Hotel Financial Coach Blog

SEPTEMBER 8, 2024

Rolling forecasts are nothing new but I must point out that most hotels don’t use them, and they really should. To start out we need to define how we produce a rolling forecast and point out the best practices around its creation. Without the budget we can’t have a rolling forecast. That’s the part the rolling forecast plays.

Forecasting 130

Forecasting Hospitality Revenue Closing 130

SiteMinder

JULY 13, 2024

What is hotel revenue management? Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. What is the primary purpose of revenue management?

Revenue Management 98

Revenue Management Revenue Management OTA 98

Hotel Speak

JANUARY 28, 2025

But luckily, there is a solution: Single-solution platforms that consolidate all essential hotel management tools into one complete system. Gone are the days of dealing with multiple systems for reservations, revenue management, and guest engagement. Identify upselling opportunities to boost revenue.

Management 94

Management Hospitality Revenue Management Revenue 94

SiteMinder

JULY 11, 2024

The partnership, which comes amid a summer that is expected to see international travellers to Spain grow by 8% from last year’s record season, will enhance the powerhouse hotel brand’s financial performance and streamline its operations.

Revenue 105

Revenue Branding Forecasting Revenue Management 105

STAAH

MAY 21, 2024

Decision: Should we increase or hold the retail pricing on online travel agents (OTAs) and the brand website? If demand is high and competition is priced higher, increasing the rate could maximize revenue. Forecast Accurately: Use forecasting to inform pricing, yield management , and channel management decisions.

Occupancy 113

Occupancy Retail Yield Management Revenue 113

Hotel Financial Coach Blog

JULY 28, 2024

With my workshops and speaking, I often do an exercise where I challenge each leader to find a minimum of $250 in next month’s forecast. It can also be a source of new revenue. The session yielded some interesting ideas, but one idea that the housekeeper and revenue manager came up with was a real game changer.

Hospitality 130

Hospitality Revenue Revenue Management Management 130

Hotel Operations

SEPTEMBER 30, 2024

Creating a budget involves having each department leader work out their resources, payroll, expenses, and revenues. The budgeting process typically starts by asking the revenue manager what they think room revenue will be in the coming year,” Lund said. Hotel budgets are used throughout the year with a rolling forecast.

Forecasting 98

Forecasting Revenue Hotels Operations 98