10 Ideas to Improve Booking Performance During the Crisis
Milestone Inc. | March 10, 2020
3 Ways to Protect Your Hotel’s Revenue From the Impacts of the Coronavirus
GCommerce | March 3, 2020
Revenue Strategies
Resort Fees – A Growing Source of Revenue
Robert Mandelbaum | March 16, 2020
By Robert Mandelbaum The 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) defines resort fees as, “mandatory fees charged at either a flat amount or a percentage of the room rate.” These fees are frequently intended to cover services such as fitness facilities, spas, pools, local phone calls, Internet access, airport transportation, and golf driving ranges, among other recreational facilities. Resort fees were initially introduced to allay the complaints of resort guests who felt they were being “nickel-and-dimed” every time they used a resort amenity. Since then, the practice of charging a res...
10 Ideas to Improve Booking Performance During the Crisis
Milestone Inc. | March 10, 2020
By Dev Kurbur, SVP of Global Customer Success “Some companies will emerge stronger than before” – Andy Grove Intel’s Andy Grove had a lot to say about how to react to downturns and setbacks. Here are just a few of his insights and maxims: 1) The first rule is that economic downturns always end. 2) Some companies emerge from recessions stronger than before. 3) You can’t save your way out of a recession. 4) The future favors the optimist.* Milestone, Inc. has dozens of hospitality clients, so we decided to put together some recommendations for where to invest time and focus during the crisis and here we share them with ...
The First Rule of Coronavirus: Don’t Panic
March 10, 2020
March 10, 2020 -- Coronavirus may seem like it’s come out of nowhere, but hospitality revenue optimization professionals have been here before. From Sept. 11 to SARS to one hurricane season after another, they have not just survived plenty of crisis events but thrived in the aftermath. The number-one thing to keep in mind, according to Timothy Wiersma, founder and principal of Revenue Generation LLC and chair of HSMAI’s Revenue Optimization Advisory Board: Don’t panic. Wiersma shared some additional advice for revenue professionals in a recent interview with HSMAI. When it comes to responding to the coronavirus, what should hospit...
Asset Management – Why Bother?
Russell Kent | March 9, 2020
By Russell Kent -- In the course of each year my colleagues and I see a huge number of hotel P&Ls and, within them, there are often wide variances in performance, even in like-for-like situations – whether it is better or worse revenue generation, cost control or effectiveness. Some hotel management companies don’t produce an adequate return on their owners’ investment by doing as much as they possibly can to increase revenues, reduce operating costs and improve bottom-line profits and cash flow. Only when given a ‘kick’ from the owner or from a third-party asset manager acting on behalf of the owner does the optimisation of a h...
IDeaS Extends Platform to Encompass Total Revenue Forecasting Technology, Transforming How Hotels Plan and Budget
IDeaS | March 5, 2020
Through automation and scientific forecasting, IDeaS RevPlan™ empowers hotels to build a forward-looking total revenue plan and budget based in data-driven reality Tweet This: @IDeaS_RevOpt continues to advance the power of revenue science beyond the guest room, announcing the industry-first total revenue forecasting solution IDeaS RevPlan www.ideas.com/news #RevenueScience MINNEAPOLIS—March 4, 2020—IDeaS Revenue Solutions, the world’s leading provider of revenue management software and services, announced today IDeaS RevPlan™, a cloud-based module built to complement its flagship RMS products. The module is designed to take t...
Events Canceled Due to Coronavirus? Here’s How to Replace Lost Business
Daniel Craig | March 4, 2020
By Daniel E. Craig, Founder, Reknown This week, the travel industry is reeling after the cancellation of ITB Berlin and various other events due to COVID-19. Whether this is just a blip on the radar or the start of a prolonged downturn, we don’t have the luxury of waiting to find out. We need to regroup and re-strategize now. For tech vendors and travel suppliers, tradeshows provide a rare opportunity to meet in person with hundreds of clients, prospects and industry partners, launch products, hold demos, give presentations and build relationships. After a successful event, attendees come home with a long list of leads, renewals an...
