HOSPITALITY INDUSTRY REPORT: Unlocking guest loyalty and bridging the rebooking gap
The cost of living has sky-rocketed in the UK, with 92% of households reporting a rise in their living costs.
Reports
THE 2024 GLOBAL HOSPITALITY IMPACT STUDY: Revenue Beyond the Room
Our research reveals an industry poised for transformation, with 82% of hospitality executives recognizing the game-changing potential of going beyond measuring performance by standard measures such as Revenue per Available Room (RevPAR) alone to effectively measure and optimize Revenue per Available Guest (RevPAG). More importantly, 72% of hospitality executives are willing to invest in enhancing their current technology to tap into this potential. This metric isn't just a number; it's a fundamental reimagining of how we create value andmeasure success in our field.
Hotel performance in 2024 - An unpredictable market with silver linings
So what are hoteliers doing to remain competitive in this climate, and what opportunities and challenges are they facing in the road ahead?
HiJiffy and Booking.com partner to simplify guest communications
HiJiffy and Booking.com are joining forces to provide a more streamlined and efficient communication experience between hotels and their guests. This new two-way integration enables hotels to manage and respond to guest inquiries from Booking.com directly within HiJiffy's Console. By centralising communications on a single platform, this integration makes it easier and faster for hotel staff to manage guest interactions efficiently with the help of AI. Key features of the integration include: Centralised messaging: Hotels can manage reservation-related messages from Booking.com within HiJiffy's Console. This, however, does not include structured requests such as: Check-in/out, data changes, cancellation, parking, bed preferences. Proactive engagement: Hotels can initiate conversations with guests from the time of reservation until seven days after check-out. This proactive communication ensures guests receive timely and relevant information throughout their stay. Extended response period: Following Booking.com's guidelines, guests can contact the hotel up to 66 days after departure, and hotels have an additional 14 days to respond, ensuring comprehensive post-stay support. AI-driven efficiency: HiJiffy's advanced AI optimises guest communication interactions. With a simple click, agents can translate, expand, shorten, rewrite, change tone, and check the grammar of their messages before responding. Furthermore, they can utilise saved canned message templates. This reduces hotel response times and allows for more personalised and engaging interactions. The integration allows hotels to directly engage with guests through targeted campaigns, improving communication effectiveness. What is more, it facilitates a shift in communication from Booking.com to WhatsApp, offering a more convenient and familiar platform for guests. Automatically answering FAQs with AI will soon be possible While the first phase of this integration does not yet support automated FAQ responses with AI due to API limitations, it marks a significant improvement over traditional email-based interactions by centralising and managing communications in one place, except for the previously mentioned structured requests. However, HiJiffy's technical team is actively working on the second phase of the integration, and very soon it will be possible to enable AI to directly answer guests' frequently asked questions automatically. "If this first phase of this integration already brings substantial benefits to hotel operations by reducing the communication burden on staff and improving response times, I just can't imagine how drastically we will be able to reduce the workload on the agents once our AI gets deployed", states Tiago Araújo, CEO at HiJiffy. "We're really excited. This can definitely be a game-changer not only for hotels but also for all sorts of accommodation providers of all sizes," underlines Araújo. The new communication channel is already available to all current and new clients. Soon, HiJiffy intends to add other OTAs to its solution.
HiJiffy and Booking.com
Maturation of the Hotel Industry Drives Convergence with Other Sectors to Facilitate Growth
As the hotel industry matures, unit growth slows, costs increase and competition for guests becomes more challenging, driving higher same-store sales becomes an important avenue for increasing returns on investment.
U.S. Real Estate Market Outlook 2024
Slowly Falling Interest Rates Should Boost Investment Activity.
DACH hotel sector outshines serviced apartments in Q4 revenue boom
The final quarter of 2023 painted a rosy picture for the DACH hotel sector, with high demand sending revenues 13.7% higher year-on-year compared to a modest 0.3% increase for serviced apartments.
Clear M&C Saatchi Releases “Beyond Travel & Hospitality” report, looking at the future through 5 travelers’ eyes
Clear M&C Saatchi, the global growth strategy consultancy, releases their latest thought piece: the "Beyond Travel & Hospitality 2030" report. This publication marks the second installment in Clear's future focused "Beyond" series, following the successful winter launch of "Beyond Retail 2030." "We've seen the Travel & Hospitality industry evolve quite rapidly over the last few years thanks to digital & tech innovation as well as consumer demand for new and differentiated experiences" says Rhonda Hiatt, Clear's Chief Strategy Officer. "This report seeks to imagine what the future of travel could really look like - a call to action for T&H brands to focus on CX and Innovation as true levers for growth."
