAs dominate the online space that should be showcasing your hotel, those losses can exceed 50%.” That’s a risky strategy.

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Book Article Definition Pricing 95

SiteMinder

JUNE 8, 2022

You need to use forecasting at your hotel to inform your pricing and revenue strategies. Going further, to completely flesh out your revenue management forecasting , you should also take competitor pricing and overall market performance into account. Why should your hotel use forecasting?

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Definition Book Reservations Accounting 52

Revenue Hub

MAY 15, 2024

Definition and Key Components Revenue Performance Management systematically analyzes and optimizes a hotel’s revenue streams. It focuses on understanding market demand, setting optimal pricing strategies, managing distribution channels, and continuously monitoring performance metrics to meet revenue targets.

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Budgeting Pricing Definition Article 85

InnQuest

OCTOBER 28, 2022

Besides, independent hotel owners and hotel chains are also struggling to stay profitable due to a substantial rise in prices for food and essential commodities, a hike in energy prices and labour shortages. After all, with such a high cost of living, raising prices cannot be the solution to all problems. .

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Pricing Property Management Definition Information 218

The Restaurant Times

JUNE 21, 2022

Along with your service and ambiance, restaurant menu and price innovation is a must for every restaurant that wishes to attract more customers and increase its sales. How To Market Your Restaurant’s New Menu And Pricing. This article will help you look at some of the best ways you can market your restaurant’s new menu and pricing. .

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Pricing Marketing Definition Article 52

SiteMinder

JUNE 6, 2024

A quick search on the internet yields a wide range of definitions for ‘revenue management’. Some of these take a theoretical, almost academic approach and, in several instances, there are iterations of revenue management’s classic definition: ‘selling the right room, to the right guest, at the right time, for the right price’.

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Definition Pricing Marketing Events 98

Industry Insights Lodging Magazine

AUGUST 28, 2023

PHILADELPHIA, Pennsylvania—Hersha Hospitality Trust and KSL Capital Partners, LLC announced a definitive merger agreement entered into on August 27, 2023, under which affiliates of KSL will acquire all of the outstanding common shares of Hersha for $10.00 per share in an all-cash transaction valued at approximately $1.4

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Definition Pricing Magazine 98

Boutique Hotel News

MARCH 14, 2023

US: Meetings, events and hospitality technology provider Cvent has entered into a definitive agreement to be acquired by Blackstone at an enterprise value of $4.6 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. per share in cash.

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Events Definition Pricing 246

Revenue Hub

NOVEMBER 7, 2024

In Series 2, we looked at Dynamic Pricing; how this can immediately impact your ADR along with the considerations you need to make before implementing this strategy. Whilst revenue gains can of course be made by channel shift or dynamic pricing strategies, you can also make an immediate impact by simply reviewing your product offering.

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Pricing Blog Article Training 86

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? You may disagree with how we price this, but here’s why we’re doing this.”

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Pricing Definition Front of House Server 145

STAAH

FEBRUARY 18, 2024

Investing in these (also at affordable prices like the rest of the platform!) has definitely made a further impact on the bookings growth seen by the property. WatchMyRate allows website users to compare the prices of a room against a selected group of OTAs.

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Definition Book Pricing Customer Service 82

STAAH

FEBRUARY 18, 2024

Investing in these (also at affordable prices like the rest of the platform!) has definitely made a further impact on the bookings growth seen by the property. WatchMyRate allows website users to compare the prices of a room against a selected group of OTAs.

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Book Definition Pricing Customer Service 80

Hospitality Net

FEBRUARY 16, 2024

NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah (the "Hotel") for $19.2 When adjusted for the Company’s anticipated capital expenditures, the sale price represents a 4.6% Ashford Hospitality Trust, Inc.

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Definition Pricing 69

EATER

OCTOBER 29, 2024

And whether you’re new to cooking or looking for a new addition to your knife drawer, I would say it’s definitely worth the add-to-cart button — especially when it’s on sale for around $30/the price of a two martinis. Years later, this Imarku remains one of my best kitchen workhorses.

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Definition Pricing 85

Hospitality Net

AUGUST 28, 2023

The purchase price represents a premium of approximately 60% over Hersha’s closing share price on August 25, 2023, the last full trading day prior to this announcement. per share in an all-cash transaction valued at approximately $1.4

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Definition Pricing Marketing 66

Modern Restaurant Management

JULY 21, 2022

Come June, the Labor Department's Consumer Price Index saw that annual rate climb even further to 9.1 While inflation is most definitely impacting guests, RMS' Q2 2022 Industry Trends Report shows it's not all bad news for operators. Consumers see a drop in gas prices , bringing them back to drive-thrus.