Crisis Management – Market Reactions vs Steady Leadership
Thomas Mielke | March 3, 2020
By Thomas Mielke The Financial Times this weekend reported on the trillions of dollars that have been wiped out thus far due to the coronavirus disease 2019 (COVID-19) outbreak. According to the newspaper, stocks in hospitality companies have been particularly hit, having fallen by a reported 19% in Europe compared to last week – one of the strongest declines for the sector since the terror attacks of 9/11. The still-growing number of countries, and companies, enforcing travel bans is exasperating the situation. Reuters reported, for example, global giant Nestle suspending all international business travel. Other companies operating acro...
3 Ways to Protect Your Hotel’s Revenue From the Impacts of the Coronavirus
GCommerce | March 3, 2020
By Lindley Cotton As the number of people infected with Coronavirus continues to rise while the U.S. stock market continues to drop, the hospitality industry is wondering what the true impact will be in the coming weeks and months. While no one can accurately predict the total damage, we do know that hotels who rely on business from China, Japan and Korea will need to look elsewhere to make up for loss in traffic from these countries. In addition, in the last few days, some of the largest conferences in the world have been canceled due to companies shutting down international travel (and in some cases US domestic travel). The Washington...
YOTEL, Duetto Enter Tech Partnership
YOTEL | February 27, 2020
Tech-driven hotel chain adopts cloud-based revenue strategy applications to drive profit San Francisco, 27 February, 2020 — YOTEL, the innovative global hospitality brand for smart, tech savvy travelers, has partnered with Duetto, a leading provider of cloud-based Revenue Strategy applications, to streamline its revenue processes and maximize profitability across its European operations. YOTEL, renowned for its state-of-the-art approach to hospitality, is implementing Duetto’s pricing application, GameChanger, and its solution for intelligent reporting, ScoreBoard, in eight properties across the globe, totaling 2,776 rooms. Using...
IDeaS Delivers Leading Guidance and Support to Hoteliers Facing COVID-19 Demand Disruption
IDeaS | February 27, 2020
Industry leader produces an educational webinar and actionable guide to help hoteliers proactively manage and recover from significant demand disruption MINNEAPOLIS—Feb. 27, 2020—IDeaS, the world’s leading provider of revenue management software and services, has scheduled a webinar for March 10, 2020 as part of its continued efforts to aid its clients and the global hotel industry. The webinar, “COVID-19: Key Market Impacts and Tips to Optimize in Times of Demand Disruption,” will be co-produced with STR. As a supplement to the webinar, IDeaS will release an educational travel-restriction recovery guide. To learn more and regis...
Benchmarking 101: Golf Course Operation
HotStats | February 18, 2020
Let’s face it, when it comes to benchmarking, most hotel professionals historically put their efforts into measuring room revenue. Sadly, if you’re only focused on rooms, you're missing out on ancillary revenue and, ultimately, profit. In this blog, we shine the light on golf. While golf participation hit a peak in 2005—because of this guy—it waned in the ensuing years as the sport lost some of its popularity. But that same guy’s resurgence has led to a mini golf boom, which is sweet music to golf resort ears worldwide. A resort’s golf operation is one of the most untapped resources out there. After all, golf is an $84 billi...
Bavaria Boutique Hotel in Munich Is First to Benefit from Optimized Pricing Through Infor HPO
Bavaria Boutique Hotel | February 11, 2020
MUNICH, Feb. 11, 2020 -- Infor, a global leader in business cloud software specialized by industry, today announced it is providing the family-run Bavaria Boutique Hotel located in the heart of Munich, Germany, with the new cloud solution Infor Hospitality Price Optimizer (HPO). Bavaria Boutique is the first hotel to benefit from the optimized pricing offered by Infor HPO. Infor HPO is a new pricing solution that delivers comprehensive, AI-based price optimization functionalities to hospitality institutions and hotels of all sizes. The smart calculation tool takes into account the entire customer journey of potential guests, checks t...
