Hotel Business

NOVEMBER 16, 2023

CBRE is forecasting RevPAR growth to recover in 2024 as inbound international travel further improves and sector-specific headwinds moderate. The company forecasts 3.0% RevPAR growth next year, driven by a 40 basis-point (bps) occupancy improvement and a 2.3% CBRE’s baseline forecast anticipates 0.8% ADR increase.

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Forecasting Occupancy Scale Consumer 110

Cloudbeds

OCTOBER 9, 2024

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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Forecasting Hospitality Occupancy Revenue Management 59

Hotel Business

AUGUST 15, 2024

CBRE is reducing its forecast for U.S. CBRE forecasts GDP growth of 2.3% Challenges including weakening consumer spending and increased competition from short-term rentals, cruise lines and other lodging alternatives pose downside risks.” and a 10-basis point increase in occupancy. The company now projects a 1.2%

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Forecasting Construction Events Occupancy 59

Hotel Business

JANUARY 6, 2025

This alignment of incentives fosters cooperation between utility providers and business consumers to identify energy reduction opportunities. Stakeholder demand amplifies this shift, as investors, consumers and employees increasingly expect organizations to prioritize sustainability. According to the U.S. For instance, U.S.

Occupancy 52

Occupancy Hotels Forecasting Operations 52

Hotelier Magazine

AUGUST 27, 2024

WASHINGTON — After three consecutive months of year-over-year increases, Canada’s hotel industry recorded a decline in occupancy, according to CoStar’s July 2024 data. July 2024 (percentage change from 2023) Occupancy: 75.2 Though most segments grew year over year, group occupancy continued to decline, down 8.5 per cent (down 0.4

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Occupancy Forecasting Consumer Hotels 59

Hotelogix

JULY 18, 2024

Hotel forecasting, also known as hotel demand forecasting, is a strategic process that predicts future demand for hotel rooms and services based on historical data, market trends, and various influencing factors. What is Hotel Forecasting? Hotel financial forecasting helps hoteliers set targets by predicting fiscal outcomes.

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Forecasting Average Daily Rate Occupancy Revenue Management 52

Hotel Business

APRIL 15, 2024

decrease in occupancy, which was driven in part by a 1.3% This is 61 basis points higher than previously forecast. Despite solid wage growth, declining airfares and improving consumer sentiment, RevPAR growth declined for the third straight month in Feb. decrease in occupancy, which was driven in part by a 1.3%

Occupancy 59

Occupancy Consumer Market Share Forecasting 59

Hotelier Magazine

AUGUST 16, 2023

hotel forecast presented at the recent 15th annual Hotel Data Conference. per-cent downgrade in occupancy growth. per-cent downgrade in occupancy. The post STR and Tourism Economics Lower Growth Forecast for U.S. . — STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S.

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Forecasting Tourism Average Daily Rate Occupancy 52

Hotel Business

JANUARY 25, 2024

JLL’s Hotels & Hospitality Group ‘s Global Hotel Investment Outlook 2024 forecasts that global hotel investment volume will increase 15% to 25% year-over-year. International travel plays a crucial role in urban hotel demand, with a strong correlation between inbound foreign arrivals and urban hotel occupancy.

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Consumer Real Estate Tourism Hotels 126

Xotels

MARCH 3, 2025

Luckily, from our experience as a revenue management consulting company, we’ve learned many tools that will simplify your life, help cut-out time-consuming tasks, and also enable you to open new streams of revenue! It monitors guest reservations, room occupancy, and overall performance metrics. What Are Revenue Management Tools?

Revenue Management 40

Revenue Management Revenue Management Ancillary Revenue 40

STAAH

APRIL 23, 2024

Interactive dashboards and visual representations make it easier for revenue managers to make data-driven decisions, identifying revenue trends, tracking performance metrics, and accurately forecasting future demand.

Revenue Management 109

Revenue Management Revenue Ancillary Revenue Management 109

Hotel Speak

MAY 30, 2024

Consumer behaviour and attitudes to F&B have shifted since the pandemic, with some outlets struggling to keep pace. F&B management has traditionally worked to patterns such as time of day or seasonality, using forecasts to predict and manage costs. In fact one in five travelling consumers want to be able to order digitally.

Consumer 105

Consumer Forecasting Revenue ROI 105

SiteMinder

JUNE 12, 2024

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.

