Revenue Hub

MARCH 27, 2024

NB: This is an article from Little Hotelier , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. The importance of forecasting in hotel industry businesses cannot be understated.

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Pricing Special Events Book Article 92

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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Pricing Definition Book Marketing 59

InnQuest

APRIL 3, 2023

Streamlining Processes Through Integrations Implementing a streamlined business process can improve efficiency, reduce downtime, and extend the life of hotel assets. Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits.

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Property Management Training Guest Satisfaction Special Events 222

Revenue Hub

DECEMBER 4, 2023

NB: This is an article from DynamEat Today’s solutions excel at generating price choices and adjustments automatically by using advances in artificial intelligence and machine learning. The incorporation of new data sources, such as POS, is critical in enabling more intelligent pricing choices.

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Special Events Pricing Accounting Article 89

Hotel Owner

APRIL 14, 2023

The Novar Arms, which is located in the rural village of Evanton, Dingwall, has brought to market the freehold going concern for an asking price of £649,500. The Scottish Highland venue is a favourite spot amongst the local community, while also benefiting from year-round tourists travelling through the North Coast 500.

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Marketing Special Events Pricing Events 103

Hotel Owner

NOVEMBER 28, 2023

Robin Hill Country Park in Newport on Isle of Wight has been brought to market off a guide price of £2.25m. The business is currently operated by Vectis Ventures Limited and generates income primarily from entrance fees, food and beverage, and shop sales.

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Marketing Special Events Events Pricing 97

Hotel Owner

JULY 5, 2023

The Hunday Manor Hotel in the Lake District National Park has been sold to Osprey Hospitality Group from a guide price of £1.6m. Craig Lowery from Osprey Hospitality Group, said: “Hunday Manor Hotel is a great business ideally located on the edge of the Lake District National Park and near our other properties.

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Special Events Events Pricing Marketing 105

Revenue Hub

JULY 24, 2023

NB: This is an article from Demand Calendar Factors such as the destination’s appeal for tourism, business events, cultural festivals, and other attractions are the primary drivers of the demand for overnight stays. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

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Revenue Hub

SEPTEMBER 5, 2023

Leveraging historical data, market trends, and special events, hotels can predict periods of high and low demand. This allows them to adjust pricing strategies, allocate rooms accordingly, and maximize revenue during peak seasons while avoiding vacancies during off-peak periods.

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Pricing Reservations Training Article 97

Hotel Business

SEPTEMBER 15, 2023

Myth #1: Revenue management is only essential when business is booming. Whether business is busy or slow, it is critical to define your inventory correctly, update your systems accordingly and ensure their descriptions are clearly presented to customers on all channels. Using external data about your market can assist here.

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Revenue Hub

JANUARY 9, 2024

A hotel demand forecast is a projection of demand (for rooms or other outlets like meeting space) that is used by revenue leaders to guide strategies for demand generation, pricing, inventory controls, segment mix and more. A demand forecast is an essential guiding force for hotel revenue success.

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Special Events Book Article Information 76

Revenue Hub

OCTOBER 23, 2023

Big Data’s Role in Mitigating the Hotel Industry’s Top Three Risks The first and biggest risk is opportunity cost, or leaving money on the table by not accurately pricing inventory – and that can be in either direction. Another risk is conflating channel complexity with pricing complexity.

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Pricing Book Reservations Property Management 81

Revenue Hub

JULY 11, 2023

Subscribe to our weekly newsletter and stay up to date Demystifying Revenue Management At its heart, revenue management is a strategic toolkit in the hotel industry that allows businesses to forecast consumer behavior, optimize product availability, and fine-tune pricing to maximize revenue growth.

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Revenue Hub

FEBRUARY 20, 2023

How do you increase your profits even as prices remain high and the future remains unknown and uncertain? Continue reading to discover the top 11 challenges facing hospitality revenue managers and find out what can be done to avoid to help prospective customers choose your business despite the challenges. 16% wanted to go on vacation.

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Special Events Article Book Pricing 82

eZee Absolute

AUGUST 31, 2022

Not to mention, it is also a great opportunity for hotels to attract guests during diwali boost their business significantly. Be strategic about the pricing. Host a special event. Last year was also great for hotel businesses as there was a surge in travel bookings during Diwali. Be strategic about the pricing.

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Special Events Pricing Events Book 52

Revenue Hub

OCTOBER 30, 2023

The fear: There will be no transparency If you’re a revenue manager (RM) and your automated RMS has next week’s prices set significantly higher than your closest competitors, odds are strong you’ll have some explaining to do with your GM or the owner. It’s not just one tool or one person doing the pricing. The end result?

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Pricing Special Events Article Book 88

Hotelogix

OCTOBER 18, 2023

For any accommodation business to run smoothly, hotel inventory management has to be effective. Regular orders and clear communication help build trust, leading to better pricing and priority service. Seasonal Variations: You often experience fluctuations in demand based on seasons or special events.

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Procurement Guest Satisfaction Special Events Pricing 100

Hotel Owner

JUNE 29, 2023

Most hospitality is property based, so we’re hit particularly hard by energy costs and business rates in addition to manic food cost and wage inflation. Think about what attracts people to your area – is it a theme park, special event, scenery, or a pastime, such as walking, cycling or fishing?

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Special Events Marketing Reservations Communication 105

Modern Restaurant Management

AUGUST 31, 2023

So, basically, you’re harping on your USP—which your customers love—to make your event a success. They may even promote these special events for free via word of mouth. The prices for influencer collaborations vary, depending on the platform and the content. Your customers won’t just participate.