Benchmarking 101: Running an Effective Health Club/Spa
HOTSTATS | February 10, 2020
Health clubs and spas have taken off in recent years. Revenue for health clubs in places like the U.S. has risen steadily for the past decade. But when it comes to benchmarking your hotel’s health club or spa, focusing on these revenue numbers alone can actually cause your hotel strategy to crash and burn. Why? Health clubs and spas often come with high operating costs. This means that if you’re fixated on shallow revenue numbers, you’re only measuring the tip of the iceberg. Luckily, there’s a better way to launch your health club and spa benchmarking 101 strategies. Here’s how to use benchmarking to create real value with...
Dr. Ravi Mehrotra Founder and Chief Scientist, IDeaS to Be Showcased in ‘Under the Spotlight’ at Opportunity 2020
IDeaS | February 5, 2020
LONDON—Feb. 5, 2020— Dr. Ravi Mehrotra, president, founder and chief scientist of hospitality and revenue management software pioneer IDeaS is set to take part in the renowned Under the Spotlight session on February 11, 2020 at Opportunity2020, hosted by Revenue by Design, Ltd. A favourite at the “Opportunity” conferences, Under the Spotlight brings two industry leaders on stage to discuss, debate and share their insights into the continuing evolution of revenue management. · Unique opportunity to witness software pioneer: This is a unique opportunity to witness revenue management pioneer, Dr. Mehrotra, and hear his thoughts as...
Remarkable Hotels Sees 19 Percent Uplift in Rooms Revenue With IDeaS Revenue Management System
IDeaS | January 30, 2020
IDeaS also helped the 73-room property increase overall sales by 15 percent and average occupancy by 12.5 percent in a competitive local market Tweet This: Remarkable Hotels sees 19% uplift in rooms revenue with @IDeaS_RevOpt Revenue Management System. Get the details here: www.ideas.com/news LONDON—Jan. 30, 2020—IDeaS Revenue Solutions, the world’s leading provider of revenue management software and services, announced today that Remarkable Hotels has seen a 19 percent increase in rooms revenue since implementing IDeaS Revenue Management System (RMS). Remarkable Hotels’ Best Western Plus Nottingham Westminster Hotel is a 73-...
ResortPass Data Reveals Daycation Guests Are the Fastest-Growing New Revenue Opportunity
ResortPass | January 29, 2020
Hotels and resorts of all types see big profits by inviting guests looking for wellness, relaxation, bleisure, romance, and family-friendly day experiences using property amenities without staying overnight Santa Monica, California (January 29, 2020) – The Santa Monica-based company, ResortPass, is at the center of an emerging daycation trend sweeping the hospitality industry. As the leading day guest program for hotels and resorts, ResortPass revealed their latest findings, validating that day bookings are one of the fastest-growing new revenue streams for properties of all types. Data released by the company indicates that ResortPas...
Pegasus Appoints Keno Helmi as Chief Commercial Officer
Pegasus | January 21, 2020
Hospitality Technology Innovator adds senior sales executive to expand and lead its growing worldwide commercial organization (New York) January 21, 2020 — Pegasus, a leading global technology provider for the hotel industry, named Keno Helmi as the company's new Chief Commercial Officer. As CCO, Helmi’s duties will include planning, developing, and executing regional growth plans and business strategies to maximize Pegasus' market opportunities and drive profitable growth. He will be an active participant in corporate strategy, will guide product direction, will develop new business models, and will direct teams and initiatives for...
5 Things to Include in Your Hotel Performance Strategy
Hotstats | January 20, 2020
Are you putting too much emphasis on your hotel revenue strategy? Many hotel professionals miss an important fact: Your focus should be on overall hotel performance, not revenue alone. Consider this: Last year, the New York Yankees pulled in more revenue than the league’s bottom six professional baseball teams combined. But they didn’t win the World Series. Why? The simple answer is on-field performance. It’s the same for the hotel industry. Unfortunately, when it comes to building a winning hotel performance strategy, many hoteliers concentrate their efforts solely on revenue, when a focus on expense is just as important. That...
