For a long time, revenue managers had all elements for success - reliable historical data, demand that could be forecasted with high level of accuracy, established market segments, proven pricing strategies, and accurate business intelligence.
2020 was a challenging year for the hospitality industry. It was a year of disruption and innovation. Throughout the year, industry experts have been sharing their views on how various hotel functions should evolve and adapt amidst the COVID19 pandemic and beyond.
Room is the hotel's main product. It's natural to just focus on generating room revenue, but it's not sufficient. The hotel also has different room types and offers various services and experiences. It's essential to explore these incremental revenue opportunities.
It's hard to underestimate the importance of group business for the hotel industry. Groups contribute revenue to rooms, F&B, and other departments of the hotel. Many properties in the urban markets depend on the group business to survive.
In the modern hotel industry, the hotel owners can choose from different branding options: Independence (non-affiliation), traditional franchise, and soft brand that includes voluntary chains and corporate soft brand chains.
Unique Lodges of the World by National Geographic is an example of successful branding in the hospitality industry. I was fascinated by the brand from the first discovery. This article analyzes the brand concept and what makes it so unique and attractive to travelers.
How does it work? PrivateDeal widget is set up directly on the hotel's website. The guest sees a slider that suggests bidding the price for the stay. The guest selects stay dates, and different room categories with published rates are displayed.