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Alright As a leader in revenue management consulting, we're always at the forefront of what is happening in the hotel industry โ and keeping a close eye on how revenue management trends keep evolving. In this article, we take you on a deep dive to understand the most important trends in revenue management and highlight which opportunities will help your hotel stay ahead of the game.
Alright then, letโs cut to the chase. Youโve got a hotel, right? And youโre probably wondering how to get it full with happily paying guests. Well, buckle up, because Iโm about to spill the beans on how to squeeze every last penny out of your hotel venture.
Since the early days revenue management has been applied in hotels, there has been an intriguing ongoing discussion. What drives more value to the business, ADR, average daily rate, or occupancy?
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We have written extensively about hotel revenue management strategies. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
In this first article we will go over the definition of what is revenue managementย in the hotel and hospitality industry. Additionally we will be covering the fundamentals of revenue and yield management.
What is hotel management, you might ask? And that's a really good question. The hotel industry is broad and complex, with many stakeholders involved. Did you, for example, know hotels are not just managed by one party but typically have many different players involved in operating the hotel?
No time to lose, next year is almost here. And a good plan isnโt made overnight. How far are you with your targets, budget, and plan of attack for next year? What REVPAR and GOPPAR do you need to achieve? Is your plan for next year complete, and does it describe all actions in detail? Does everyone on the team know what the objectives are and which steps to take to get there?
Whether youโre a senior hotelier or an entrepreneur in the hospitality sector, understanding what a hotel management company does is essential to thriving in todayโs competitive hospitality landscape. Running a successful hotel demands not only a passion for exceptional guest experiences but also a deep understanding of numerous intricacies to ensure revenue management, finance, marketing, and operations all keep running perfectly.
Letโs uncover the invaluable support that is offered and explore why this collaboration has emerged as a strategic necessity.
In the dynamic landscape of the hospitality industry, generating direct bookings has become a top priority for hotel owners. As a hotel revenue management consultingcompany, we understand the challenges they face in developing effective hotel marketing strategies to drive bookings through their own portals.ย
About the Author:
As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn hotels and resorts into local market leaders. XOTELSยด diverse expertise and deep-knowledge across revenue management consulting, hotel management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.