Now that hotels are coming back strong with leisure travel, how will property owners using Airbnb and similar platforms compete for rentals? We know that big players like Marriott and other large brand names see value with property homes and rentals, as they have started to make moves to compete in this market.
Nothing divides revenue managers more than the discussion around artificial intelligence and machine learning. The two schools of thought fall into the category of technophobics and technophiles, with AI-enthusiasts on one side and Luddites on the other.
During COVID-19 pandemic, nearly 1 Billion rooms have gone unsold every week in the US only. With so much unsold space, hotels had to become creative with their offers and packages. Out-of-the-box th.
Hospitality being the embodiment of people connecting to people, our human capital then automatically should be the most important asset we have. Every hotel or chain always talks a great deal about how important they judge their associates and all they do for them.
For years, revenue managers used historical data as a "compass" to navigate rates and inventory. Due to the pandemic, however, historical data lost much of their relevance, as 2020 and 2021 were statistical anomalies, to say the least.
With travel demand accelerating rapidly, the hospitality industry is experiencing a new challenge: labor shortages resulting in sharply rising labor cost, which consumes as much as 60%-80% of RevPAR (CBRE).
Maximizing revenues for your hotel in this age of lower occupancies and ADRs is the smart thing to do. Many hoteliers are struggling to create the internal processes and systems to successfully sell ancillary services.
Cost optimization and profitability: Cost-optimization has always been a central notion in revenue management. That being said, the pandemic brought renewed attention to the topic. Today, more than ever, proper cost control is crucial to navigate these difficult waters and prepare for the "new normal.
Nature and its ecosystem services are at the center of the hospitality business proposition: from food and beverage offers to guests' enjoyment of natural landscape at a destination. Nature is not only a 'capital' component available to businesses, but a source of solutions to mitigate and adapt to climate change and protect biodiversity while ensuring the well-being of staff and guests alike.
Everyone agrees that 2020 has been the "annus horribilis" for the world and in particular the hotel industry. However, despite having to tackle unprecedented challenges, many companies grasped that the crisis also presented a unique opportunity to re-invent and re-imagine their business.
Hospitality Net's World Panel is a thought-leadership platform where hospitality-industry opinion leaders share insights, views, ideas and reactions on important issues and events currently affecting the hospitality business. Each panel is made up of a select group of experts, and industry leaders who, by invitation, contribute succinct commentary on viewpoints which are suggested by panel-champs.