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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Pricing Book Marketing Article 92

InnQuest

OCTOBER 17, 2023

Here’s a brief explanation of the reasons why hotel overbookings happen: Uncertain Cancellations: Hotels anticipate a certain percentage of reservations to be canceled. Revenue Maximization: In a bid to maximize revenue, hotels often accept more reservations than their actual room inventory.

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Reservations Guest Satisfaction Book Pricing 221

STAAH

NOVEMBER 26, 2023

The boutique New Zealand property – The Convent Hotel in Auckland changed its pricing strategy to be based on more real-time market conditions and customer demand. Listening to the guests was key to informing room pricing that yielded the best returns for the business, i.e. moving into the era of dynamic pricing.

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Modern Restaurant Management

OCTOBER 1, 2022

Restaurant marketing revolves around making your business known. Restaurants, in turn, have to deal with skyrocketing prices on products and fuel. Restaurants, in turn, have to deal with skyrocketing prices on products and fuel. Let’s look at low-budget restaurant marketing ideas to succeed in inflationary times.

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Revenue Hub

JANUARY 12, 2024

The Super Bowl is not just a sporting event; For restaurant owners and managers, it is a golden opportunity to leverage Super Bowl restaurant marketing to bring in more people to spectate, celebrate, and enjoy some camaraderie and delicious food.

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Revenue Hub

JUNE 13, 2023

NB: This is an article from Revenue Team by Franco Grasso , one of our Expert Partners One component is “dynamic pricing.” ” You’re familiar with this model when considering your rack rate vs. your bottom prices. First, consider your hotel has a pricing path. What are the bottom and starting prices?

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Pricing Book Events Article 52

Hotel Business

MAY 13, 2024

JLL’s Hotels & Hospitality group arranged a new $735 million, five-year, floating-rate SASB CMBS term loan to refinance The Walt Disney World Swan, Walt Disney World Dolphin and Walt Disney World Swan Reserve, a 2,619-key resort located adjacent to the theme parks within Walt Disney World in Lake Buena Vista, FL. of outdoor space.

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Reservations Pricing Events Marketing 59

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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Guest Satisfaction Maintenance Pricing Book 218

Modern Restaurant Management

JANUARY 22, 2024

How can you adjust your B2C marketing strategy to align with their needs and provide an elevated culinary experience? You can craft a B2C marketing strategy that is interesting, relevant, and successful by following this checklist. But precisely, how can you determine what customers want?

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Reservations Customer Service Marketing Pricing 181

Revenue Hub

JULY 10, 2023

NB: This is an article from Mews It informs marketing strategy, helps tailor offers and reveals growth opportunities while optimizing revenue management strategy and profitability. What is hotel market segmentation? From there, you can tailor marketing strategies, services and offerings to meet the requirements of each segmented group.

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Marketing Special Events Book Article 84

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

Boutique Hotel News

DECEMBER 12, 2022

Worldwide: Hotel management system RoomRaccoon has integrated with Cendyn’s Pegasus Central Reservation System (CRS) to enable hotels distribute rates, availability and inventory on global distribution systems. Content will be promoted to an audience of more than 600,000 travel buyers in more than 120 markets. .

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Revenue Hub

MARCH 22, 2024

The job was transactional as long as inventory and pricing were synchronized periodically. However, channel management has become vital for a hotel’s commercial success, with increasing reliance on OTAs driving a majority share of room night reservations and the emergence of metasearch players. This allows optimal decision-making.

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Reservations Book Pricing Article 79

eZee Absolute

MAY 13, 2024

They unlock valuable insights into guest behavior, pricing trends, and competitor data. An RMS is a comprehensive software solution designed to analyze various data points, including historical booking patterns, market demand, competitor pricing, and other factors that influence revenue generation for your hotel.

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Pricing Book Reservations Budgeting 52

Modern Restaurant Management

SEPTEMBER 16, 2020

Modern Restaurant Management (MRM) magazine surveyed marketing experts to find out the best ways restaurants can market themselves now. Basant Baruah, Senior Content Marketer, Beaconstac. Below are a few examples of small and big F&B chains applying unique marketing techniques. Here are their insights.

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STAAH

JANUARY 16, 2024

A few small but powerful tweaks to your overall pricing strategy can make a dent to your revenue. There is no set formula to increase a hotel’s revenue, it can be achieved by creating a good promotion plan, tapping into sources of ancillary revenue , upselling and other marketing strategies. Switch to dynamic pricing.

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Pricing Book Reservations Training 84

Revenue Hub

FEBRUARY 7, 2023

Subscribe to our weekly newsletter and stay up to date I’ve compiled a list of what I believe is going to be some of the most powerful insights for hotel marketing in 2023. The better your images, the higher your conversion rate In the competitive hospitality industry, visuals are key when it comes to marketing success – and for good reason.

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Revenue Hub

JANUARY 30, 2024

In the modern hospitality industry , hotels receive reservations from many places, online and off. The source of a reservation is known as its booking source, and all hotel booking sources fall into one of two primary categories: direct and indirect sources. Direct and indirect booking sources exist both online and offline.

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Book Reservations Article Scheduling 81

InnQuest

APRIL 3, 2023

For instance, online booking systems, channel managers, and revenue management software can help you manage reservations, room rates, and availability across different channels. Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits.

