The Commonwealth Games: Major Strategy Guide Released for Indian Hoteliers
New Delhi Hotels Receive Revenue Support through IDeaS’ Recommendation Report
IDeaS Revenue Optimization, the leading provider of pricing, forecasting and optimization solutions and services, has released an exclusive strategy report for Indian hoteliers, which provides key practical advice to maximize revenues around the upcoming New Delhi Commonwealth Games.
The 2010 Commonwealth Games is going to be the largest Commonwealth Games event ever, with 72 nations competing against each other. It has been predicted that the Commonwealth Games will increase the capital's GDP by up to 49 percent and, as a result, local hoteliers are urgently trying to determine how to best take advantage of the expected increase in both demand and occupancy through the use of optimal revenue management and pricing strategies.
With the 2010 Commonwealth Games being the first of its kind to be held in India, no historical data is currently available for local hoteliers to base their expectations on. "With no background data available for hotels in India, many hoteliers are raising a variety of questions. Such as what optimal rates should they be charging, what minimum length of stay requirements should they set, and if there will be any significant impact on other streams of revenue," explained Sivaprasad Gangadharan Regional Director – Subcontinent – Sales, IDeaS.
"To provide a sense of clarity and control for hotels in New Delhi and surrounding areas, we undertook a detailed study of recent major sporting global events in an effort to provide the industry with a sense of what to expect and how to best prepare," added Mr. Gangadharan.
IDeaS analyzed major global sporting events; including the 2006 FIFA World Cup in Germany, the 2008 UEFA Championship in Austria, and the Grand Prix events in Shanghai, Kuala Lumpur, and Melbourne.
The research undertaken by IDeaS focused clearly on levels of occupancy, the optimal rates charged and the other streams of revenue which were affected by the various large scale sporting events. The data was then formulated in a manner which was able to provide a clear picture of the effects major sporting events had on local hotel occupancy levels and revenue patterns.
Through its detailed analysis of the previous major sporting events, IDeaS has recommended Indian hoteliers undertake a range of revenue management strategies to both take advantage of and cope with the expected increase in demand.
Strategies such as the use of carefully planned pre-paying options to help reduce the impact of costly last-minute cancellations, as well as the implementation of minimum length of stay requirements during the period, are just some of the different revenue management strategies IDeaS has recommended hotels apply prior to the2010 Commonwealth Games.
From the research undertaken by IDeaS, it is clear that previous major sporting events had a positive effect on the host cities, highlighting the need for New Delhi hoteliers to prepare their revenue management strategies for an above average period of occupancy and higher food and beverage sales.
The 2010 Commonwealth Games is to be held in New Delhi from the 3rd – 14th of October. For more details on IDeaS' recommendations for Indian hotels, please view the company's strategy report here: go.ideas.com/wp13
About IDeaS
IDeaS, a SAS company, is the world's leading revenue management software and services provider. Combining industry knowledge with innovative data analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust. With 35 years of expertise serving hospitality, including hotel, event, and parking clients, IDeaS delivers revenue science to more than 30,000 properties in 158 countries around the world. Results delivered. Revenue transformed. Discover greater profitability at IDeaS.com.
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