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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.
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 marketshare and RevPAR.
The averagerate 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 marketshare, obtained by dividing the hotel’s available rooms by the competitors’ available rooms.
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.
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 marketshare and RevPAR.
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 marketshare.
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.
By Nicole Di Tomasso According to Avison Young’s Canada Hotel Market Report, Canada’s hotel industry demonstrated a strong recovery in 2023, surpassing pre-pandemic levels in key performance indicators (KPIs) such as AverageDailyRate (ADR), Revenue Per Available Room (RevPAR) and occupancy. billion, up from $3.09
The company is the recognised leader in hotel industry benchmarking and provides market data including supply and demand and marketshare information on a global scale. For example, STR data reveals that the average occupancy rate across US hotels in August 2022 was 66.5%, and the averagedailyrate was US$151.49.
A few metrics to include in your SWOT analysis include: Averagedailyrate Sales circle length Event Activity Web traffic percentage of direct bookings Percentage of occupancy Revenue per available room Customer feedback, comments on social media, online reviews, and feedback.
Revenue managers, leveraging artificial intelligence (AI) and machine learning (ML) combine external data like market demand and competitor activity with internal data like historical performance and future demand to guide dynamic pricing decisions, inventory controls, promotions, and demand forecasting. Revenue management KPIs.
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