Remove Average Daily Rate Remove Forecasting Remove Market Share
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Forecasting for the hospitality industry

Cloudbeds

Hotel forecasting is a critical component of successful hotel management, serving as the foundation for strategic decision-making and operational efficiency. For hotel managers and the industry as a whole, accurate forecasting is not just beneficial—it’s essential for maintaining competitiveness and profitability in a dynamic market.

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Cloudbeds unveils annual State of Independent Lodging Report

Hotel Speak

Adam Harris, Co-Founder and CEO of Cloudbeds , said: “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing market share and RevPAR.

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Understanding ARI: A key metric in hotel management

Cloudbeds

The average rate index (ARI) is a metric that allows hoteliers to evaluate the performance of their room rates relative to a group of competitors during a specific period. Another metric to look at is the fair market share, obtained by dividing the hotel’s available rooms by the competitors’ available rooms.

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Hotel Business Intelligence: Turn Data into Hotel Success

Hotelogix

Picture a system that displays your hotel's current status and forecasts its future. Predictive Analytics Advanced hotel business intelligence software also has the ability to forecast future trends. This happens through: Dynamic Pricing: Changing rates based on demand and what competitors charge.

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Cloudbeds unveils annual State of Independent Lodging Report

Cloudbeds

Adam Harris, Co-Founder and CEO of Cloudbeds, said : “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing market share and RevPAR.

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Hotel rate shopping: How to use rate shopper software

SiteMinder

Rate shopping your hotel competitor rates gives you the opportunity to: Optimise pricing: Understanding competitor pricing helps you set competitive rates, maximising revenue without sacrificing occupancy. Identify pricing gaps: You’ll be able to spot chances to increase rates without losing market share.

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Navigating Online Bookings and Digital Marketing: A Guide for Accommodation Providers

STAAH

Data-Driven Pricing Strategies Dynamic Pricing: Implement dynamic pricing strategies to adjust room rates based on demand, competitor rates, and market conditions. Use data analytics to forecast demand and set competitive prices that attract budget-conscious travelers without compromising revenue.