Property-Specific Revenue Management Strategies Lead to Maximum Hotel Profits
Revenue Strategists Say Confidence in Taking Risks Is Key
Hotel revenue managers have learned throughout 2022 that there isn't a one-size-fits-all strategy to tapping the most profitable demand segments.
Hotel revenue managers have learned throughout 2022 that there isn't a one-size-fits-all strategy to tapping the most profitable demand segments.
Instead, revenue management strategy must be specific to each hotel.
Throughout the year, revenue-management experts shared tips for navigating the uneven COVID-19 pandemic recovery.
There's not a one-size-fits-all [solution], and what might work for one asset, one location, one type of hotel might not work for another,"
said Cesar Wurm, vice president of commercial and revenue management at IHG Hotels & Resorts, during a panel at the 2022 Lodging Conference. But it's really important that at each hotel you have your optimal mix, and you have to know that with whatever data is available to you."
Kimberly Furlong, chief commercial officer for Alpharetta, Georgia-based hotel and asset management company Atrium Hospitality, advised that hoteliers need to evolve how they think about distribution strategies.