Program Director, Master’s Degree in Hospitality Strategy and Digital Transformation at Les Roches Global Hospitality Education
More from Scott DahlCorporate Director Revenue Management Palladium Hotel Group
More from Diego Fernandez Perez De PongaThe discussion around the pros and cons of rate parity has been around for almost a decade now. Regulations on the issue are, at best, patchy, with some countries where RP clauses are strictly prohibited (such as France, Austria, Italy, and Belgium), partially prohibited (Germany and Sweden), announced (Switzerland), or still unregulated (US and Latin America).
COVID has hit the global hotel industry hard. But as with every crisis, new opportunities surface. During the financial crisis of 2008/09, we saw Airbnb and Uber emerge.
According to Bloomberg, over 300 million doses of COVID-19 vaccines have already been administered; President Biden said the U.S. expects to vaccinate every adult by mid-May, and 53.7% of Israelis has received the first dose of the coronavirus vaccine.
It is no longer news that the hotel industry has suffered the worst decline in history. The resulting business failures are starting to make the news and most industry experts agree that it will be several years until the industry returns to anywhere near the health it had in 2019.
By the end of 2019, many of the thought leaders in revenue management had begun echoing a common theme, basically that the Revenue Management discipline was stuck in a rut. Industry-wide, Total Hotel Revenue Management was starting the become a joke.
Robert Cross, the de facto Godfather of Revenue Management, stated "…everything starts with a day by day, segment by segment forecast", yet many hoteliers no longer produce one as part of their strategic process.
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.
