Revenue managers predict how pricing tools will react
Hotel revenue managers have their work cut out for them now during the COVID-19 environment and once travel demand resumes. Veteran revenue managers have experienced downturns before and know the challenges that accompany them, but this time around, they will have artificial intelligence and machine-learning software to assist them in setting pricing strategies. Still, lower travel demand due to the coronavirus and historic hotel performance declines are a testing ground for this technology. Sources said the lessons learned in past downturns will apply to revenue strategy in the current environment. Tina Meredith, VP of revenue management at PM Hotel Group, said in an email interview that she worked in the hotel industry through the past two recessions and worked in revenue management during the Great Recession years.
Hotel revenue managers have their work cut out for them now during the COVID-19 environment and once travel demand resumes. Veteran revenue managers have experienced downturns before and know the challenges that accompany them, but this time around, they will have artificial intelligence and machine-learning software to assist them in setting pricing strategies. Still, lower travel demand due to the coronavirus and historic hotel performance declines are a testing ground for this technology. Sources said the lessons learned in past downturns will apply to revenue strategy in the current environment. Tina Meredith, VP of revenue management at PM Hotel Group, said in an email interview that she worked in the hotel industry through the past two recessions and worked in revenue management during the Great Recession years.
