Why Now is the Time for Hotel Owners to Leverage Revenue Management
-The hotel industry, in virtually every global market, has recovered from the sharp downturn of 2008 and 2009. In the US market, during the first half of 2014, room demand was up 4.2% and room revenue was up 8.6%. Randy Smith of Smith Travel Research (STR) states, “The surge in demand we witnessed…
The Revenue Management Business Process, Designed to Produce Results
-The unique aspect of the hospitality industry when compared to many others is that lodging establishments come in all sorts of shapes and sizes. Some have extensive resources at their disposal while others simply don’t. In smaller lodging establishments and in a vacation rental management setting where margins are often razor thin, individuals…
A Practical Guide to Competitive Set Selection
-Determining a competitive set is something those in the hospitality industry do routinely, however, these selections can have lasting effects on market positioning and performance and ultimately, asset value. The three most common reasons for competitive set selections include pro forma development, market positioning and performance benchmarking. Selecting an appropriate competitive set and…
Pricing Techniques for Revenue Management Professionals
-The function of pricing is a pivotal component of revenue management that requires practitioners to thoughtfully consider various influences in order to develop a strategy that best fits. It should be stressed that pricing is not synonymous with revenue management but is rather, one activity within a greater process which includes other elements…
What Business Leaders Need to Know about Revenue Management
-As a business leader in the hospitality industry, have you ever noticed that expectations for your role have increased exponentially in recent years? General Managers in particular often find themselves needing to become well versed in such diverse topics as union relations, the rake of newly ordered banquet chairs, social media engagement, pool…
