STAAH

AUGUST 22, 2023

With a little creativity and lots of data and insights, low occupancy periods can be more efficiently managed Low occupancy is largely driven by seasonality with off-peak times being marked by fewer bookings and even lower forward bookings. An economic downturn, natural calamity or events like a pandemic make a hard situation worse.

Occupancy 98

Occupancy Forecasting OTA Revenue 98

Cloudbeds

DECEMBER 2, 2024

One of the main challenges for hotels is creating accurate forecasts in the short, medium, and long term. Understanding future demand trends, their causes, and the guest segments driving them can help hotel revenue managers adjust room rates to boost occupancy and sales. But traditional forecasting models no longer cut it.

Forecasting 75

Forecasting Revenue Management Occupancy Revenue 75

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. year-over-year growth in the first half, driven by international tourism and election-related events. year-over-year growth in the first half, driven by international tourism and election-related events. CBRE forecasts GDP growth of 2.3% and a 10-basis point increase in occupancy.

Forecasting 59

Forecasting Construction Events Occupancy 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 Management

MARCH 14, 2024

Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.

Occupancy 130

Occupancy Events Hotels Tourism 130

STAAH

MAY 21, 2024

50% Occupancy with One Group Booking Scenario: A 50-room hotel has sold 25 rooms to one group, reaching 50% occupancy. Beyond Occupancy: Factors Influencing Price Points Occupancy alone isn’t the only criterion for adjusting price points. Regardless, the key question remains: Is the price point logical?

Occupancy 113

Occupancy Retail Yield Management Revenue 113

Hotelogix

JANUARY 19, 2025

Key Pricing Strategies: Dynamic Pricing : Adjust rates based on real-time occupancy, demand, and competitor rates. Read More - Best Hotel Pricing Strategies to Maximise Revenue Special Rates for Special Seasons Why it works: Seasonal demand impacts occupancy rates, requiring price adjustments. amenities, luxury).

Minimum Length of Stay 40

Minimum Length of Stay Occupancy Forecasting Revenue 40

SiteMinder

OCTOBER 10, 2023

What is hotel forecasting? Hotel forecasting is a method that is used to help managers determine their accommodation’s future demand and revenue performance. Whether you’re a seasoned hotelier or new to the industry, understanding the nuances of forecasting can be a game-changer for your business.

Forecasting 52

Forecasting Revenue Average Daily Rate Occupancy 52

Hotel Business

NOVEMBER 16, 2022

occupancy for Thanksgiving week is at 29%, pacing 1% higher than 2019 levels. Palm trees will be a common sight at the top destinations, as Hawaii, Florida and California hold several spots on the top 10 list, with new entrants like Manhattan, KS; and New York City driven by event-based visitor traffic. Additionally, the number of U.S.

Occupancy 59

Occupancy Forecasting Marketing Market 59

Hotel Business

JANUARY 6, 2025

The COVID-19 pandemic triggered sharp spikes in electricity and natural gas prices, and market volatility has continued due to market disruptions, geopolitical tensions and an increase in extreme weather events. In 2023, these properties averaged 205 rooms, with an average occupancy level of 69.4% For instance, U.S. through 2026.

Occupancy 52

Occupancy Hotels Forecasting Operations 52

Hotel Speak

JANUARY 9, 2025

Revenue management relies heavily on core principles such as data collection and forecasting. Forecasting: Using historical data and market trends to predict future demand and optimise pricing accordingly. Pricing optimisation: Setting the right prices to maximise revenue while maintaining occupancy.

Revenue Management 77

Revenue Management Revenue Management Ancillary Revenue 77

Hotelogix

NOVEMBER 19, 2023

As a hotelier, boosting the occupancy rate is critical to running a successful business. In a highly competitive industry, you must attract and retain guests to increase your property's occupancy rate and revenue. This article will explore various ways to improve hotel occupancy rates and the role of technology in it. 