Luxury Hotel Group Outlines Road to Total Profit Optimization
The concept of total profit optimization has grown in significance within the hospitality industry. Not just a focus on profit margins, this approach embraces all revenue-generating areas in a hotel, including ancillary outlets. By harnessing the power of data, hoteliers measure the performance of each outlet to identify the most profitable strategies, setting a new standard for business optimization.
The Hotel Profit Playbook: Data-driven Strategies to Move Beyond Rooms Revenue
MDO, in collaboration with Stayntouch and Revenue Analytics, has released "The Hotel Profit Playbook: Data-Driven Strategies to Move Beyond Rooms Revenue," a special report aimed at redefining the way hoteliers approach profit management.
Special Reports: How to Boost Your Hotel’s Total Profitability
In our latest eBook, How to Boost Your Hotel's Total Profitability, industry leaders share top tips and best practices for getting the most from your revenue strategy by adopting a holistic approach to optimizing total guest value.
Introducing Accor’s 'Hospitality Ahead' Report: Insights Into the Transformations Impacting Our Industry
What are travelers’ new expectations? How to find the right balance between digital and human in the guest experience? How are loyalty programs transforming to better serve and engage clients? What does it take today to attract, engage, and retain talent? How can we become sustainably local? We take a closer look at the transformations impacting key aspects of our industry.
Report: Tripadvisor Releases Seasonal Travel Index Results (March - May 2023)
Tripadvisor®, the world's largest travel guidance platform, releases its first Seasonal Travel Index of 2023, providing an outlook for travel patterns and demand over the next three months.
Leisure industry faces huge gender imbalance, latest report finds
New research looking at Publicly listed companies has revealed that the leisure industry is facing a major diversity disparity, with only 7% of the top spots held by women, a stark contrast to the 50-50 gender balance of the overall workforce.
Report: Hotel-generated state and local tax revenue to reach new highs in 2023
Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections released today by the American Hotel & Lodging Association (AHLA) and Oxford Economics.
The Latino Hotel Association Releases Inaugural Hotel & Entrepreneurship Investment Report
The Latino Hotel Association released the 2023 inaugural Latino Hotel and Entrepreneurship Investment (LHEI) Report showcasing data and research detailing Hispanic entrepreneurship, economic and population growth, and specific opportunities and barriers to Latino business ownership within and outside the hospitality industry. The LHEI report advocates for specific policy needs necessary for Latinos to navigate the steps required to own and invest successfully in hotels and demonstrates the importance of Latino ownership to hotel chains seeking franchise owners.
Hard Rock International and Seminole Gaming Release 2023 Corporate Social Responsibility Report
Hard Rock International and Seminole Gaming today announced the release of its 2023 Corporate Social Responsibility Report: Fifty Years Forward. Social purpose has propelled Hard Rock since its inception in 1971, guided by its founding mottos: Love All-Serve All, All Is One, Save The Planet, and Take Time To Be Kind.
Trend Report: Sandals® Resorts Takes the Romantic Pulse of America, Coins 2023 'The Year of We'
Couples are optimistic about their relationships and intend to make more time for their partners in 2023 according to a recent survey by the Sandals Institute of Romance – Sandals Resorts' trend-house responsible for analyzing and spotting the latest global news in modern love, relationships, and intimacy. Surveying more than 1,000 adults across the United States in partnership with Wakefield Research, the data points to major trends, expectations, and other factors impacting relationships, passion, and connection in the year ahead.
h2c's Global Hospitality Distribution Study Report
The corona crisis had at least one positive effect on hospitality, which is only slightly proven by hard numbers: Online direct bookings soared up last year. Based on the responses of 96 hotel chains worldwide, representing over 2 million rooms, website bookings increased to 20% of total hotel revenue in 2022, nearly doubling from 2017 levels (10%), when h2c conducted its first Distribution study.
Poland Hotels & Chains Report 2023
A very warm welcome to this latest edition of the Horwath HTL Poland Hotels and Chains report.