hotel profitability
Driving Profitability With Precision: AI’s Pivotal Role in Revenue Management?
Andrew Rubinacci | November 30, 2023
By Andrew Rubinacci Revenue management systems play a critical role in the hospitality industry. Traditionally, these systems attempt to predict future demand from past trends to optimize pricing. That’s a reasonable approach. But as the pandemic taught us, relying on the past to predict the future doesn’t always work - the unexpected still occurs. Now, what if I told you it was possible to predict future demand based on current trends? How would that impact your pricing strategies? We’ve come a long way since the first RMSs hit the scene. And the recent advancements in artificial intelligence have made them more powerful (and rel...
U.S. Hotel Profitability Reflects Gains in Corporate Demand and Groups
CoStar Group | November 8, 2023
WASHINGTON – 8 November 2023 – A recent increase in U.S. hotel labor costs reflects a normalizing business mix and significant gains in group demand, according to September year-to-date P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 YTD per-available-room metrics (% change from September 2022 YTD) GOPPAR: US$75.74 (+6.2%) TRevPAR: US$208.34 (+8.6%) EBITDA PAR: US$52.95 (+5.1%) LPAR (Labor Costs): US$69.36 (+13.1%) “September labor costs were higher than the summer months even though overall dema...
Baird/STR Hotel Stock Index Grew 6.2% in June
Baird | July 17, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index grew 6.2% in June to a level of 5,615. "Hotel stocks extended their year-to-date gains in June as the broader market moved higher on fading recession fears,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Macroeconomic concerns have continued to subside, but recently normalizing leisure travel patterns domestically have weighed on the hotel REITs’ relative performance, particularly compared to the global hotel brands that are still benefitting from recovering international markets and cross-border demand.” ...
IDeaS Announces a New Partnership With Starhotels
IDeaS | July 13, 2023
IDeaS to help Starhotels maximise revenue and profit potential across Italy and the UK through the adoption of its flagship G3 Revenue Management System LONDON — July 13, 2023 — IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, has announced that Starhotels will deploy IDeaS’ G3 Revenue Management System (RMS) to improve revenue generation and forecasting at 28 of its properties across Italy and the UK. The rollout will allow Starhotels’ properties to compete equally with international brands backed by advanced technology and strong revenue management practices. Starh...
Key Middle East Markets Show Mixed Profitability in May
STR | July 10, 2023
LONDON— Among key hotel markets in Middle East & Africa, Jordan and Qatar realized the only month-over-month gross operating profit per available room (GOPPAR) improvements, according to STR’s May 2023 P&L data release. Jordan’s GOPPAR level reached US$66.77 in May, showing a significant month-over-month increase (+34.1%). That level was 106% of what was seen in May 2022, but was down from the 369% index reported in April. Qatar reached a GOPPAR of US$37.95, down 20.9% year over year. The market, however, saw a month-over-month jump of 39.0% and was one of the only markets to show an improvement in the i...
STR: U.S. Hotel Results for Week Ending 1 April
STR | April 6, 2023
HENDERSONVILLE, Tennessee—Aligned with normal spring break patterns, U.S. hotel performance showed mix comparisons from the previous week, according to STR‘s latest data through 1 April. 26 March through 1 April 2023 (percentage change from comparable weeks in 2022, 2019): Occupancy: 66.2% (+3.4%, -3.5%) Average daily rate (ADR): US$158.40 (+7.3%, +19.9%) Revenue per available room (RevPAR): US$104.78 (+10.9%, +15.7%) Among the Top 25 Markets, Washington, D.C., saw the highest year-over-year increase in occupancy (+18.2% to 78.7%), while Dallas saw the highest occupancy lift over 2019 (+6.2% to 73.0%). Houston sh...
IDeaS Launches Automated Configuration Feature for G3 RMS
IDeaS | March 29, 2023
Innovation decreases time to value and ensures confidence in data configuration when implementing G3 RMS. MINNEAPOLIS—March 29, 2023—IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, announced today the launch of Automated Configuration for its G3 revenue management system (RMS), decreasing the initial configuration of G3 from weeks to as little as one day, depending on client needs and requirements. By leveraging data science, IDeaS delivers a feature to help its clients realize returns on their technology investment almost immediately. Clients will save time by reducing ...
Choice Hotels Introduces ‘Your Key to Profit’ Resource to Benefit Franchise Owners
Choice Hotels® | September 13, 2022
ROCKVILLE, Md., Sept. 13, 2022 -- Choice Hotels International, Inc. (NYSE: CHH),--one of the world's largest lodging franchisors, is building on its longstanding commitment to increasing owner profitability with a free resource for its hotel owners: Your Key to Profit. Launching in the fourth quarter of 2022, the new platform will centralize all Choice's proprietary profitability tools in an on-demand, mobile-friendly system to better enable success for owners' hotels. "Choice Hotels' award-winning tools, capabilities, and expert advice from revenue management consultants enable franchise owners to quickly execute the right pricing str...
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