Occupancy 59

Occupancy Maximum Length of Stay Minimum Length of Stay Revenue Management 59

Little Hotelier

MARCH 25, 2024

What is hotel forecasting? Hotel forecasting, also known as hotel demand forecasting, is a strategy that sees a hotel analyse historical data and trends to make predictions about future demand. Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy.

Forecasting 52

Forecasting Cancellation Average Length of Stay Revenue 52

SiteMinder

JUNE 8, 2022

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 revenue management decisions. What is hotel revenue forecasting? Why should your hotel use forecasting? How can you forecast effectively at your hotel?

Forecasting 52

Forecasting Revenue Average Daily Rate Average Length of Stay 52

Horizon Hospitality

JULY 10, 2024

In the competitive world of hospitality, one of the most critical challenges of hotel professionals is balancing room rates with occupancy levels. Use predictive analytics to forecast future demand. This can help in adjusting prices and inventory to optimize both occupancy and revenue.

Occupancy 52

Occupancy Revenue Yield Management Forecasting 52

SiteMinder

JUNE 12, 2024

This includes offering tailored packages, suggesting room upgrades, promoting in-house dining experiences, and even curating special entertainment events. Optimising Occupancy : Hotels have a fixed number of rooms, making it essential to ensure high occupancy rates. Our smart hotel platform helps you do exactly that.

Yield Management 98

Yield Management Management Revenue Management Revenue 98

Hotel Speak

OCTOBER 24, 2024

By allowing hotels to better understand and react to price elasticity in the market, the model is projected to increase RevPAR by up to 15% and boost occupancy rates by up to 10%, while maintaining efficient workflows with existing hotel staff.

Upsell 105

Upsell Hospitality Cancellation Forecasting 105

Hotel Management

AUGUST 8, 2024

Just four months after its initial soft-opening, SO/ Maldives reached an occupancy of almost 60% in February, and expected average daily rates (ADR) in the region of US$750-$850 for 2024. Following the official launch of SO/ Maldives, this contribution is forecast to rise to 35% in 2024, with strong forward bookings.

Resorts 130

Resorts Average Daily Rate Retail Forecasting 130

Xotels

MARCH 3, 2025

Revenue management tools are software and systems that help hotels optimize pricing, control cost , maximize occupancy, and increase profitability. These tools use data-driven insights, automation, and forecasting to ensure youre charging the right price at the right time. What Are Revenue Management Tools?

Revenue Management 40

Revenue Management Revenue Management Ancillary Revenue 40

STAAH

MAY 16, 2023

Hotel managers and revenue managers use data analysis and revenue management tools to determine the optimal price for each room based on various factors such as occupancy rates, booking trends, and competitor rates. 3) Forecasting Forecasting is the lifeblood of revenue management.

Revenue Management 98

Revenue Management Occupancy Upsell Revenue 98

SiteMinder

OCTOBER 18, 2023

This strategy uses statistical models to predict optimal price points that maximise revenue and occupancy. These models factor in variables such as historical booking patterns, seasonality, local events, and even guest reviews. By analysing historical data, hotels can forecast demand, ensuring they’re always ahead of the curve.

Revenue 105

Revenue Hotels Forecasting Revenue Management 105

Hotelier Magazine

SEPTEMBER 20, 2024

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

Services 90

Services Dining Forecasting Occupancy 90

SiteMinder

MARCH 25, 2025

For example, during peak travel periods, an efficient reservations manager using a modern property management system (PMS) can swiftly allocate room blocks for group bookings or special events, maximising occupancy without overbooking. Efficiently managing OTAs and direct bookings is key to maintaining high occupancy rates.

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Little Hotelier

OCTOBER 17, 2024

Sales and revenue-related tax documents: VAT/GST/sales tax returns , documents on hotel/room occupancy taxes , tourism levies, merchant transaction reports for card payments. Financial planning and forecasting The key to financial planning and forecasting? mortgage or loan interest statements.

