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As we step into 2023, the hospitality industry is still reeling from the effects of the pandemic – which makes implementing hotelpricing strategies more important than ever. With travel restrictions lifted, hotels are gearing up to welcome guests again.
From hotels and vacation rentals to holiday apartments, properties of all types rely on channel managers to simplify operations. It automatically updates room availability, rates, and reservations across all these platforms. A good hotel channel manager can make a huge difference for small properties too.
Running a hotel has always been about creating memorable experiences, but let’s face it things have gotten a lot more demanding. Now, imagine offering something like this on your hotel’s website. Read More on Improving Hotel Guest Experience with Technology 4. What’s Next for Hotels and AI?
Is your hotel being haunted by no-shows? In the hotel industry, guests who fail to show up without notice (no-shows) and last-minute cancellations pose significant challenges, affecting both planning and profitability. According to our 2024 Hotel Distribution Report , hotel booking cancellation rates range from 18% to 42%.
Competing with large hotel chains can feel overwhelming. Guests appreciate the personal attention and unique experience you can provide—things larger hotels often struggle to deliver. Turn everyday challenges into opportunities and show that small hotels can create just as big an impact. You’re not alone.
In the competitive world of hospitality, having a strong sales strategy is key to ensuring your hotel's success. 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.
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 hotelreservations.
What makes guests choose one hotel over another even when the price and amenities are nearly the same? The answer lies in its branding which creates a unique identity that connects with guests, ensuring your hotel stays top-of-mind when they decide where to stay. Read More : Tips to improve hotel occupancy 1.2.
A Central Reservation System (CRS) helps hotels manage room availability, pricing, and bookings from different channels. These channels include Online Travel Agencies (OTAs) like Booking.com, direct bookings through the hotel’s website, and Global Distribution Systems (GDS).
As a hotel owner you’ve navigated the chaos of permits, watched the first brick get laid, and seen your vision take shape room by room. The next step is just as important— getting your hotel noticed. The next step is just as important— getting your hotel noticed.
Reservation software for a small hotel is like a helpful assistant that makes booking rooms easier. It lets hotels manage bookings, shows room availability online, and keep track of guest details. It's handy for guests too, letting them book rooms directly on the hotel's website.
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. Let’s dive in and discover how dispelling these myths can unlock untapped opportunities for growth and excellence in your hotel.
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. With BEONx, Hoteles Estelar aimed to optimize RevPAR, streamline operational processes, and free up their Revenue team’s time for higher-value activities.
In hotel management, blackout dates act as a powerful revenue tactic that can optimize pricing, control inventory, and boost profits during peak periods. Blackout dates refer to particular peak times when hotels limit discounts, promotions, or the use of loyalty rewards. Why Are Blackout Dates Important to You?
A hotelreservation is an options contract for the future, but it should never be offered for free and without penalty obligation until the day before. Often, hotels send multiple messages to instigate a response, at which point the relationship with the guest becomes purely transactional rather than human.
Online marketing helps hotels in establishing a brand identity, reaching out to millions of travelers and marketing rooms on a global platform. Limited budgets and resources : Budget constraint is the biggest problem faced by an independent hotel. Read: Does your hotel have enough reviews to get you views? )
Ever wondered why some hotels consistently outperform their competitors, even in challenging market conditions? Successful hotels focus on understanding and serving specific guest segments instead of trying to be everything to everyone.
This is why our guide discusses how to avoid overbooking in hotels. As is known, overbooking can be a delicate issue for hotels, as it causes disgruntled guests who are unable to check into their rooms. Hotel Overbooking: Concerning or Not? Hotel overbookings are concerning but not uncommon in the industry.
In today's digital world, your hotel's website is often the first thing potential guests see. But here's the problem: many hotel websites don't do a good job of turning visitors into paying guests. Let’s look at the important parts of a hotel website that gets more bookings.
In today’s fast-paced hospitality industry, selecting the right reservation system is crucial for the success of your hotel. Understanding the impact of your hotelreservation system on your business is key. Implementing a well-rounded approach can maximize revenue while reducing dependency on any one channel.
As the holiday and winter seasons approach, hotels have a prime opportunity to attract guests and increase revenue through creative holiday hotel promotion strategies. Deck the Hotel Holiday decor is a must for creating a festive atmosphere that captivates guests and encourages spending.
