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?
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.
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.
We have compiled a list of the best articles published last year to give you a head start into 2021! Before diving into the list, we would like to welcome you to check out our recent articles covering the plethora of essentials to Hotel and Operations Management, Marketing and Distribution, Finance and Accounting, Systems and Technology and other hospitality-focused insights.
It has been a while since we covered this topic, so I thought it would be good to have another look at forecasting in hotels. With reservation lead time changing in key markets we operate in, it is becoming more challenging to forecast accurately.
And still it is essential to give our operational departments a realistic financial outlook to run the day to day operations of the hotel as cost effective as possible. And also owners and investors need to have insight and the right expectations on the financial performance of their hospitality business.
It has been a few years since Xotels is operating in Italy now. And we wanted to share some of our successes in terms of hotel revenue management strategies with you.
Before entering into the market we were faced with the same hurdles as always. Owners and managers were concerned we did not know the market, and did not have first hand local experience.
Of course as a strategist these concerns are not valid to us, as we analyze demand patterns, performance KPI and and other statistics to optimize a business. And regardless of where it is located, the methodology and best practices of revenue management do not change.
So how did we do? Let me share some case studies of our hotel performance in Italy with you.
Current Industry Challenges and Future Outlook – Revenue Management for Apartments and Vacation Rental Businesses
It is no news that the vacation rental business has exploded worldwide thanks to the sharing economy. With the industry generating billions and billions of revenue per year, providers for related services have popped up like mushrooms. To be able to separate the wheat from the chaff we have composed a number of basic principles that apply to revenue management for vacation rental business or apartments.
In recent years we have written so many articles with advice on how you can increase your hotel’s revenue. While originally revenue management was restricted only to certain areas, Xotels has been increasingly focusing on total revenue management. Total hotel revenue management includes key methods of improving a hotel’s bottom line by looking at all business areas, including marketing, sales and even concept development. This article provides a collection of over 20 of our most valuable insider tips, which can provide an outstanding platform for you to maximize your hotel’s revenue.