The relatively new but firmly established hotel sector discipline of revenue management is more than ever at the forefront of building profitability.
Anthony McDonald, CEO, Boutique Hospitality Management Asia (BHMAsia), talks about the company’s brands and future expansion plans…
With over 13 years of global strategy experience, Glick began his career at Starwood in 2007 as the Director of Global Operations.
The Pareto principle (also known as the 80–20 rule, the law of the vital few and the principle of factor sparsity) states that for many events, roughly 80% of the effects come from 20% of the causes.
Many of the creative and innovative business strategies seem to make perfect sense at the time when the presenters are positively energized and enthused by their own latest ideas, and by their potential revenue enhancement implications.
The price range can vary by 10.00 – 30.00 depending on position. The manager now must decide where to position the properties rate for that given time.
To not only survive, but to thrive in the 21st century will require a whole new business and management strategy approach in every aspect of the hotel management systems.
Everywhere we went we found hoteliers facing similar challenges: How to adapt to changes in technology and traveller behaviour, and use social media to drive higher awareness, guest satisfaction and revenue? here are eight key takeaways from Mr. Craig.
When I dream, here’s what I imagine the hotel industry will be like in the future.
In today"s economy it is imperative that the revenue managers are well aware of the highly competitive arena that exist within the industry.
As 2013 gets underway, and drama about the fiscal cliff gives way to a potential debt ceiling and budget debate in the months ahead, the narrative for the hotel industry continues to be one of cautious optimism.
Modern psychologists recognize three key elements in Franklin"s three-hundred-year-old procedure for changing habits.
Accor has announced a new brand-based organisation of its operations in Europe, with the aim of anticipating trends in the hotel sector and strengthening its brands.
IHG has assumed management of one of Australia’s best-known 5-star resorts, the former Hyatt Regency Sanctuary Cove, on the Gold Coast.
Management changes have become a popular vehicle for hotel owners trying to unlock value from underperforming assets during the past few years.
For too long revenue managers have focused on optimizing rooms revenue instead of total guest spend, which might include golf, spa or food and beverage, said Bonnie Buckhiester, president of Buckhiester Management.
To sum up, savvy revenue managers will agree that pricing in the hospitality industry depends on three factors, costs, demand and supply levels as well as the value of the organization’s products and services.
So how are hotels and brands finding the time and resources to monitor, respond to and follow up on feedback? I spoke with staff from a range of hotels, and while each is taking a different approach, they all share one thing in common: it’s a team effort.
We will now expand our pre-opening checklist with key points concerning revenue management, distribution, reservations, sales and the systems needed to make your success story complete.
Over the past 10 years, several factors have changed the models and approaches to Revenue Management (RM) and Pricing, particularly the Internet and the demise of traditional carriers and the subsequent rise of budget carriers.
For many hotels, the road to total revenue management represents a journey already begun.
With hundreds of hoteliers attending our Reputation Management Essentials for Hotels webinar last week, we didn"t have time to answer everyone"s questions.So Daniel Edward Craig and I decided to address a few more in this article. Here we go.
Revenue managers may read all of the latest research and trends and have every good intention of implementing them but never quite get around to it. This is especially true for independent and boutique hotel revenue managers.
When I speak of "listening skills," I mean more than just listening well to what is being said. What I really mean is:
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