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This scalability is especially valuable for hotels – as more information is collected about guest behavior, booking trends , and occupancy patterns the more precise rate adjustments, inventory management, and marketing strategies will be in the future. Why it’s important for hotels? Why it’s important for hotels?
Additional data from SiteMinder’s Hotel Booking Trends indicated that the averagelength of stay is also on the rise, with 2022 recording longer stays than previous years. This was particularly true for Spain in summer, which had the longest averagestaylength in August.
Prioritising your investments correctly will ensure your budget spend is contributing towards increased revenue and occupancy rates. Your occupancy rates? Top strategies to increase hotel ROI Increasing knowledge and making smart investments is crucial for B&B operators. Your direct bookings? Your income and outstanding payments?
Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Cancellation data: How types of guests and times of year affect cancellation and no-show rates. bad weather, surprise events or event cancellations).
Learn more Yield management vs revenue management The goal of yield management is not merely to increase room rates or occupancy; rather, it’s to maximise your hotel’s revenue by forecasting your room supply and demand across a variety of key factors. This strategy aims to ensure maximum occupancy.
Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. Hotel occupancy will increase 2.5% Hotel average daily rate (ADR) is projected to grow by 4.9% RevPar is also expected to grow, reaching an average of $93. globally next year.
Manage no-shows and cancellations No-shows and late cancellations can be damaging to your revenue optimisation efforts, so you need to craft a fair policy, ensure all guests understand it, then enforce it to the letter. Offer guests a discount if they refer friends and family to your hotel.
When demand is strong in multiple market segments, properties have more opportunities to increase occupancy and room rates. Analyze booking data for each segment to look for patterns such as: City of origin Booking channels Lead times Stay patterns (E.g., Use booking data to determine which market segments to target.
Travel stats might include travel volume, popular destinations, travel spending, occupancy rates and other accommodation data, transport stats, traveller demographics and motivations, and other insights such as trends around sustainable travel. 42% of Thai guests are ‘very supportive’ of their personal data being used to better their stay.
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