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What is the meaning / definition of Valuation in the hospitality industry? The term Valuation describes the process of assessing a company’s or asset’s economical worth. This is done by evaluating the structure of capital, market value of assets and prospects of future earnings. Often Valuations are required when a business owner wants to prepare their company for sale, ensure [...]
What is the meaning / definition of Vacation Rental in the hospitality industry? A vacation rental is the renting out of a furnished apartment, house, or professionally managed resort-condominium complex on a temporary basis to tourists as an alternative to a hotel. AirBnB is currently the most famous example for the industry. In Europe the term villa rental or villa [...]
What is the meaning / definition of Underbooked in the hospitality industry? Underbooking is a situation that happens when a hotel has failed to sell the number of rooms that reaches their satisfactory booking standards. Some hoteliers try to reduce double-bookings by allocating separate inventory for each distribution channel. While this does eliminate the potential to sell the same room [...]
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- ÂAre you competing with your competitors on the same distrbution channels? Are there any regional or local websites in other countries that have distribution strength for your destination? On which distribution channels should you be present? Understanding distribution is key in revenue management.
A hotel SWOT analysis is a tool used in hotel revenue management consulting to help hotels employ in order to evaluate their internal opportunities (strengths and weaknesses) as well as external opportunities and threats to their business.
- How do consumers look at my hotel vs. the competition? You need to create some tools to define the difference between your hotel and your competitive set. Check out step 9 in our revenue management strategy plan....
- Check the public rates of your competition, at least once a week. What are their strategies? What is the probability that they will decrease or increase their rates on specific period? Make sure you know what rates your competition is selling at…
- How do the clients compare your hotel to the other hotels? Develop knowledge not only on their selling rates but also on the value they offer. Actually when is the last time you stayed at a competitor hotel? Benchmarking is a key topic in revenue management.
- The GDS still is, and will probably always remain, a significant source of reservations and income for hotels. Both leisure and corporate travel agents use it to search and book hotels. Many OTA websites also use the GDS for inventory. Hence it is extremely important that you GDS Hotel Description (HOD) is as good as it can be.