D.C.’s Kimpton Rouge Hotel to Undergo $20 Million Renovation and Rebranding Set to Debut in Fall 2020
Valor Hospitality Partners | January 15, 2020
WASHINGTON, D.C. (January 15, 2020) -- Kemmons Wilson Companies (KWC) today announced the Kimpton Rouge Hotel will close on January 17 through fall 2020 as it undergoes a major $20+ million remodel and reposition, which will further enhance the yet-to-be-renamed boutique lifestyle hotel. The significant update follows the acquisition of the property by Kemmons Wilson Hospitality Partners (KWHP), the hotel division of KWC, and Valor Hospitality Partners (VHP), partner and manager for Kimpton Rouge Hotel, in September 2019. After its complete makeover, the hotel will increase its room keys (bringing the total from 137 to 144). The fully refurb...
The Value of Your Meeting Space – You Can’t Manage What You Can’t Measure
Knowland | January 14, 2020
By Kristi White Meeting space, the last bastion of unmanaged revenue in a hotel. Some of you may balk at the thought, even argue that you effectively manage meeting space. However, for all too many hotels, managing the meeting space looks something like this: The list would go on and on, detailing each room and each time period, however, it often becomes the Ron Popeil “set it and forget it” method of revenue management. Oh, we pull it out once a year and pretend to look at it but really, it only gets the cursory “if it ain’t broke, don’t fix it” glance. Are you nodding your head yet? Perhaps, there is a sheepish grin...
Maximizing Your Relationship With OTAs
Tim Lee | January 13, 2020
By Tim Lee The relationship between hotels (particularly major international brands) and Online Travel Agencies (OTAs) may sometimes seem an uneasy alliance. Major hotel companies, such as Hilton, Marriott and IHG, are adding policies on price match guarantees to encourage direct bookings and detract from the perceived value of OTAs. Meanwhile, OTAs push even harder for competitive pricing and invest hundreds of millions of dollars in Search Engine Marketing (SEM) to increase their market share. Due to acquisitions and mergers over the last two decades, most OTA brands are a part of, or work with the two largest players in the space: Bo...
IDeaS Named Best Revenue Management Software and People’s Choice Winner in 2020 HotelTechAwards
IDeaS | January 8, 2020
Based on hotelier reviews rating ease of use, ROI, implementation and support, IDeaS maintains its leading position on Hotel Tech Report Tweet This: @IDeaS_RevOpt has been named 2020’s Best Revenue Management Software and People’s Choice Award winner by @hoteltechreport www.ideas.com/news #HotelTechAwards MINNEAPOLIS—Jan. 8, 2020—IDeaS Revenue Solutions, the world’s leading provider of revenue management software and services, has been named 2020’s top-rated revenue management software and People’s Choice Award winner by Hotel Tech Report. Compiling real customer data and unbiased reviews from nearly 25,000 hoteliers wo...
Hotel Revenue 101: What Is ADR and How Does It Affect the Bottom Line
HotStats | January 6, 2020
Average daily rate (ADR) is one of the most popular revenue metrics in the hotel industry. A key contributor to revenue per available room (RevPAR), it allows hoteliers to zoom in on how much a room is selling for on average and, typically, RevPAR growth driven by ADR is more profitable than RevPAR growth driven by occupancy, since the latter increases the variable costs associated with servicing additional rooms. Driving rate, meanwhile, doesn’t have a cost attached to it, and, essentially, results in pure profit. However, hotel ADR absolutists beware: This key performance indicator (KPI) can be deceiving. Too much emphasis on ADR is li...
Texas Western Hospitality Partners With ProfitSword to Gain Seamless Access to Data Management and Business Intelligence Abilities
ProfitSword, LLC | December 17, 2019
Hotel Management company maximizes business planning efficiency by leveraging ProfitSage, ProfitPlan and ProfitWizard to obtain real-time granular insight on all financial performance ProfitSword, hospitality’s premier developer of business intelligence and data integration software, has been credited with streamlining and maximizing the financial and strategic business planning abilities of Texas Western Hospitality since its implementation of advanced data management solutions: ProfitSage, ProfitPlan and ProfitWizard. A third-party hotel management company, Texas Western Hospitality now possesses the real-time analytical insight needed...
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