Modern Restaurant Management

NOVEMBER 28, 2022

Come 2023, it will be increasingly important for restaurants to factor technology into their budgets to adapt to the changing economic landscape and better meet consumer demand. However, when the pandemic hit, people were less sensitive to prices. For these reasons, restaurants should factor technology into their 2023 budgets.

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Revenue Hub

AUGUST 10, 2023

Budget concerns driven by rising inflation can affect leisure traveler’s plans – but the right strategy can help to ease those concerns. Subscribe to our weekly newsletter and stay up to date Our recent survey identified the key things that influence travelers when making vacation decisions and how price plays into it.

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Revenue Hub

FEBRUARY 15, 2024

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. The Price-Quality Paradox One of the surprising aspects of pricing is the price-quality paradox.

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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. Highlights from the survey include: The rise in F&B and AV prices of up to 50% is a game changer for event design and production.

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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. Why is a hotel budget important?

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Revenue Hub

JULY 27, 2023

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. In this approach, hotel rooms are viewed and sold as commodities, regardless of who the guest is.

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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! Let’s dive in!

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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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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? This process is meticulous and time-consuming.

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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? Pricing: Have We Reached a Ceiling? percent in 2022 to 6.8

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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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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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Hotel Owner

MARCH 7, 2024

The Bristol Hoteliers Association (BHA) has expressed its frustration at the outcome of the Spring Budget, saying that the government has once again left businesses “out in the cold” to face extremely challenging times with little support.

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Revenue Hub

FEBRUARY 9, 2023

Travelers are upping their budgets as well, with 43% of consumers saying their budget for the next 12 months will be higher than last year. The price must be right When it comes to booking air travel, it’s all about price, with atypical, low pricing being the top thing consumers value.

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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. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality.

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Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Hotel Owner

OCTOBER 17, 2022

Newly appointed chancellor Jeremy Hunt has reversed almost all of the mini-budget commitments made by previous chancellor Kwasi Kwarteng last month, in a statement made at the Treasury today (17 October). Hunt has also confirmed that the energy price guarantee will no longer last for two years, and will instead last until April 2023.

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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 store is stocking a range of both local and international wines that will constantly evolve as well as more unique drops from South America, Sicily, Portugal, and Hungary.

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Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5

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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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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. Table of contents Why do hotels use a cost-based pricing strategy?

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Revenue Hub

MAY 2, 2023

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. Hotel pricing is a dynamic process influenced by various factors, including location, competition, customer preferences, and seasonality.

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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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Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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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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Hospitality Net

FEBRUARY 29, 2024

A consumer’s sense of personal financial well-being likely forms the bedrock for spending behavior — from their approach to budgeting, to what they buy at the grocery store, how they plan their vacations, and when they buy a car.

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EATER

MARCH 16, 2022

New York City’s City Harvest is one of several organizations experiencing rising costs due to high fuel prices. Amid supply chain challenges and rising food costs, fuel price spikes are yet another headache for food banks If you’re like basically everybody else in America right now, you’re feeling a serious pinch at the gas pump.

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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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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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Revenue Hub

FEBRUARY 27, 2024

Many discussions focus on familiar strategies like dynamic pricing, personalized offers, and the use of revenue management systems, already widely used in big cities. Pricing is either static, “hurdle-based” or dynamic with fixed “intuitively based” thresholds. Conversely, under-pricing will lead to low rated compression.

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Revenue Hub

NOVEMBER 15, 2022

If your hotel is not currently considering including new technology in the 2023 budget, below are 5 things you may wish to consider – plus an added bonus: 1 reason NOT to adopt new technology. Ask your team what they need and include their wish list in your budget considerations. GM: What happens if we don’t, and it increases?

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Duetto Cloud

NOVEMBER 30, 2023

Narai Hospitality Group started onboarding its Lub d collection of lifestyle onto the Duetto platform in 2021. Lub d currently has six properties in Thailand, Cambodia, and the Philippines rate optimizing on Duetto, with two new properties coming online in 2024.

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Modern Restaurant Management

FEBRUARY 27, 2023

Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out. Use creativity to market a restaurant on a limited budget. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

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Modern Restaurant Management

JANUARY 9, 2024

Restaurants trying to attract price conscious diners should make sure that their menus carry several low-cost, higher margin staples that can be sold at reasonable prices. Consider reducing the size and price of certain staples and then offering a “super-sized” portion for a higher price.

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Modern Restaurant Management

JANUARY 30, 2024

Net sales are primarily driven by average check increases and pricing opportunities are diminishing. With little margin for taking price, brands will need to adopt a broad perspective, focusing on creative traffic-driving strategies, and get down into the specifics by analyzing local competitor and consumer data. Inflation slowed to 3.4

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eZee Absolute

DECEMBER 7, 2023

It helps you better manage resources, predict customer wants and needs, and come up with the most effective pricing strategies to boost your hotel’s revenue. But imagine how tedious it would be to adjust prices across all the distribution channels. Do not shy away from revenue management. Do not shy away from revenue management.

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