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Yield Management Management Revenue Management Revenue 98

Hotel Speak

SEPTEMBER 26, 2024

Certainly rates and occupancy grew very nicely in 2023, but we reached a plateau where we couldn’t really push rates any further,” Jon Siberry, Group Revenue Manager of Sarova Hotels explained. Any increase in revenue is going to come through occupancy, so 2024 has been a bit more of a push.

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Market Marketing Hotels Forecasting 104

Hotelier Magazine

SEPTEMBER 20, 2024

Financial Forecasting “We maintain stock for most kitchen supplies. Most food is wasted by the consumer. We also look at occupancy and food sales projections to ensure we order enough product for our occupancy levels. “We We also consider any groups staying in house and if they’ve planned meals in our event spaces.”

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Services Dining Forecasting Occupancy 90

Inn Quest

FEBRUARY 1, 2023

From shifting consumer preferences to new technologies and trends, there are many things that property owners and hotel managers need to keep in mind to stay competitive and meet the needs of their guests well. Today’s consumers are looking for more personalized and unique experiences, and they are willing to pay more for them.

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Management Consumer Hotels Overbooking 88

Hotelier Magazine

NOVEMBER 26, 2024

October’s occupancy rate was 68.5 The rise in occupancy was mainly driven by transient and week-day occupancy, indicating an influx of individual business travellers. Among the provinces and territories, Nova Scotia reported the highest occupancy level at 74.7 Toronto topped the major markets with an occupancy rate of 79.6

Average Daily Rate 52

Average Daily Rate Occupancy Forecasting Tourism 52

Hotelier Magazine

JANUARY 25, 2024

In 2023 (percentage change from 2022): Occupancy: 65.7 In 2023 (percentage change from 2022): Occupancy: 65.7 Due to weakness in the broader economy, consumers have started reining in discretionary spending. For 2024, occupancy is forecasted to contract 1.4 per cent (up 7.7 per cent) ADR: $200.08 (up 9.7

Average Daily Rate 52

Average Daily Rate Occupancy Forecasting Consumer 52

Hotel Business

APRIL 27, 2023

Increased consumer confidence and spending activity has fueled strong occupancy and rate growth throughout the last 12 months as well. For the remainder of the year, LE forecasts another 493 new hotel projects/59,355 rooms to open, representing a combined 1.3% A total of 103 new hotels/11,762 rooms opened in the U.S.

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Hotelier Magazine

AUGUST 29, 2023

In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. For July 2023 (percentage change from July 2022) occupancy rose 0.1 Among the provinces and territories, Newfoundland and Labrador recorded the highest July occupancy level (87.9 per cent to 75.6 per cent to $232.13.

Average Daily Rate 52

Average Daily Rate Occupancy Forecasting Hotels 52

Inn Quest

OCTOBER 17, 2023

That being said, this blog explores some best practices for avoiding overbooking in the hotel industry as well as how to accurately track occupancy rates and manage inventory across multiple channels. This risky strategy aims to ensure full occupancy, but it can backfire. The question yet remains: is it the right thing to do?

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Overbooking Cancellation Forecasting Occupancy 88

SiteMinder

JULY 13, 2024

It involves the use of data and analytics to help you keep track of supply and demand so you can make predictions on consumer behaviour. Many businesses where consumers spend money have varying prices based on demand, supply and shifts in costs. Forecasting Forecasting involves predicting future demand for rooms.

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Revenue Management Revenue Management OTA 98

Hotelier Magazine

JUNE 27, 2024

May 2024 (percentage change from 2023): Occupancy: 69 per cent (up 0.2 The occupancy lift, however, was marginal, with the metric contracting across the lower-tier hotels, while upscale through luxury showed growth. “The While group occupancy fell 5.5 Among the major markets, Vancouver saw the highest occupancy (83.8

Average Daily Rate 52

Average Daily Rate Occupancy Forecasting Hotels 52

Inn Quest

APRIL 3, 2023

Simplify Booking Management with a Cloud-Based Solution Managing room blocks can be time-consuming and complex, but implementing a simple and streamlined process can save time and reduce errors. Continuously monitor and optimize Regularly review your operational processes and identify areas for improvement.

Operations 88

Operations Revenue Management Revenue Forecasting 88

Inn Quest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. It is a dynamic pricing strategy that allows hotels to offer competitive prices during low-occupancy periods while maximizing profits during high-demand periods.

