Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

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SiteMinder

SEPTEMBER 10, 2023

What is a hotel budget? A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets.

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Revenue Hub

JULY 27, 2023

Hotel management is multi-faceted, and each decision carries significant weight. NB: This is an article from Demand Calendar One of the most pivotal decisions is setting the right price policy for hotel rooms. A hotel’s pricing strategy can be the difference between empty rooms and a bustling, thriving business.

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Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. NB: This is an article from Knowland But are you sure that your commercial team is following the latest hotel revenue management trends, like total revenue management and dynamic pricing, to optimize profits? Don’t worry, we’ve got you covered!

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Revenue Hub

OCTOBER 2, 2023

NB: This is an article from Demand Calendar Whether they run luxurious resorts or small bed-and-breakfasts, hotel companies spend considerable time and effort creating annual budgets. Let’s start with the steps in budgeting for hotels. Is budgeting critical in hotels? Is budgeting critical in hotels?

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Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? GOP margins have remained relatively flat since 2019.

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Revenue Hub

FEBRUARY 15, 2024

Average Daily Rate (ADR) is like the heartbeat of a hotel’s revenue strategy. It’s the price you charge for each room, and hoteliers often fret about setting it too high. In this blog post, we’ll delve deep into why you shouldn’t be afraid to push your room prices higher. However, it’s essential to challenge this notion.

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Hotel Business

FEBRUARY 1, 2024

According to the 2024 State of the Meetings Industry report from Knowland and ConferenceDirect , pricing continues to be an issue with 47% of meeting planners. Improvements in staffing and technology have enabled hotels to respond faster,” said Jeff Bzdawka, CEO, Knowland. AI plays an increasing role in the meetings industry.

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STAAH

NOVEMBER 29, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Revenue Hub

JULY 26, 2023

The sale of an overnight hotel stay is a perishable product. Subscribe to our weekly newsletter and stay up to date This ability to flex room prices gives hoteliers a significant advantage they do not have in other areas of their business. You can’t increase the price of the beer every other day.

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Hotel Owner

MAY 15, 2023

“I think because we focus on the basics, consumers recognise that and reward us for paying the right price, for the right product and not for things that they don’t need,” says Karim Malak, CEO of Easyhotel. In 2022, Easyhotel’s RevPAR was up 56% and its market share increased showing strength of the budget model in the current climate.

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Revfine

JANUARY 4, 2024

Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round.

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Serviced Apartments

MARCH 6, 2024

UK: In the Spring Budget 2024, Chancellor Jeremy Hunt revealed the government will freeze alcohol duty and cut National Insurance, as well as raise the VAT threshold for small businesses to £90,000. In today’s Spring Budget, Hunt outlined plans to increase the VAT registration threshold from £85,000 to £90,000 for small businesses.

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Revenue Hub

MARCH 21, 2023

Price elasticity is an essential KPI for any business, and the hotel industry is no exception. NB: This is an article from Lybra , one of our Expert Partners It measures the responsiveness of demand for a product or service to changes in its price. Seasonality This is another important factor that affects price elasticity.

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Hotelogix

JANUARY 30, 2024

As a hotelier, monitoring your hotel's performance is paramount to ensuring smooth operations and maximizing revenue. In this context, reports are critical as they provide key insights into your hotel's operations, from housekeeping to finance, marketing, and guest preferences.

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Revenue Hub

MAY 2, 2023

The hotel industry is characterized by continuous change and intense competition, making it imperative for hoteliers to develop a deep understanding of market dynamics and customer preferences. NB: This is an article from Lybra , one of our Expert Partners A well-defined pricing strategy is vital for the success of any hotel business.

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. Pricing can be based on cost, competition, or demand. It’s also about adapting your rates to market fluctuations so that you offer the right price, to the right guest, at the right time.

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SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Hotelogix

DECEMBER 7, 2023

To be very precise, it has shaped the way guests book their accommodations at hotels. This gives them a better idea of what fits their requirement and budget best. This is the primary reason why as a hotelier, you should know how to select the right OTAs for your hotel.   Why should you partner with OTAs?

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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. 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.

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SiteMinder

OCTOBER 10, 2023

What is cost based pricing? Cost-based pricing is a pricing method where the selling price of a product or service is determined by adding a markup to the unit cost or, in the case of hotels, the cost of keeping a room available and maintained for use.