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Modern Restaurant Management

OCTOBER 12, 2022

As a restaurant, you’ve got the opportunity to feed into that joyful excitement with special events for the season, so grab the chance before the winter holidays takeover! Throw an unforgettable Halloween party that benefits your business by following these simple tips.

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Events Special Events Pricing Marketing 196

The Restaurant Times

APRIL 25, 2021

In other words, if a customer tries your restaurant simply because of the discounted price, they are less likely to return when you go back to charging full prices. Restaurant Promotion Ideas That Will Work Like A Charm For Your Business. Collaborate with Local Businesses for Special Offers.

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Special Events Events Scheduling Pricing 52

Synergy Suite

DECEMBER 7, 2023

Revenue per seat represents the average income generated for each occupied seat within a specified timeframe, offering a nuanced perspective on customer spending patterns and the effectiveness of pricing strategies. It helps you identify trends, measure the impact of pricing changes, and assess the success of marketing initiatives.

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POS Systems Pricing Training Reservations 52

Synergy Suite

OCTOBER 12, 2023

Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items. These metrics go beyond merely counting revenue and expenses; they reveal the core profitability of the business, while accounting for various financial components.

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Portion Control Pricing Accounting Procurement 52

Les Roches

NOVEMBER 18, 2022

It may be boring polishing wine glasses, but if guests are paying a premium price for dinner they are going to be upset to find a glass with stains. To underscore this commitment to gastronomic perfection, the hotel recently organized a special event called ‘10 Years, 10 Stars’ to celebrate its first decade in business.

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Special Events Guest Services Presentation Pricing 98

Les Roches

DECEMBER 21, 2022

Revenue is important in any business, and in hotels and hospitality, it can be hard to keep track of revenue due to the constantly-shifting nature of the business. Demand – Looking at when demand is higher or lower and changing pricing and advertising appropriately. Selling rooms for the highest values possible.

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Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Creating a Google My Business account for your restaurant is a great way to ensure that all vital information will be at the customer’s fingertips. Being featured in the show certainly played a huge role in promoting the business.

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Les Roches

APRIL 26, 2023

While client and customer are often used interchangeably to describe people and organizations that purchase goods or services, there are some distinct differences between client and customer that everyone in business should know, especially those interested in pursuing hospitality careers. Clients vs. customers: what are they?

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Customer Service Definition Communication Events 52

Lithos POS

SEPTEMBER 27, 2023

Technology helps business owners achieve their goals by simplifying and more opportunities to grow businesses. POS helps you to automate various business functions such as inventory, payments, accounting, customer, and employee operations. Why Restaurant POS System Restaurant POS system offers seamless business operations.

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POS Systems Accounting Front of House Server 69

Revenue Hub

APRIL 11, 2023

Event attendees: Guests attending events or conferences at the hotel may book directly through the hotel website to access special event rates or room blocks if the hotel booking engine offers that functionality. Today in our busy lives, time is money, so potential guests highly rate convenience.

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Hotel Owner

NOVEMBER 24, 2022

I started as a porter in South Africa, which was followed by concierge roles doing a lot of special events and special projects, such as million-dollar golf. One of them is Miyako, an authentic Japanese restaurant that has street pricing and only seats 26. I, like most people, stumbled into this industry by accident.

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Training Concierge Special Events Housekeeping 102

Synergy Suite

OCTOBER 5, 2023

Revenue is the lifeblood of any restaurant business. Just like with any business, understanding and effectively managing restaurant sales and revenue is crucial for long-term success. For many restaurant businesses, revenue and sales are often used interchangeably. Revenue and Sales: What are they, and how are they different?

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Catering Information Events Labor Cost Controls 52

Restaurant Engine

AUGUST 9, 2023

You’re a busy restaurant owner or manager, and while your business is growing, you’d like to really up the ante. According to the Harvard Business Review (and many others), engaged, happy employees are the secret to your success. You don’t want either of these to slip during busy times or busy seasons.

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Customer Service Training Special Events Marketing 52

Xotels

JANUARY 18, 2021

As a revenue manager or hotelier, your hotel market segmentation shall help to identify the purpose of the trip: either business or leisure. The price does not decide the market segmentation. A clear distinction must also be achieved between individual and group business. Examples of Hotel Market Segments. Negotiated Rates.

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Marketing Book Reservations Special Events 40

Lithos POS

DECEMBER 19, 2023

Like all the business the business model also needs strategic planning to succeed. Management has a crucial role in the success of a business. Imagine your restaurant as a complex business where each part, from the kitchen staff to the front-of-house team, plays a crucial role in creating a premium dining experience.

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Front of House Scheduling Communication Bookkeeping 52

The Restaurant Times

MARCH 8, 2022

Most eateries are doing a tenth of the business they were a week ago, according to a recent inventory. Every hospitality business owner is attempting to figure out how to stay afloat in the coming weeks and months, and the obstacles are numerous. A lot has changed in the food industry, leaving establishments struggling to stay afloat.

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Special Events Scheduling Communication Training 52

SiteMinder

NOVEMBER 30, 2023

Some of the most successful business owners would likely not hesitate to call their regular customers friends, as it’s this attitude that delivers high-quality service on a consistent basis. Revenue management systems Revenue Management Systems (RMS) employ data analytics to predict demand, optimise pricing, and maximise revenue.

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Les Roches

JULY 11, 2023

Understanding customers and consumers in hospitality If you work in the hospitality sector, for example in hotel management , then your customers are the people who spend money with you, whether that’s buying a meal in the hotel restaurant, booking rooms or arranging a special event in the venue. Your consumers are the end users.

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