Over the past few years, millennials (individuals born between 1982 and 2000) have received special attention, as leaders across industries speak to their growing presence, impressive buying power, and unique buying behaviors.
Per the name, the historical role of revenue managers has been to maximize revenue - specifically rooms revenue or RevPAR. RevPAR growth is achieved by increasing occupancy and/or average daily rates (ADR).
Repeat business is incredibly important in the hospitality sector. Building guest loyalty is typically less expensive than acquiring new customers and repeat guests tend to spend more and spread the word when they're happy about their visit.
Later this month the 25th Annual Lodging Conference will be held in Scottsdale, Arizona, an event that historically caps off the "conference year" for many in the hotel business. It is a time to reconnect with industry friends and colleagues, but it also gives us a few days to pause and reflect on the past year and speculate on the year to come.
THE DEAL: With over two months of back-and-forth negotiation, we all conjectured there was most to the Expedia/Marriott deal than what we were shown. Officialized in April 2019, the deal positioned Expedia more as a partner, and less as a mere distribution channel for the largest hotel group in the world.
It's wild times in the UK. At least that's the perception of this here Yankee. Regardless of politics, ever since Jan. 20, 2017, the U.S. has been on a rambunctious ride of its own, and now, with the appointment of Boris Johnson as UK prime minister on July 24, 2019, the UK has gotten to join in the rollicking fun, as the calendar moves closer to Oct.
Although cash back has been a popular cardholder benefit for years since 1980's, the overwhelming sentiment from loyalty executives were that cash back cardholders were less loyal and they struggled to push these cards top-of-wallet.
Mentorship and training are consummately important aspects of any successful business, but one of the most salient rigors of hospitality is that no manager has the time to properly devote to this task.
If there's one primary takeaway from this article, it's this: The ultimate goal of the guest experience is to create memories that guests want to repeat and share. Perhaps we're preaching to the choir here, but it's worth reinforcing this objective because it's more important today than ever for a number of reasons.
Amsterdam has a problem with over-tourism: we all know that. With 3 Billion € revenue per year generated by travelers, you'd expect search volume for queries such as "Hotels in Amsterdam" to have skyrocketed over the years, wouldn't you? Well, get ready to be disappointed.