Yield Management 88

Yield Management Management Occupancy Revenue 88

Hotel Business

AUGUST 17, 2023

CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 RevPAR. The company has revised its forecast for 2023 RevPAR to $96.64, up 4.6% from its previous forecast in May. in 2023, down 10 bps from the previous forecast. ADR growth of 2.6%

Forecasting 52

Forecasting Hotels Travel Occupancy 52

Hotel Business

APRIL 19, 2023

Experts across the hospitality industry continue to forecast “cautious optimism,” emphasizing caution as the International Monetary Fund chooses to lower the projections for their annual economic growth forecast to 2.9% from an initial 3.4%. Today, this process is supported end-to-end by revenue management technology.

Revenue Management 52

Revenue Management Forecasting Consumer Revenue 52

Xotels

APRIL 3, 2024

Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.

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Revenue Management Revenue Management Ancillary Revenue 76

Boutique Hotel News

MAY 4, 2023

UK: The UK’s travel and tourism sector is expected to see a boost of more than £200 million as a result of King Charles III’s Coronation weekend [6-8 May] and fortnight around those dates, as consumers travel across the country to celebrate with friends and millions across the UK make the journey to London to catch a glimpse of the historic event.

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Tourism Consumer Average Daily Rate Occupancy 52

Hotelier Magazine

SEPTEMBER 18, 2024

But on the flip side, the lower levels of supply have allowed the country to rebound to record occupancy levels and drive strong rate growth. With supply and demand generally balanced occupancy is expected to remain at a peak of 66 per cent. Its against this backdrop that CBRE has prepared its 2024 Market Forecast.

Occupancy 52

Occupancy Marketing Market Accommodation 52

Inn Quest

MAY 11, 2023

By drawing in more visitors, raising occupancy rates and enhancing profitability, a thoughtful pricing strategy can help hotels maximize their revenue. Even if occupancy rates do not rise, this can help hotels raise their profit margins. A Rise in Profitability: Effective pricing strategies can also boost a hotel’s profitability.

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Revenue Occupancy Hotels Marketing 88

Hotelogix

JUNE 10, 2024

  Dynamic pricing in the hotel industry refers to tweaking room rates based on various factors such as demand, occupancy, seasonality, events, and even competitor pricing. Dynamic pricing strategy in hotels allows hoteliers to optimize revenue by ensuring room rates accurately reflect market conditions and consumer behavior.

Revenue 52

Revenue Occupancy ROI Revenue Management 52

STAAH

JULY 8, 2024

The hospitality industry faces seasonal challenges and fluctuating market conditions, including reduced consumer spending and increased competition. Here’s a comprehensive guide to help accommodation providers optimize their efforts and maintain steady occupancy rates during economic downturns.

Digital Marketing 52

Digital Marketing Accommodation Market Marketing 52

Cloudbeds

JANUARY 22, 2025

Financial analysis When EBITDAR is combined with other metrics, such as ADR (average daily rate), occupancy rate, or RevPAR (revenue per available room) , it can help dig deeper into financial metrics. For example, a lower EBITDAR margin at one property might prompt an analysis that reveals excessive utility costs due to outdated equipment.

Revenue 40

Revenue Hotels Operations Average Daily Rate 40

Hotel Business

JUNE 22, 2023

Recognizing that pent-up demand is still a major factor in play for consumers—despite hurdles like an economic downturn and inflation—hospitality CFOs finding solutions to their problems today will be worthwhile long term.”

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Net Operating Income Real Estate Consumer Hospitality 59

Boutique Hotel News

DECEMBER 20, 2022

With inflation on the rise globally, consumers are likely to be more mindful when it comes to spending their money. This means that during periods of high consumer price growth, hotels have been able to raise room rates and pass on these rising costs to guests. Hotel e-tail. per cent on average above inflation per year.

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Travel Hotels Branding Consumer 124

Amadeus Hospitality

SEPTEMBER 8, 2023

It will also improve the BEONx algorithms that provide forecasting and inventory control systems capabilities to their participating hotels.” . “The two-way data exchange will enhance the revenue insights and competitiveness of hotels connected to BEONx and Amadeus by giving them improved visibility into market trends.

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Revenue Revenue Management Occupancy Business 55