Inn Quest

SEPTEMBER 5, 2023

By implementing an inventory tracking system, hotels can minimize underbooking, reduce overbooking risks, set competitive prices and provide a seamless guest experience, ultimately leading to increased revenue and improved operational efficiency. This prevents overbooking and rate disparities, enhancing the guest experience.

Management 87

Management Overbooking Revenue Hotels 87

Inn Quest

AUGUST 8, 2023

Offering competitive rates during off-peak seasons allows hotels to remain active in the market and attract guests even when other competitors might be struggling to maintain occupancy. By accurately forecasting demand patterns, hoteliers can allocate the right number of rooms to each price tier.

Hotels 88

Hotels Occupancy Overbooking Revenue 88

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

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

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

Hotel Business

APRIL 4, 2023

Not only does Tripleseat push the name of room block details, but it enables operators to better forecast inventory and revenue. Tripleseat and Maestro PMS are streamlining communication to prevent operational disasters like overbooking from ever happening.” Occupancy will be reflected in pickup counts.

Forecasting 59

Forecasting Overbooking Events Sales 59

Inn Quest

FEBRUARY 1, 2023

Integrated platforms help increase the hotel’s visibility, maximize occupancy, and decrease overbookings. An RMS can automate rate optimization, forecast pricing, and engage with potential guests. Hoteliers can also use a channel manager to seamlessly connect with popular OTAs such as booking.com, Expedia, AirB&B, etc.

Management 88

Management Consumer Hotels Overbooking 88

Catala Consulting

MAY 17, 2024

Revenue management is a crucial aspect of the hospitality industry, focusing on maximizing income through strategic pricing, inventory control, and demand forecasting. These frontline employees are instrumental in shaping the guest experience, impacting occupancy rates, and ultimately driving revenue.

Revenue Management 52

Revenue Management Revenue Management Upsell 52

STAAH

NOVEMBER 8, 2022

The second of our two-part blog series on revenue management looks beyond challenges towards trends emerging from dwindled demand, patchy recovery and flipping of established revenue management processes to forecast and inform pricing. If you’re lost amidst volatile demand and ineffective conventional forecasting methods, don’t worry.

Revenue Management 74

Revenue Management Revenue Management Forecasting 74

Hotelogix

OCTOBER 24, 2024

It analyses several factors including demand, season, occupancy forecast, and competitor pricing, etc. This would lead to overbooking and double booking. Considering this, you can either have a plan to overbook your property with caution or you can completely avoid overbookings. Now you know what a Hotel PMS is.

OTA 52

OTA Management Overbooking Cancellation 52

eZee Absolute

OCTOBER 24, 2024

It’s a critical aspect of a hotel’s operations, as the effectiveness of this distribution directly impacts visibility, occupancy rates, and overall revenue. For hotels, this means the ability to forecast demand, optimize pricing, and personalize marketing strategies in ways that were unimaginable just a few years ago.

Hotels 59

Hotels Revenue Management Overbooking Revenue 59

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

Hotelogix

AUGUST 13, 2024

This approach allows for more precise hotel forecasting and inventory control, reducing the risk of overbooking or underutilization of certain room features. Ensure your flexible hotel room pricing strategy can be adjusted based on seasonal demand and occupancy levels. How to Implement Attribute-Based Selling in Hotels?

Revenue 52

Revenue Hotels Occupancy Overbooking 52

SiteMinder

DECEMBER 7, 2023

This strategy is crucial for enhancing both occupancy rates and the average daily rate (ADR), directly influencing the hotel’s financial performance. Higher occupancy rates : Pricing rooms correctly plays a pivotal role in driving occupancy. It pays to obsess over long-range weather forecasts too.

Management 59

Management Average Daily Rate Occupancy Revenue 59

SiteMinder

AUGUST 1, 2024

Here’s a comprehensive guide on how to optimise your listing effectively after logging into the Trip.com extranet: Update room availability: Use a channel manager to sync room availability across all platforms in real-time, preventing overbooking and optimising inventory.

Revenue 52

Revenue Yield Management Overbooking Management 52

Hotelogix

SEPTEMBER 12, 2024

A Hotel PMS provides several operational reports, including a history and forecast report, revenue report, reservation report, housekeeping report, night audit report, financial report, guest history report, occupancy reports, etc., Rate Plan Management : Dynamically adjusts room rates based on occupancy and competition.

Management 52

Management Revenue Management Hotels Operations 52

Cloudbeds

APRIL 30, 2024

With dynamic pricing, room rates are not fixed but are adjusted based on market demand, competition, time of booking, customer behavior, occupancy, and other factors that can influence booking patterns. Prices change dynamically (hence the name) using real-time data to maximize your revenue and occupancy rates. Maximizing occupancy.

Revenue 52

Revenue Revenue Management Occupancy Hotels 52

Little Hotelier

JULY 16, 2024

This means managing supply and demand to hit your desired occupancy rate while also maximising the revenue returns for your business. Think about what a healthy occupancy rate will look like for you, and also how much revenue and profit you want to aim for. The main priority was to eliminate overbooking. Things are much better.

Management 52

Management Hotels Revenue OTA 52

Hotelogix

MAY 16, 2024

Sell more rooms: With increased online visibility, you can drive more bookings while eliminating overbookings and guest dissatisfaction.  Maximizing revenue with a revenue management system  A revenue management system uses historical data and market analytics to forecast demand and adjust pricing in real time.

Operations 52

Operations OTA Hotels Revenue 52

Hotelogix

AUGUST 27, 2024

They handle bookings and often increase your occupancy rates by giving your hotel more exposure.   While partnering with wholesalers can increase occupancy, it’s essential to manage inventory carefully to avoid over-committing rooms at low rates. These channels expand your reach but usually come with a commission fee. 

Global Distribution System 52

Global Distribution System OTA Revenue Hotels 52

Hotelogix

NOVEMBER 30, 2023

It refers to forecasting demand based on industry trends, current bookings, and past data. You can charge higher when demand is high and lower when demand is low to keep your hotel at maximum occupancy. This will ensure real-time rate and inventory updates across all OTAs to avoid overbookings and loss of business opportunities.

OTA 59

OTA Hotels Online Sales Marketing 59

Hotelogix

OCTOBER 19, 2023

They include history and forecast reports, hotel revenue reports, hotel reservation reports, night audit reports, MIS and manager flash reports, and many more. It improves a hotel's online visibility and sales while eliminating overbooking.    Reports: This is very critical.

Hotels 52

Hotels Revenue OTA Management 52

Hotel Operations

FEBRUARY 12, 2023

We tend to have an occupancy rate of around 90% throughout the year and outperform STR market benchmarks by up to 30-40%. It gives me a live forecast of my financial performance. We can have an algorithm doing a forecast on toilet paper and then just ordering it automatically to the respective property. It’s linked to our PMS.

Operations 52

Operations Real Estate Hotels Revenue 52

Hotel Speak

FEBRUARY 26, 2024

Adam Harris, Co-Founder and CEO of Cloudbeds , said: “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing market share and RevPAR.

Average Daily Rate 90

Average Daily Rate OTA Overbooking Travel 90

Cloudbeds

FEBRUARY 26, 2024

Adam Harris, Co-Founder and CEO of Cloudbeds, said : “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth. With demand relatively flat, hotels will need to focus efforts on growing market share and RevPAR.

Average Daily Rate 52

Average Daily Rate OTA Overbooking Travel 52