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.

Forecasting 59

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%

Forecasting 59

Forecasting Construction Events Occupancy 59

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

Occupancy 59

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.

Forecasting 52

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

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.

Consumer 126

Consumer Real Estate Tourism Hotels 126

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.

Yield Management 98

Yield Management Management Revenue Management Revenue 98

Cloudbeds

NOVEMBER 15, 2024

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?

Upsell 99

Upsell Occupancy Revenue Management Revenue 99

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 91

Revenue Management Revenue Ancillary Revenue Management 91

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 89

Consumer Forecasting Revenue ROI 89

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.

Management 88

Management Consumer Hotels Overbooking 88

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.

Pipeline 98

Pipeline Construction Scale Closing 98

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?

Overbooking 88

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.

Revenue Management 98

Revenue Management Revenue Management OTA 98

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 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.

Marketing 83

Marketing Market Hotels Forecasting 83

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.

Revenue Management 76

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.

Tourism 52

Tourism Consumer Average Daily Rate Occupancy 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.

Revenue 88

Revenue Occupancy Hotels Marketing 88

Social Tables

DECEMBER 27, 2018

Meanwhile, late in 2018, CBRE forecasted that hotel supply would peak at 2% gain, stabilizing to 1.9 Respondents to the AMEX Meetings & Events Forecast predict that rise will equal about 2.41% in North America, while CWT expects an even higher hike of 3.7%. Last year, the Global Meetings Forecast predicted a 3.8%

Events 167

Events Business Scale Consumer 167

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.

Revenue 59

Revenue Revenue Management Occupancy Business 59

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 Marketing Market 52

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.”

Net Operating Income 59

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.

Travel 124

Travel Hotels Branding Consumer 124

Little Hotelier

MARCH 10, 2024

The software supports various functions, including reservation management, rate setting, and sales forecasting, facilitating a more organised and strategic approach to selling rooms and services. The system integrates various data points to provide actionable insights, aiming to balance occupancy and revenue.

Hotel Sales 52

Hotel Sales Sales Revenue Management Revenue 52

Hotel Speak

AUGUST 9, 2023

By delving into market dynamics, guest preferences, and strategic pricing, hoteliers can fine-tune their room rates, distribution strategies, and other pivotal elements to achieve maximum occupancy and revenue. Key metrics like occupancy rates and revenue remain uncharted waters, unguided by data-driven insights.

Revenue Management 52

Revenue Management Revenue Management Upsell 52

Catala Consulting

JULY 18, 2024

High fixed costs : Rent, utilities, and a base level of staffing are required regardless of occupancy or sales volume. Here are several strategies to consider: Robust forecasting : Implement detailed cash flow forecasting processes that account for seasonality, known upcoming expenses, and potential scenarios.

Hospitality 52

Hospitality Revenue Forecasting Business 52

TravelNet

JUNE 26, 2023

With changing consumer behaviors and spending patterns, it is crucial to adapt and implement ways to maximize revenue and control costs. Adapting to changing consumer spending patterns While it’s true that people are still spending, the dynamics have shifted. Track will automate this pricing for you.

Revenue Management 52

Revenue Management Revenue Occupancy OTA 52

Cloudbeds

SEPTEMBER 12, 2024

Guest experience Managing and personalizing the guest experience was once a time-consuming and tedious process. However, responding to each review can be quite time-consuming, especially if you want to personalize replies and avoid boilerplate formulas.

Hospitality 52

Hospitality Revenue Management Hotels Forecasting 52

Inn Quest

MARCH 23, 2023

The contribution to GDP of the tourism industry on the whole is currently 1.6% (Statista). Other figures from Statista are as follows: Australia’s hotel segment specifically is forecasted to see revenues of US $6.75 The result was increased occupancy, which continued throughout the year and along with an increase in average daily rates.

Forecasting 52

Forecasting Tourism Average Daily Rate Hotels 52

Cloudbeds

MARCH 23, 2023

These days, more consumers are going online to make purchases, and travel is no exception. Popular eCommerce platforms like Amazon and Uber have raised the bar, conditioning consumers to expect shopping online to be simple, fast, and secure. Moreover, a hotel room can’t be returned if it doesn’t meet expectations.

OTA 98

OTA Digital Marketing Market Marketing 98

Cloudbeds

APRIL 30, 2024

A brief history of room price optimization Given the multitude of factors to consider and the analysis required, establishing accurate real-time room prices for your property may seem complex and time-consuming. Prices change dynamically (hence the name) using real-time data to maximize your revenue and occupancy rates. Competition.

Revenue 52

Revenue Revenue Management Occupancy Hotels 52

Cloudbeds

MAY 31, 2023

By monitoring market pricing intelligence, hotels can stay apprised of opportunities to flex pricing power, increase ADR (average daily rate), and lower pricing to increase occupancy. However, this method is time-consuming and doesn’t capture the detailed pricing data hotels need to make informed decisions. Automated rules and alerts.

Shopping 52

Shopping Revenue Management Average Daily Rate Revenue 52