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Revenue Hub

SEPTEMBER 25, 2023

Transient travellers, often referred to as “walk-in” guests or those without prior reservations, play a significant role in the hospitality industry. In this article, we will explore the effect of transient travellers on hotel revenue and strategies for capitalizing on this dynamic market segment.

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Reservations Book Article Pricing 98

Revenue Hub

OCTOBER 10, 2023

Another exciting key technology component for the hotel industry is GIS – Geographic Information Systems which enables hotels to compile geographic information to target and enhance their marketing efforts. Another example would be National sporting events that repeat each year, but do not fall on the same dates each year.

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Information Reservations Pricing Events 104

Les Roches

MARCH 22, 2023

The events industry is a dynamic and exhilarating field that offers various opportunities for career growth. One of those fulfilling and exciting career paths is event planning, which offers a wide range of opportunities for creativity and problem-solving. What is event planning? But it has its challenges too.

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Events Budgeting Vendor Management Communication 52

InnQuest

JANUARY 26, 2023

Streamline Daily Operations Automated hotel management solutions communicate and update users and hoteliers as and when rooms are reserved, helping guests make direct bookings via the hotel’s website, third-party portals, or RFP management solutions. Such solutions help in increasing conversion, guest loyalty, and revenue.

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Revenue Hub

NOVEMBER 9, 2022

With the arrival of a black swan event known as the pandemic, demand prediction was only exacerbated situation – adding extra layers of complexity to the process. In today’s dynamic market conditions, hotel demand forecasting has become even more difficult. This results in increased hotel occupancy in the specified market.

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Marketing Book Reservations Article 81

7 Shifts

AUGUST 12, 2020

So far, 2020 has thrown marketing plans, advertising budgets, and restaurant growth out of the window. But as restaurants reopen and business starts to pick up again, it’s important you pick up your marketing plan too. Their business is built on the power of word of mouth—one of, if not the most useful marketing tools in the book.

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Revenue Hub

SEPTEMBER 5, 2023

This system enables hoteliers to keep track of available rooms, reservations, and occupancy rates in real-time. Leveraging historical data, market trends, and special events, hotels can predict periods of high and low demand.

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Pricing Reservations Training Article 99

Revenue Hub

FEBRUARY 6, 2024

Group bookings are a powerful force, as it allows you to capture a chunk of travellers while only paying distribution and marketing costs for one booking. Group booking professionals like tour providers will tend to have higher discount expectations, and be better negotiators, than one-time event bookings like wedding parties.

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Book Pricing Article Reservations 102

Revenue Hub

SEPTEMBER 13, 2023

Research similar events and forecast accordingly Now’s the time to gather data and develop a stronger understanding of Olympic (or other large event) guest behaviors. While obviously you’re not likely to find data that’s a perfect comparison point, there are insights from past events that may shape expectations for your property.

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Pricing Book Events Article 80

InnQuest

SEPTEMBER 12, 2023

It encompasses tasks such as front office operations, housekeeping, food and beverage services, maintenance, sales, marketing and financial management. It handles guest reservations, check-in/check-out processes, and room assignments and provides concierge services. Consider partnering with local suppliers for fresh, unique offerings.

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Hotel Owner

OCTOBER 17, 2023

The UK’s luxury hotel market has been driving the hotel industry’s recovery, with record room rates and revenue per available room (RevPAR) increasing , according to RSM’s Hotels Tracker. While occupancy levels still lag behind pre-pandemic levels, many consumers are opting for budget hotels, squeezing middle-market options.

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Budgeting Events Reservations Marketing 98

Revenue Hub

FEBRUARY 20, 2024

Those hotels that remained open during the pandemic closures and implemented careful revenue management strengthened their position in the market. Key Revenue Management Trends for 2024 Effective revenue management includes a blend of technology, smart online marketing, competition analysis, and demand forecasting, to name a few.

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Pricing Book Download Accounting 101

SiteMinder

APRIL 16, 2024

The rise – which saw travellers book their stays, on average, 32 days ahead of check-in compared to 19 days in the prior year – is the result of changing booking behaviours among travellers and far surpasses the 20% rise averaged in hotel markets globally. The data was revealed by SiteMinder at the 7th Hospitality Vietnam Conference.

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Book Reservations Accounting Marketing 104

Hotel Business

MARCH 6, 2024

Available in eight languages, the release of SiteMinder’s mobile app follows a Beta period that saw more than 800 users in more than 60 countries sign up despite no marketing or promotion. Speed-to-market can now mean the difference between thousands upon thousands of revenue gained or revenue lost.

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Pricing Book Reservations Marketing 64

Xotels

JANUARY 18, 2021

One of the components needed to apply a hotel revenue management is market segmentation. It allows you to target and market to a variety of consumer groups with different behaviour with an offer that matches their needs and budget level. What is Hotel Market Segmentation? The price does not decide the market segmentation.

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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 83

Revenue Hub

MAY 24, 2023

NB: This is an article from WebRezPro It’s about analyzing demand and honing what you offer to sell the right product to the right customer at the right time, on the right channel, for the right price to grow profit. Unless you’ve got a magic crystal ball, it pays to base pricing and inventory decisions on actual data—and lots of it.

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Pricing Book Property Management Information 75

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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