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Revenue Hub

APRIL 19, 2024

As a revenue manager, you know that assessing your hotel’s performance is crucial to staying competitive in your market. Benchmarking is also a valuable tool to track your performance against internal key success metrics, such as your budget and forecast. But how do you know if you’re truly keeping up with the competition?

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InnQuest

FEBRUARY 1, 2023

As we head into 2023, the hotel industry faces several challenges and changes that hotel managers need to be aware of to be successful. Here’s a quick guide hotelier can follow to stay successful in hotel management for 2023. Here’s a quick guide hotelier can follow to stay successful in hotel management for 2023.

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Revenue Hub

MARCH 14, 2024

By providing prices and availability, hotels now can appear in the hotel booking module for free, along with paid hotel ads. This allows users to book hotels without needing to visit an intermediary website, such as an online travel agency (OTA). Why is this important?

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eZee Absolute

DECEMBER 7, 2023

Revenue management (RM) is supremely necessary for hotels. While many hotels are making the best out of it to boost their bottom line, some are still thinking of it as a mythical unicorn. I kid you not, most of the hotels refrain from opting for any sort of revenue management services. Who is to blame for it?

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Revenue Hub

APRIL 30, 2024

Hotel revenue management is surrounded by myths, from the idea that it only concerns room rates to the notion that strategies are ‘set and forget’. This article debunks these misconceptions, highlighting the complex nature of revenue management that goes beyond pricing to include market analysis and customer behavior.

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Pricing Information Article Marketing 78

Revenue Hub

NOVEMBER 15, 2022

The sentiment could very easily be applied to the adoption of hotel technology… In the current climate and with the economic headwinds being felt in the UK, some hotels may be tempted to reign in their spending and pause projects. Of course, the level of expectation will vary hugely depending on the guest, market and hotel.

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InnQuest

JULY 10, 2023

Wondering how to map out the perfect hotel market segmentation strategy that keeps your hospitality business ahead of the curve? Imagine walking into a hotel that anticipates your needs, understands your unique desires and precisely caters to your individual preferences. What Is Hotel Market Segmentation? Your search ends here.

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InnQuest

SEPTEMBER 12, 2023

From the moment a guest walks through the doors until their departure, every aspect of their stay is carefully curated through the lenses of hotel operating systems and the adept oversight of a hotel operations manager. Human Resource Management: Managing the hotel’s workforce is essential.

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Hotel Owner

OCTOBER 17, 2023

The luxury hotel market has been the driving force behind the hotel industry’s recovery this summer, with record room rates and a boost to RevPAR across the UK, according to RSM. The average daily room rates of UK luxury hotels reached a record £400.18 In the same period, rates of middle market hotels were £149.76

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Budgeting Marketing Pricing 98

Hotelogix

FEBRUARY 1, 2024

Independent hotels stand out in the bustling hospitality industry with their unique charm and personalized service. To deal with it, they need user-friendly hotel management software. However, this dedication often comes with a trade-off - grappling with the complexities of hotel management. Let's dive in to know more.  

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Revenue Hub

JANUARY 13, 2023

Digital marketing in the hotel and hospitality industry is now crucial in order to get your hotel noticed by both new and existing customers. This then begs the question, what is hotel digital marketing? Simply put, it’s a term used to cover a number of marketing channels and methods utilised to promote your hotel online.

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Revenue Hub

FEBRUARY 27, 2024

The hotel industry buzzes with talk of “modern” revenue management, but are we truly innovating? Many discussions focus on familiar strategies like dynamic pricing, personalized offers, and the use of revenue management systems, already widely used in big cities.

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Revenue Hub

AUGUST 24, 2023

Hoteliers and marketing executives in the hotel industry are faced with a multitude of challenges, including budgeting, marketing decisions, selecting appropriate distribution channels, and proper pricing. Revenue management should adjust prices according to demand and competition, ensuring an optimal price-performance ratio.

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Revenue Hub

APRIL 29, 2024

The hotel industry constantly evolves, challenging CEOs to balance a strategic, future-focused mindset and adapt operations in real-time based on current performance. Critical Challenges Future Focus: Hotels must remain vigilant, anticipating market trends, evolving guest expectations, and shifting economic conditions.

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Revenue Hub

JANUARY 18, 2024

Obviously you have a good understanding of your hotel, your target audience and your commercial approach. What sets them apart and how does your hotel measure up?And And more importantly: how can you use this knowledge to optimize your pricing, marketing and conversions? Why Is Performing a Hotel Competitive Analysis Important?

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