Charging Four Figures by Rethinking the Guest Journey
Adam and Larry Mogelonsky | May 24, 2023
By Adam and Larry Mogelonsky A broad prediction the two of us have for the rest of the rest of the decade is that luxury travel will boom, with many hotels easily surpassing four figures in their nightly rates. Hardly an outlier in this prediction, what many hoteliers may be taking for granted is the psychological expectations that occur when you cross this chasm. That is, with great rates come great responsibility. What you may be forgetting in this ‘rate inflation’ environment is that the luxury traveler is equally, if not more, savvy than the regular consumer. They know what they want and have plenty of options for other hotels s...
Thanksgiving Travel Ticks Up, Just Shy of Pre-Pandemic Levels
AAA | November 18, 2022
AAA expects nearly 55 million Americans will travel during the long holiday weekend WASHINGTON, D.C. (November 18, 2022) – AAA predicts 54.6 million people will travel 50 miles or more from home this Thanksgiving. That’s a 1.5% increase over 2021 and 98% of pre-pandemic volumes. This year is projected to be the third busiest for Thanksgiving travel since AAA started tracking in 2000*. From theme park destinations to bustling metropolitan areas, Americans are crisscrossing the country this Thanksgiving. AAA has compiled a list of the top domestic destinations based on flight, hotel, and rental car bookings for Thanksgiving week. Orland...
Smart Benchmarking Starts With the Right Compset
Eula Skiles | August 15, 2022
By Eula Skiles Setting up a right profitability management approach starts with understanding your market and benchmarking against the right hotels. It’s also a way to attract the right guests. One of the best ways to do that is identifying the hotels that are most like your own vis-à-vis key count, F&B services and outlets, conference space and other offered amenities. In the hospitality industry, choosing a compset if the first step toward a winning market-share formula. For a consumer, one of the biggest costs of travel is booking a hotel room. The pricing trends of hotel rooms stem from a complex business strategy. In order t...
Business Travelers Set to See Air Fares Rise by 8.4%, Hotel Rates by 8.2%, and Car Rental Charges by 6.8% in 2023
GBTA | August 10, 2022
MINNEAPOLIS – Global travel prices are predicted to continue to increase in the remaining months of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast, published today by CWT, the B2B4E travel management platform, and the Global Business Travel Association (GBTA), the voice of the global business travel industry. Rising fuel prices, labor shortages, and inflationary pressures in raw material costs are the primary drivers of the expected price growth, according to the report, which uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modelin...
Rating Rate: How Hoteliers Made the Right Decisions This Time Around
HotStats | April 7, 2022
One of the bright spots for the hotel industry amid the pandemic was the ability to hold—if not drive—average daily rate, particularly in leisure-led, drive-to markets. It is something that evaded hoteliers during prior calamities, including 9/11 and the Global Financial Crisis of 2008, when hotels slashed rates in an attempt to win back demand. It proved a faulty strategy. But understandable: The knee-jerk, common-sense reaction to depletion of demand is to do whatever it takes to offset that reduction. That means filling rooms by any means and the biggest lever hoteliers have at their disposal is rate. The problem with that move is t...
Basic, Better, Best: Low Season Revenue Strategies
Ian Chinn | September 27, 2018
By Ian Chinn Low season; it's a term no hotelier likes to hear. In times of lower demand, some hoteliers adopt the 'busy hotel is a successful hotel' strategy, accepting lower-rated business and relying on the in-house spend in food and beverage, spa, ancillary and more, to top up revenue. However, guests paying significantly lower room rates are also typically less likely to spend on the spa, luxury dining or experiences needed to compensate for a cheap room rate. The longer-term ramifications of rate reductions to boost business in times of lower demand are far reaching. Not only does this impact brand perception but it al...
Appointments/People on the Move
All Things Independent
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