When asked why behind their preference for online booking, most travelers cite speed, easy price comparisons, and lower prices as the leading motivations. Moreover, 80% of TripAdvisor users read at least six to 12 reviews before choosing a hotel. Hotels can use this to delight and better connect with guests.
The evolution of hotel technology The hotel industry has seen rapid changes in technology over the past decade. Traditionally, hoteliers relied on manual processes and disconnected systems to manage reservations, pricing, guest services and more.
Consider this: A guest comes to your hotel after a long flight, weary and ready to check in. Intelligent hotels are embracing AI-based communication tools at a breakneck pace, not only to wow technology-aware travelers but also to automate operations, increase revenue , and establish long-term guest loyalty.
We have witnessed firsthand the evolving landscape of hotel revenue management. In this context, hotel dynamic pricing is one of the most critical elements. What is dynamic pricing in hotels? Revenue Goals : Determine what you aim to achieve with dynamic pricing (e.g.,
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. Popular platforms include Google Hotels, Tripadvisor, Kayak, and Trivago. OTAs: Too Much of a Good Thing?
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.
Whether you’re already running a small hotel or just starting out, coupons should be part of your marketing strategy. Hotel coupons can improve the effectiveness of all your distribution channels Coupons are perfect for last-minute sales of your remaining available rooms. Your reservation system should allow you to do this.
Theres a big difference between profitable hotels and those that struggle. These principles impact the hotel at every level, and hotels implementing them grow their revenue and become more profitable. One example is hotels that rely on static pricing. Here are seven common misunderstandings.
A no-show in the hotel industry occurs when a guest makes a reservation but fails to show up or cancel their booking in advance. This can lead to different challenges for hotels, leading to financial losses and wasted resources. Understanding the intricacies of no-shows is important for effective hotel management.
In this guide, we’ll explore the essentials of hotel management software, compare legacy and cloud-based systems, and explain how Hotelogix’s cloud-based PMS can redefine your hotel’s operations. What is Hotel Management Software? For instance, it enhances communication between departments.
In today’s highly competitive hospitality landscape, understanding the digital customer journey is crucial for hotels looking to optimise their online presence and increase direct bookings. Awareness: The customer discovers your hotel through online ads, social media, or travel websites.
At a glance: What is Hotel Inventory Management? Managing your hotel’s inventory efficiently can significantly impact your bottom line, guest satisfaction and overall operational effectiveness. Firstly, What is Hotel Inventory Management? These are managed as inventory and must be scheduled and priced accordingly.
Effective hotel sales strategies are essential for increasing occupancy, driving revenue, and maintaining competitiveness in the hospitality market. Here, we outline the ten best hotel sales strategies that will help you attract guests, maximize revenue, and boost profitability. Top 10 Hotel Sales Strategies to Implement 1.
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.
(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.
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. Some hotels sold many rooms under the package.
Predictive Analytics: Hotels are now anticipating guest needs with uncanny accuracy. 💡 Read Also - Hotel Marketing: Tips to Improve Online Presence Quickly 3. Imagine 'visiting' the Louvre from your Paris hotel room, getting up close to the Mona Lisa without the crowds. Need extra towels at 3 AM?
Easter is more than just chocolate eggs and family gatherings – its a prime opportunity for hotels to maximise revenue and attract diverse traveller segments. Different traveller groups have varying lead times, and recognising these patterns will help you optimise your availability and pricing strategies.
Hotel management is a complex and challenging task requiring business acumen and customer service skills. For example, you can use social media platforms like Instagram and Facebook to showcase the unique features of your hotel and target potential guests who are planning a vacation in your area.
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.
In the dynamic world of hotel revenue management, misconceptions abound. 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.
In recent years, the hospitality industry has been undergoing a significant transformation, particularly in the area of hotel booking policies. But, as demand for flexibility grows, hotel brands face a challenging balancing act – how to meet guest expectations for flexible bookings while ensuring revenue security and profitability.
Introduction: The Hidden Revenue Killer for Hotels Did you know that hotels utilizing a mix of OTAs, metasearch engines, and direct booking strategies experience significantly higher revenue growth than those relying on a single channel? With the hotel industry in the USA valued at $114.7
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