Revenue Hub

FEBRUARY 1, 2023

We have a long history and exceptional pedigree in intelligent pricing automation, initially in digital advertising and then in hotels. And now we are providing pricing automation to the live entertainment industry. It does this by ingesting and analyzing live reservation data and other demand signals such as website searches.

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Pricing Events Article Reservations 90

STAAH

DECEMBER 12, 2023

Here are 8 smart pricing strategies for hotels to boost revenue and drive more bookings during the holiday season The holiday season marks a period of increased travel, festive cheer, and heightened demand in the hospitality industry. Monitor and Adapt Continuous monitoring and analysis of pricing strategies and their effectiveness are vital.

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Pricing Book Catering Reservations 78

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 89

SiteMinder

MAY 28, 2023

While prices for all German accommodation providers rose by seven per cent between 2019 to 2022, prices among those with 20 rooms or less grew 22 per cent in the same period. “However, generally, we have seen that smaller properties are leading the hotel industry in raising their pricing to reflect macroeconomic shifts.”

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Pricing Marketing Book Information 105

Synergy Suite

MARCH 14, 2023

And that’s not even mentioning the benefits a quality restaurant reservation system provides to your front-of-house staff, allowing them to communicate and collaborate, find solutions in real-time, and generally have an ease and organization to their work. So, how do you choose the right restaurant reservation software for you?

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Reservations POS Systems Front of House Communication 52

Modern Restaurant Management

FEBRUARY 14, 2024

Charging guests for booking a reservation that they don’t show up for is becoming more popular. Let’s start with the reservation charge. For now, I have recommended to my clients to only utilize the reservation charge during holidays (Mother’s Day, Christmas, New Years, Easter, etc.).

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Reservations Pricing Server Book 183

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

Hospitality Net

MAY 5, 2023

Produced in partnership with Hotel Tech Report, this 2023 Buyer’s Guide assists hotel owners and operators through the research, selection and vetting process when identifying a new technology partner to improve their revenue management, pricing and distribution strategy.

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Reservations Pricing 98

Revenue Hub

OCTOBER 31, 2022

And this has led us to a fork in the road where, in order to remain competitive and relevant in the industry, hotels must develop new data-driven pricing strategies. In this post, we will discuss why pricing is so essential for your hotel and how you can design an effective strategy that generates consistent revenue streams.

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Pricing Reservations Article Marketing 80

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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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

Revenue Hub

MARCH 29, 2023

With the right approach and the right pricing strategy, rate parity can actually be a great opportunity to enhance your guest experience and generate increased ancillary revenue streams for your hotel. Where hotels are able to offer OTAs discounted prices provided they don’t do it publicly. What is rate parity? Narrow rate parity.

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Pricing Accounting Book Reservations 64

SiteMinder

FEBRUARY 9, 2023

Sydney, Australia – Newly released data from SiteMinder, the world’s leading open hotel commerce platform, highlights the increase in outbound reservation volumes from mainland China following the country’s relaxation of travel restrictions on January 8.

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Reservations Book Travel and Tourism Communication 98

SiteMinder

OCTOBER 16, 2023

What is pricing intelligence? Pricing intelligence, also known as rate intelligence, is a way for hotels to optimise their pricing and profitability. It’s an essential part of a successful revenue management strategy and is implemented via the use of data and pricing intelligence tools.

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Pricing Information Book Marketing 59

Modern Restaurant Management

MARCH 21, 2024

As we head into 2024, all eyes are on the Federal Reserve as interest rates hold the key to employment and the consumer spending fueling the small business economy. In all, we expect 2024 to be a better year for business than 2023 as the Federal Reserve executes the soft landing it has been seeking since this tightening cycle began.

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Reservations Pricing Presentation Marketing 174

Hospitality Magazine

NOVEMBER 2, 2022

Woodford Reserve Old Fashioned Week will kick off in the most luxe way possible with Australia’s most expensive cocktail. The Woodford Reserve Gold Fashioned is a collaborative effort between the brand and two venues: Dean & Nancy on 22 in Sydney and Sky Bar in Melbourne. ” So what goes into the $15,000 price tag?

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Reservations Pricing Magazine 246

The Restaurant Times

FEBRUARY 7, 2023

Menu pricing is one of the most underestimated aspects of restaurant management. If your customers don’t think the prices on your menu are reasonable, how great your concept or your food is won’t matter much. This is where the concept of dynamic pricing comes in to help restaurants! What Is Dynamic Menu Pricing?

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Pricing Reservations POS Systems Marketing 52

Revenue Hub

APRIL 2, 2024

NB: This is an article from Lighthouse (formerly OTA Insight) Subscribe to our weekly newsletter and stay up to date Here are some of the key drivers you should be able to record and find in your PMS: Market segment – The category of the market, grouping of rate codes, to which the reservation belongs, such as transient, group, etc.

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Reservations Book Pricing Article 91

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

OpenTable

APRIL 23, 2020

OpenTable’s software has always enabled restaurants to connect with diners to manage reservations, prepare for shifts, and maximize table availability. Locations that have never taken reservations may find themselves looking for ways to manage capacity. Second, big price cuts for 2020. … Read more.

