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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Revenue Hub

OCTOBER 31, 2024

Product Launches and Brand Activations A buyout enables companies to transform the entire space into a branded experience, which is especially important for new product reveals or experiential marketing events. Hotels can add value by offering all-inclusive packages that appeal to both organizers and attendees.

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Hotelogix

JUNE 10, 2024

In this context, hotel dynamic pricing is one of the most critical elements. What is dynamic pricing in hotels?  Dynamic pricing strategy in hotels allows hoteliers to optimize revenue by ensuring room rates accurately reflect market conditions and consumer behavior.

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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.

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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

MAY 21, 2024

While this is a significant part of our role, it’s easy to overlook the in-depth analysis that underpins each pricing decision to get to the sticker price. If you get too fixated on solely pricing, it can be very easy to lead your hotel astray and deliver sub-optimal revenue outcomes. A big event is announced.

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Revenue Hub

NOVEMBER 19, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date With strategic planning, restaurants can unlock the full revenue potential of holiday events and private dining. Events and private dining can make a big impact on your bottom line.

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Revenue Hub

MARCH 15, 2024

Overall, the arrival of Swift is positive for pricing in every hotel market we look at, although the level of variation from destination to destination can be quite extreme, for reasons we will discuss later. We can see that the effect on hotel room pricing in some cities is staggering.

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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

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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STAAH

MAY 21, 2024

Setting the right price for a hotel room can be a straightforward task for some, yet complex for others. Regardless, the key question remains: Is the price point logical? Decision: Should we increase or hold the retail pricing on online travel agents (OTAs) and the brand website?

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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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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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Hotelogix

JUNE 21, 2024

In the hospitality industry, creating memorable events is important to ensuring business success. The core of this process is the Banquet Event Order, which is a detailed document that lists all the details of an event. Understanding Banquet Event Orders  It is an important document that details the specifics of an event.

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Hospitality Magazine

AUGUST 21, 2024

After hosting several popular events at other venues, Ettridge and Fitzpatrick say finding their own brick-and-mortar space was the natural next step in sharing winemaking and hospitality directly with their community. The team plans to host several large-format parties annually, as well as Adelaide Hills Wine Region events.

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Hospitality Net

SEPTEMBER 20, 2024

The discussion centred around dynamic pricing, the influence of short-term rentals, and guest satisfaction throughout the event. Here is a summary of the key insights from the webinar and some points hoteliers can apply to their future revenue strategies, especially for large-scale events.

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Revenue Hub

JULY 3, 2024

In case you missed the live event, you can catch up with this recording of the Jurrnee event and see the top RMS vendors go head-to-head to see which RMS can best solve real hoteliers’ revenue management problems and pain points.

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STAAH

JULY 2, 2024

This is fueled by the meteoric rise in demand for live events post-pandemic, coupled with the increase in music festivals around the world. The data quite clearly shows that there is a gold mine waiting to be capitalized on by the hospitality industry when it comes to leveraging music festivals, concerts, and sports events.

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Hospitality Magazine

MARCH 27, 2024

And while each wine has been meticulously selected, bottles at Hunters Hill Wine Room cover a wide range of price points to suit every budget. The venue will also host winemaker events for guests to expand their knowledge as well as weekly wine tastings.

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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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Revenue Hub

MAY 15, 2024

Today’s hotel and event salespeople work in completely different environments than most of their leaders experienced. Meeting and event booking sites have created a flood of leads, which can be overwhelming for those working in a sales role equipped and staffed for the era when leads came in by phone or website inquiry forms.

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Revenue Hub

AUGUST 28, 2024

Event and group planning within the hospitality sector mirrors these seasonal trends. No Rest for the Weary January witnesses an upswing in new event requests almost immediately after the holiday decorations come down. Convergence This heightened January planning activity presents a golden opportunity for event professionals.

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InnQuest

SEPTEMBER 5, 2023

It involves tracking and controlling inventory in real-time, making informed decisions on pricing, room allocation and availability, and ensuring that the right resources are available at the right time. Effective management ensures that rooms are allocated efficiently and priced competitively.

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Hospitality Net

SEPTEMBER 20, 2024

Global business travel and events prices appear to be moderating following the dramatic increases seen in recent years.

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Modern Restaurant Management

OCTOBER 26, 2020

Leverage a Local Event. Connect with the community and its residents by creating a promotion in line with an upcoming event. For example, if there is a music event or movie screening planned, offer take-out dinner boxes or pre-show happy hour snacks and cocktails at a special price. Reward Return Customers.

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Modern Restaurant Management

SEPTEMBER 9, 2022

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. The steady increase in cost is forcing restaurants to raise their prices because they’re spending more on materials.

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Hospitality Net

OCTOBER 24, 2024

Global hotel rates are forecast to continue rising in 2025, but price increases will moderate compared to the steep rises of recent years, thanks to easing leisure travel demand and a surge in new hotel construction.

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Hospitality Magazine

FEBRUARY 6, 2023

” The multi-course tasting menu is priced at $685 per person and will run across lunch and dinner sittings from Wednesday to Sunday. Hospitality was on the ground at the event, attending a press conference with Colagreco who spoke after the momentous win. “I I have plenty of messages with this work,” he said.

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Hotel Business

NOVEMBER 22, 2024

Ancillary revenue and events will have a renewed focus: Room pricing pressure will play a role in the increased adoption of online booking and dynamic pricing for meetings and events. Hoteliers will also look to automate smaller events to streamline operations and staff efficiency.

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Modern Restaurant Management

JANUARY 15, 2024

Is inflation still driving wing prices? The price of many staple items is continuing to increase throughout the beginning of this year. Catering and parties will become increasingly popular in 2024 as people continue to gather for in-person events, so consider offering Super Bowl catering menus for parties at home.

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Hotelogix

NOVEMBER 7, 2024

This blog outlines simple, actionable strategies that hotels of all sizes can use to grow their business, from direct bookings to pricing strategies and everything in between. Read also: Guide on Customer Retention in Hotel Industry Encourage Group Bookings: Offer discounts or packages for weddings, business events, or group travel bookings.

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Modern Restaurant Management

JANUARY 26, 2022

It is interesting to see the increase in consumer searches for higher priced restaurants while consumers are also mentioning rising prices in their reviews. Yelp data shows a 56 percent increase in searches for restaurants at the highest price point in 2021 compared to 2019.

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Revenue Hub

JULY 31, 2024

One often overlooked yet highly lucrative opportunity lies within the function spaces and underutilized event spaces of a hotel. Today, we’ll talk about what your revenue sources are and how you can get the most out of an events program at your property. Scarcity can drive up prices as guests are willing to pay more to secure a room.

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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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Modern Restaurant Management

NOVEMBER 14, 2022

In 2020 alone, weather and climate-related disaster events across the U.S. As these weather and climate-related events become increasingly common , it comes as no surprise that premiums have risen as insurance companies pay out large claims. cost $95 billion. Insurers spread the risk through reinsurance. Supply Chain Strain.

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Modern Restaurant Management

AUGUST 2, 2024

Another 25 percent said they were investing in special events and one-off promotions, and 24 percent said they were prioritizing takeout and delivery operations. As a result, they are making hard decisions to adjust prices and make menu changes. Thirty-seven percent said they’re expanding catering operations.

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InnQuest

APRIL 3, 2023

Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits. With real-time, automatic rate optimization, hotels can adjust rates dynamically in response to demand fluctuations, ensuring they are competitively priced.

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