room revenue
Hotel Performance Standouts During Beyonce’s World Tour
CoStar | October 25, 2023
Analysis by M. Brian Riley Concerts and major events have always been important revenue opportunities for hotels, but 2023 has felt like the “year of the concert” with major tour generating headlines and lifting performance all over the world. In the U.S., much of the attention went toward Taylor Swift’s The Eras Tour, which STR previously estimated added $208 million in U.S. room revenue. More recently though, there has been another female pop star rocking the economy – and in many markets, hotel performance. Beyoncé’s Renaissance World Tour generated a projected U.S. economic impact of $4.5 billion, according ...
Guest Loyalty Programs Provide, But They Cost
Robert Mandelbaum, Christine Bang | September 5, 2023
By Robert Mandelbaum and Christine Bang Over the years, the fees hotel owners pay to franchise companies have typically grown at a pace greater than the rise in hotel rooms revenue. Most franchise-related fees are charged as a percent of rooms revenue, and therefore, by assessing the relative changes in rooms revenue and franchise fees we can make some assumptions. In 2021, acknowledging the financial stress hotel owners faced during the pandemic, the franchise companies were sympathetic and provided some reprieve. While rooms revenue increased by 55.4% in 2021, total franchise-related fees rose by just 45.9%. Equilibrium returned in ...
The Hotel Profit Playbook: Data-Driven Strategies to Move Beyond Rooms Revenue
myDigitalOffice (MDO) | June 7, 2023
Understanding labor and amenity costs, analyzing non-room revenue trends, and centralizing data from all revenue sources is arming hospitality leadership with the right data to make more profitable decisions. BETHESDA, MD. – 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. The Hotel Profit Playbook introduces the concept of Total Profit Optimization, defined as the act of broadening operational strategies to include focus on all...
Charging Four Figures in 13 Critical Steps
Adam and Larry Mogelonsky | March 8, 2023
By Adam Mogelonsky, Larry Mogelonsky There’s something special about crossing the threshold of $1,000 per night. With inflation roaring through the world, many properties – luxury, upscale or otherwise – are approaching this event horizon. But with it comes a profound psychological shift in guest expectations. Unless, say, yielding from $859 per night to $959 per night, this particular move involves customers seeing an extra digit in the price tag – the perception of the increase is disproportionally greater. This same principle is why retailers charge $9.95 instead of a flat $10.00; it appears cheaper. In the back of every gues...
Hotel Revenue Management Best Practice, Shifting From Revenue Management to Profit Management
Ahmed Mahmoud | August 11, 2022
By Ahmed Mahmoud Good revenue management defines a property's bottom line. ... A profit management strategy determines a property's net revenue, Revenue management in hotels is a practice that has evolved significantly in its relatively short history, demonstrated great success using inventory, capacity and pricing to ‘manage’ revenue and probability, although hotel revenue management doesn’t evolve fast, strategies aimed at improving it develop in tandem with modern business and technological trends. What is the Revenue and Profit Management Role? Revenue management revolves around measurement of what customers from different ...
UpStay Wins 2021 PhocusWright Innovation Award
UpStay | December 21, 2021
UpStay, the first post-booking yield optimization platform for hotels, has won a major international travel industry award at the Phocuswright Conference held in Florida last month. The Award recognizes UpStay as one of the most innovative technology platforms available to the global travel industry today. UpStay, participating for the first time, was selected by the international panel of judges for the Phocuswright Innovation Launch 2021 - Winner: People's Choice Award. UpStay helps hoteliers unlock new revenue while engaging with customers, explained Maína Pietrobelli, UpStay’s Vice President of Business Development, during her...
The Time Between Reservation and Arrival Is the Biggest Missed Opportunity for Revenue
Larry Mogelonsky | June 19, 2019
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) It’s financially prudent to have a good channel mix so your rooms appear wherever guests are looking and booking. While getting the reservation is a consummate top priority, we are often missing what falls immediately after in what’s known as the prearrival phase. With some exceptions in the groups segment, this time period is rife with opportunities to capture more revenue from incoming guests, whether that be through room upgrades, amenity purchases or merchandising. Before you investigate tech vendors that can help you leverage this gap, the first step is to understand post-p...
Hospitality Financial Leadership: Fixed/Variable Costs and Room Revenue Management
David Lund | April 23, 2018
By David Lund Lately, I have spoken to several revenue managers who have told me how much their cost is to take a room—to make that last sale of the day. What I heard concerns me because it tells me some people do not understand the fixed vs. variable components of payroll and expenses in their hotels. Quite simply put, one revenue manager told me his cost to take a room in his hotel in NYC was $290. "What?" I exclaimed over the telephone. "Yes, that's the cost." To which I replied, "That's the total cost of all your expenses, both fixed and variable?" Silence ensued for a moment and I said, "Let's slow things down and look at the...
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