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Pricing Reservations Book Marketing 105

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

Hospitality Net

MAY 9, 2023

response to the inflationary pressures resulting from these factors, the United States Federal Reserve System (known as the Fed) has embarked on an interest rate-hike cycle in an effort to taper inflation. This trend, along with supply chain issues, led to a noticeable increase in the cost of goods and services.In

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Pricing Reservations 92

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 77

STAAH

FEBRUARY 14, 2024

In the dynamic landscape of the hospitality industry, efficient management of room inventory, rates, and reservations is paramount for success. A Central Reservation System (CRS) stands as the nerve center of a robust hotel distribution strategy. Benefits What is CRS?

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Reservations Book Guest Satisfaction Pricing 87

Hotelogix

JANUARY 30, 2024

The report also covers cancellations, no-shows, and temporary reservations for the day. Hotel Guest Report This report encompasses a detailed guest history, storing every reservation, including guest names, contact information, nationality, previous stay records, and specific preferences like room choices or food and beverage selections.

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Housekeeping Reservations Budgeting Book 147

InnQuest

JANUARY 23, 2023

Direct bookings are reservations made directly with the hotel rather than through a third-party online travel agency (OTA). With custom booking engines, you can create an effective reservation flow that can increase conversions. Metasearch platforms lead users to your website, where they can directly make reservations for their travel.

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Book Reservations Concierge Blog 218

Revenue Hub

APRIL 8, 2024

Our deep dive into the data reveals that there is plenty of positive potential across these cities, with hotels making the most of the demand and pushing up pricing on match days. STRs are seeing a smaller bump of 16%, despite having higher on-the-books reservations during the tournament.

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Pricing Book Article Reservations 73

Revenue Hub

SEPTEMBER 25, 2023

Running a hotel is a complex and balancing act: you want to ensure all your rooms are booked and your guests are happy, but how do you set the right prices to make this happen? They act as the secret ingredient that can help you achieve this fine balance of setting the right price at the right time.

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Reservations Pricing Book Catering 94

Revenue Hub

APRIL 9, 2024

One strategy for direct reservations in your booking engine is to include urgency messaging – such as the number of reservations made recently or time-based special offers. Implement Dynamic Pricing Strategies: Utilize data-driven insights to adjust room rates dynamically based on demand fluctuations and market trends.

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Book Reservations Article Marketing 97

Hotel Business

NOVEMBER 14, 2023

Holiday booking prices This holiday season, travelers are generally paying less for domestic trips compared to last year and more for international vacations. Here’s a breakdown of average booking prices for November and December, according to AAA data: Hotels The average price for a domestic hotel stay is $598, down 12% from 2022.

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Pricing Reservations Book Training 102

SiteMinder

FEBRUARY 13, 2023

days, while Mexican reservations were the longest year round, followed by those made to Portuguese, Thai and Spanish properties. Despite the average daily rate (ADR) of a hotel room rising 24% year-on-year to US$177, booking momentum remained robust, with reservation volumes rising to 104% of 2019’s levels globally by December 31.

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Reservations Book Travel and Tourism Marketing 52

Revenue Hub

SEPTEMBER 5, 2023

This system enables hoteliers to keep track of available rooms, reservations, and occupancy rates in real-time. 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 95

Revenue Hub

OCTOBER 17, 2022

As a hotel revenue manager, one of your core functions is understanding and anticipating customer behaviour so that you can make the right strategic decisions and optimise your prices accordingly. Essentially, it is a formula used to calculate the time between a guest confirming a reservation at your hotel, and their arrival date.

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Hotel Business

NOVEMBER 15, 2023

million sales price reflects a 25.0x net operating income capitalization rate (assuming a capital reserve of 4.0% net operating income capitalization rate (assuming a capital reserve of 4.0% For the trailing 12 months ended Sept. 30, the hotel’s net loss was $1.2 million, its net operating income was $2.2

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Reservations Pricing 116

Modern Restaurant Management

JANUARY 22, 2024

It’s critical to provide a seamless eating experience, which includes simple payment choices and online reservations. Use technology, reservation platforms, and customer reviews to ensure that everyone is in constant communication and that problems are resolved quickly. People want service that is quick, easy, and hassle-free.

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Reservations Customer Service Marketing Pricing 139

SiteMinder

MAY 24, 2022

Bangkok, Thailand – Pioneering co-living brand, HOMA, has engaged SiteMinder, the world’s leading open hotel commerce platform, to help elevate its distribution strategy and make it easier for guests to book directly online, as reservation volumes to Thai properties extend above 75% of their pre-pandemic levels.

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Reservations Book Marketing Pricing 52

Revenue Hub

APRIL 24, 2023

The Revenue Manager is responsible for setting up the rate structure in the hotel PMS and ensuring consistent pricing in all distribution channels, including the correct rate mapping from the distribution channel to the hotel PMS. The hotel needs an RMS or a dynamic pricing tool integrated with the hotel PMS to minimize revenue leaks.

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Reservations Guest Satisfaction Pricing Article 86