Learn more about current hospitality industry trends with these curated articles.
Hotel Revenue Managers Share Best Practices for Team Alignment, Owner Conversations
Hotel News Now, By Dan Kubacki
During a session on “Elevating Revenue Managers” at the 2024 Hotel Data Conference, panelists discussed how revenue management could be better across the hotel industry. Opinions centered around Revenue Managers working closely with the sales team and commercial strategy team, and ensuring they have the versatility to share data that is both relevant and noteworthy to each department, when ownership is involved in the conversation. It is a position that is still evolving and will require the proper training to truly make it work for your property.
The Role of Total Revenue Management in a Hotel Profitability Strategy
Hotel Online, CoStar Group
The global hotel industry is experiencing stabilized growth, prompting hotel owners and operators to focus on both increasing revenues and managing expenses to boost profitability. Key factors include the link between revenue and profit, the impact of labor costs, tech solutions, maximizing profitability, and ancillary profit opportunities. Hoteliers need a comprehensive approach that balances revenue growth with cost control to maintain strong profitability in a normalized growth environment.
2025 Hotel Budget Season Forecast: The Market Trends You Need to Know
Lighthouse, HNR Hotel News
As hoteliers prepare for the 2024-2025 budgeting season, several key trends will shape hotel pricing and demand, including the impact of short-term rentals, the boost in business travel, and the growing popularity in off-peak travel. Hotels should prepare for a balanced mix of occupancy and ADR (Average Daily Rate) growth, considering the evolving traveler behavior and competitive landscape. Strategic pricing and competitive market insights are essential tools for hotels to navigate these changes effectively.