Average Daily Rate 93

Average Daily Rate Revenue Hotels Sales 93

Cloudbeds

NOVEMBER 13, 2024

Good Morning Hospitality is for hospitality professionals, including hoteliers and property managers, looking to stay informed about current events and trends. Great Events Hosted by Cvent, Great Events focuses on the events industry, discussing best practices, trends, and insights into planning and executing successful events.

Hospitality 52

Hospitality Events Hotel Marketing Marketing 52

STAAH

FEBRUARY 7, 2023

As the markets have opened up and travel continues to rise, Hoteliers should not ignore this important market segment – Corporate clients to maximize occupancy and revenue. In the hotel industry, corporate clients can represent a significant source of revenue, as they often book rooms for business travel, conferences, and other events.

Global Distribution System 97

Global Distribution System Digital Marketing Events Hotels 97

SiteMinder

JUNE 26, 2024

Included in this will be key metrics, forecasting models, and trending insights. Here are some of the key benefits: Increased profitability: By setting the right room rates and managing inventory effectively, hotels can maximize their revenue without necessarily sacrificing occupancy rates.

Revenue 72

Revenue Revenue Management Upsell Global Distribution System 72

Little Hotelier

JANUARY 19, 2025

Bar rate : Best available rate (BAR) is often lower than the rack rate and fluctuates based on demand, season, and occupancy. This is just a starting point, and you must take into account demand fluctuations, special events, seasonal trends, room types, and so on. Market demand: Adjust for seasonality , local events, and travel trends.

Rack Rate 52

Rack Rate OTA Revenue Hotels 52

Hotelogix

APRIL 11, 2025

Hotel tax, often referred to as occupancy tax, lodging tax, or tourism tax, is a fee imposed on guests staying at hotels , motels, or other lodging facilities. Contributing to Community Development: Hotel taxes often finance community projects, parks, and cultural events, enhancing the quality of life for residents and the visitor experience.

Online Marketing 40

Online Marketing 40

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

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.

Market 104

Market Marketing Hotels Forecasting 104

Hotel Business

FEBRUARY 26, 2024

Hyper Nimbus delivers four capabilities to transform legacy hotel technology stacks: Predictive pricing: Driven by proprietary algorithms, Hyper Nimbus provides dynamic pricing and forecasting to maximize occupancy and rates based on real-time market factors and localized context.

Revenue 111

Revenue Sales Forecasting Management 111

Hotel Speak

OCTOBER 3, 2024

The two-day event, centred around the theme “Proven Paths, New Horizons,” provided a comprehensive overview of the UK hospitality landscape in 2024. Recovery: A Mixed Bag STR’s latest data highlighted the UK’s global leadership in hotel occupancy, boasting a robust 77%. Robert Shrimsley, Financial Times 2.

Hospitality 122

Hospitality Average Daily Rate Occupancy Intent 122

SiteMinder

JULY 13, 2024

Without it, your business is essentially forfeiting the ability to boost bookings, revenue and profit, offer competitive rates and promotions, and forecast effectively. Forecasting Forecasting involves predicting future demand for rooms. We’ll talk more about forecasting and analysis later.

Revenue Management 98

Revenue Management Revenue Management OTA 98

Cloudbeds

DECEMBER 16, 2024

Can you create a two-day plan for me, also considering the weather forecast? Multimodal AI links this data into a unified system, enabling them to correlate satellite imagery of crop health with soil conditions and weather forecasts to make precise decisions about irrigation, fertilization, or pest control.

Operations 52

Operations Hotels Upsell Forecasting 52

Inn Quest

APRIL 5, 2023

It is a dynamic pricing strategy that allows hotels to offer competitive prices during low-occupancy periods while maximizing profits during high-demand periods. It enables hotels to achieve this goal by analyzing data such as occupancy rates, booking trends, and seasonal patterns to adjust prices and inventory.

Yield Management 88

Yield Management Management Occupancy Revenue 88