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Hospitality Magazine

SEPTEMBER 6, 2023

But steak often comes with a hefty price tag, which means the protein is usually ordered by guests for special occasions over a casual meal — until now. While quality and taste were part of the criteria, price also influenced the final decision. “I Price point is naturally a big factor for the chef when selecting proteins. “We

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Pricing Definition Catering Marketing 130

Revenue Hub

JANUARY 9, 2024

NB: This is an article from berner+becker , one of our Expert Partners Revenue management has always been a critical aspect of the hospitality and travel industry, it involves optimizing pricing and distribution strategies to maximize revenue, considering various factors such as demand, competition, and customer preferences.

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Pricing Article Definition Catering 99

Revenue Hub

JANUARY 31, 2023

This is intended to partially offset the additional costs caused by the increased prices and pass them directly to the guests. Price stability: Due to the openly communicated energy flat rate, the remaining prices can be kept stable. The guest pays the same price for the room as he did a month ago.

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Pricing Communication Definition Presentation 84

Revenue Hub

OCTOBER 23, 2023

Revenue Generation Index (RGI) Definition : RGI compares a hotel’s revenue performance to its competitive set. Average Rate Index (ARI) Definition : ARI measures a hotel’s average daily rate (ADR) performance against its competitive set. Let’s delve into these KPIs and explore their significance.

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Definition Article Pricing Marketing 103

Revenue Hub

JUNE 12, 2024

For instance, Diego De Ponga, Corporate Director of Revenue Management at Palladium Hotel Group, believes the classic definition of revenue management is unrealistic in today’s market, where selling inventory demands more flexibility. “I I define revenue management as a way for accommodation properties to earn more,” says De Ponga.

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Definition Article Pricing Marketing 88

Modern Restaurant Management

OCTOBER 29, 2024

While the rise in construction prices has many confounding factors, it does illustrate how inflation impacts insurance costs. As inflation raises prices, insurers must raise premiums to adequately cover those higher costs, whether they’re construction costs or costs for other products your business uses.

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Information Pricing Definition Events 88

Hospitality Net

MARCH 26, 2024

The transaction will be funded by a combination of stock and cash and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.

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Definition Pricing 52

Hospitality Magazine

JULY 15, 2024

There are many factors to consider: price, materials, durability, size, and function are just a handful. Some brands are definitely better than others. The criteria revolves around of price, materials, wear-and-tear, functionality, and size. you want to go for those that are the most durable and reliable.”

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Kitchen Operations Definition Pricing Catering 130

Hotel Business

FEBRUARY 29, 2024

has signed a definitive agreement to sell the 390-room Hilton Boston Back Bay for $171 million ($438,000 per key). When adjusted for the company’s anticipated capital expenditures, the sale price represents a 7.3% Excluding the anticipated capital spend, the sale price represents an 8.7% Ashford Hospitality Trust Inc.

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Definition Pricing Marketing 59

EATER

AUGUST 20, 2024

With more than 4,600 stores across the United States, Walmart is the definition of a retail behemoth. Known for its “Every Day Low Prices,” the chain is the country’s dominant grocery retailer. Each brand gets its own Walmart rep, who helps with logistical and pricing concerns, something that Reynolds found invaluable.

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Pricing Procurement Marketing Definition 103

Revenue Hub

NOVEMBER 21, 2022

Considering hotels’ perishable product, fixed capacity, high fixed cost and low variable cost environment, the ability to set the right price, for the right customer at the right time has been perceived as the perfect solution to earn more revenue and gain higher profits. Only then we can talk value to customers and pricing, right?

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Pricing Definition Marketing Article 76

SiteMinder

JULY 13, 2024

Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. Optimal strategies and techniques are dynamic, based on the understanding that hotel pricing is fluid and can change from one day to the next.

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Pricing Book Budgeting Marketing 98

Modern Restaurant Management

NOVEMBER 14, 2022

While the rise in construction prices has many confounding factors, it does illustrate how inflation impacts insurance costs. As inflation raises prices, insurers must raise premiums to adequately cover those higher costs, whether they’re construction costs or costs for other products your business uses. Supply Chain Strain.

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Information Pricing Events Definition 202