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Revenue Management in a Crisis or Economic Downturn
The unofficial definition of Revenue Management used by insiders is ‘the art of turning away business’. This certainly does not apply during the current Covid-19 (coronavirus) global healthcare crisis, and the economic downturn the hotel industry is facing in its aftermath. All the standard strategies and playbooks are out of the window right now. So what to do?
Why Outsource Revenue Management? Advantages and Benefits for Hotels
It is a question I often hear when explaining what we do at Xotels. People seem surprised hotels are willing to hand over a vital part of their strategies to a 3rd party. Such a sensitive and key part to the success of your business as revenue management should not be left to an ‘outside’ company many hoteliers respond.
The Hotel Asset Manager: Understanding the Role, Importance and Benefits
Operating hotels for over more than a decade and a half with the Xotels team, we have noticed that many hotel owners and investors do not always see the need to engage with a hotel asset manager to oversee the strategic management of their lodging business. But if you're not an industry insider, or are not up to speed with the rapidly evolving complexity and competitiveness of the hospitality industry, you might find yourself with a missed opportunity of optimizing profitability as well as mitigating risk exposure. Hotel Asset Management plays a key role in achieving a strong return on investment.
How To Increase Hotel Revenue in Low Season
Hotel low season revenue has long been considered to simply be an unfortunate fact of the industry. It brings less demand and, therefore, lower revenues too. But the industry has changed so much in such a short space of time, and hotels no longer have to accept that low season automatically means slow business.
By adopting a proactive stance and implementing a series of tried-and-tested tactics, your hotel can blossom in what traditionally is considered low season. Read on to discover our five best practice steps to attract guests and increase hotel revenue during a low occupancy phase at any time of the year.
Hotel Marketing in 2020: Separating Facts from Fiction
It's that time of the year again when searches for queries such as "Hotel Marketing Trends 2020" or "Year in Review" literally explode. It looks like, every December, we all transform into new-year-resolutions-freaks.