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The tour, which recently made history as the highest-grossing rock tour of all time, is the first rock tour to surpass US$1 billion in revenue, and second only to Taylor Swift’s The Eras Tour. days this year, suggesting that the spike in bookings has primarily been fuelled by concertgoers choosing shorter stays focused around the event.
What is Yield Management? Yield management is a pricing and revenuemanagement strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. Think of it as the art behind the science of room supply and demand.
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?
What is hotel revenue optimisation? As a small, independent hotelier you may have heard the terms hotel revenue optimisation and hotel revenuemanagement. So what is revenue optimisation? Do all that and you’ll optimise your revenue by making as much money as possible from a limited resource: your rooms.
In 2022, analysis from SiteMinder’s Hotel Booking Trends showed: Travelers globally booked hotel stays considerably further in advance than in 2021, with hotels seeing a 38% increase in average booking lead time, year-on-year. Stays booked to Spain in August were the longest globally, at 2.65
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.
It’s a key hotel metric to track if you want to optimise your distribution, reduce costs and increase revenue. ALOS abbreviates ‘averagelength of stay.’ It refers to the average number of nights guests stay at your property over a given time. How do you calculate the averagelength of stay?
London, UK: Hotels in cities across the UK are experiencing a significant boost in bookings and average daily rates (ADR) as Kylie Minogue’s 2025 Tension tour approaches, according to new data from SiteMinder, the world’s leading hotel distribution and revenue platform. The averagelength of stay has reduced by over 10% to 1.33
As unpredictable as it can be at times (especially through the COVID-19 pandemic), forecasting is still an important part of running a hotel and being able to make strategic revenuemanagement decisions. What is hotel revenue forecasting? You need to use forecasting at your hotel to inform your pricing and revenue strategies.
A hotel investment that delivers the goods Little Hotelier’s all-in-one booking and hotel management software can deliver an incredible ROI for your small, independent hotel: up to 63x! Prioritising your investments correctly will ensure your budget spend is contributing towards increased revenue and occupancy rates.
Hotel forecasting is a method that is used to help managers determine their accommodation’s future demand and revenue performance. As unpredictable as it can be at times, especially after the COVID-19 pandemic, forecasting is still an important part of running a hotel and being able to make strategic revenuemanagement decisions.
It can be customized to fit your brand, cater to international audiences with multi-language and currency options, and offer add-ons or upsells to help you increase revenue. The Himmapana Villas manage around 2,000 bookings annually and needed a reliable hospitality platform, especially a booking engine that could take bookings 24/7.
This wealth of information available to hoteliers is an asset that can be put to use, but without the right tools to manage the data, it can become less of an asset and more of a hindrance. What is Data Management? Your average booking and your averagelength of stay are all things that can be aggregated well.
Minimum length of stay (MLOS or MinLOS) restrictions can be used across all your rooms or a select few that you choose. It can help you maximise your revenue and control your occupancy, but it’s a delicate balance that relies on managing supply and demand. Why do hotels use MLOS?
These metrics encompass a wide range of areas, from financial figures like revenue per available room (RevPAR) and average daily rate (ADR) to operational aspects such as occupancy rates and guest satisfaction scores. For example, you might set out to achieve a revenue lift of 10% year-on-year.
Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Price and promote your property better with Little Hotelier Little Hotelier's Insights tool gives you more control, more support and more revenue.
We had five central reservation systems, multiple web platforms and 12 different property management systems.” He continued, “So as part of [the $275 million] investment, we consolidated onto a single central reservation system, and we’re in the process of getting to two property management systems.
In 2022, analysis from SiteMinder’s Hotel Booking Trends showed: Travellers globally booked hotel stays considerably further in advance than in 2021, with hotels seeing a 38% increase in average booking lead time, year-on-year. Stays booked to Spain in August were the longest globally, at 2.65
Shelley Warsaw, partner relationship manager at TNS, sat down recently with HomeToGo to discuss their experiences using Track. Introduction HomeToGo is the fastest-growing booking channel for property managers worldwide. HomeToGo is the fastest-growing booking channel for property managers worldwide.
That being said, there are a handful of KPIs for hotel general manager which help hoteliers meet the benchmarks set. The ADR is the average rate at which each room at the hotel was sold on a given day. It is calculated by taking the Average room revenue and dividing it by the total number of rooms sold.
For example, when you identify the market segment that offers your hotel the longest stays you can focus on this segment to drive up the averagelength of stay in your property. It is a crucial step in applying this data for the benefit of the hotel’s business. They may also group by channel to provide segmentation.
Hotel revenue. Revenue is what keeps your hotel open so having a goal aligned with your income is obviously important. For example, you might set out to achieve a revenue lift of 10% year-on-year. There are many metrics that support revenue KPIs. Calculate it by dividing your total revenue by occupied rooms.
Hotel statistics may include occupancy rates, revenue figures, guest statistics, cancellation rates, booking channel statistics and more. Hotel average daily rate (ADR) is projected to grow by 4.9% RevPar is also expected to grow, reaching an average of $93. The average booking lead time for hotels is 29.7 million people.
From understanding top-performing channels to finding new revenue opportunities to enhance the guest experience, data analytics touches every department. This data can then be used to make changes to improve revenuemanagement, occupancy, guest experience, and operational efficiency. Revenuemanagement KPIs.
It is a fundamental process of revenuemanagement, but also brings benefits to marketing, operations, and the guest experience. When lodging operators divide guests into segments, they can be more targeted in promotions, communications, and guest services to increase revenue, guest loyalty, and guest satisfaction.
Hoteliers can use statistics to understand their guests better, forecast demand, create offers based on current trends, and optimise their pricing and revenue strategies. 81% of pet owners prefer staying in pet-friendly hotels over other forms of accommodation. Tourists spend an average of 167 USD per day in Thailand.
And, at one point, when I was six years old, we stayed, we lived in a hotel for, for three months, and that hotel was my playground and the general manager of that hotel was like a god for me. At one point I studied, in Lozan in Switzerland, hotel management. It was in Jakarta and it was the Hilton International in 1981.
The intuitive, multi-lingual software also rolls out new functionalities, such as user and competitive set self-management as well as high-frequency updates to data. By building a comprehensive benchmarking solution, we’re unlocking tremendous potential for our clients and positioning CoStar and STR to increase the value of our product.”
Hospitality management platform Cloudbeds observed a moderate (1%) uptick in medium-term stays globally in 2023, accompanied by a slight decline of 2% in short stays. Longer stays are a boon for hoteliers,” said Adam Harris, cofounder/CEO, Cloudbeds. But this isn’t just about the bottom line.
SAN DIEGO, CA) March 16, 2023 — Cloudbeds, the hospitality management platform powering more reservations and happier guests for lodging businesses around the globe, today announced the launch of its inaugural State of Independent Lodging Report. The next most popular length of stay was 3 to 4 nights. 1 PMS, No.
Hospitality management platform Cloudbeds has unveiled its inaugural State of Independent Lodging Report. In North America, the average booking window exceeded 2019 levels by five days; in Europe, two days. Meanwhile, ongoing travel restrictions in the Asia Pacific region kept the booking window five days short of the 2019 average.
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