SiteMinder

JUNE 26, 2024

Included in this will be key metrics, forecasting models, and trending insights. Improved forecasting: Revenue optimization involves analyzing data on past booking trends, competitor pricing, and market conditions. This allows hotels to forecast future demand and adjust their pricing strategies accordingly.

Revenue 72

Revenue Revenue Management Upsell Global Distribution System 72

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.” There are a lot of moving pieces when it comes to event management.

Forecasting 59

Forecasting Overbooking Events Sales 59

Hotel Business

MARCH 29, 2023

Automated Configuration for G3 RMS completes the following modules to ensure confidence in a property’s system settings and outputs: Rooms configuration: Automatically groups room types that have similar pricing and demand into room classes to maximize room performance with optimal pricing decisions, last room value and overbooking controls.

Revenue 52

Revenue Overbooking Revenue Management Forecasting 52

Hotel Business

MARCH 14, 2024

Furthermore, AI can facilitate predictive analytics to forecast demand patterns accurately, allowing hotels to allocate resources efficiently and optimize inventory management. This proactive approach minimizes the risk of overbooking or underutilization of rooms, ultimately improving revenue management and operational efficiency.

Overbooking 59

Overbooking Revenue Upsell Services 59

Inn Quest

AUGUST 8, 2023

By accurately forecasting demand patterns, hoteliers can allocate the right number of rooms to each price tier. During peak seasons, when rooms are in high demand, higher rates can help control the rate of bookings, preventing overbooking scenarios.

Overbooking 88

Overbooking Hotels Occupancy Revenue 88

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.

Average Daily Rate 52

Average Daily Rate OTA Overbooking Travel 52

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. Reception staff must be trained to manage reservations dynamically, accommodating walk-ins and overbookings in a manner that optimizes room availability and revenue.

Revenue Management 52

Revenue Management Revenue Management Upsell 52

Catala Consulting

JULY 30, 2023

Improved Forecasting: Resort revenue management allows establishments to make accurate demand predictions. These forecasts are instrumental in strategic planning, enabling resorts to manage their resources effectively and maintain a consistent revenue stream all year round.

Revenue Management 52

Revenue Management Revenue Resorts Management 52

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

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

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

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 73

Revenue Management Revenue Management Forecasting 73

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. Real time PMS updates on forecasts and recommendations only happen 5 times a day, however, which makes it less suitable for larger hotels.

Hotel Sales 52

Hotel Sales Sales Revenue Management 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

Little Hotelier

JULY 16, 2024

The main priority was to eliminate overbooking. When you actively manage where, how, and at what price you sell your inventory you’ll get valuable insights on your performance and how you can make improvements. The more you can encourage a positive world of mouth, the more your brand reputation will grow. 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

NOVEMBER 30, 2023

It refers to forecasting demand based on industry trends, current bookings, and past data. This will ensure real-time rate and inventory updates across all OTAs to avoid overbookings and loss of business opportunities. You must know what to charge during each season. One crucial pricing strategy is to charge as per demand.

OTA 59

OTA Hotels Online Sales Market 59

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

Inn Quest

APRIL 5, 2023

Yield management also allows hotels to forecast demand and plan their inventory accordingly, ensuring enough rooms are available during high-demand periods and minimizing the risk of overbooking. Improved Customer Satisfaction Yield management can also improve customer satisfaction.

Yield Management 88

Yield Management Management Occupancy Revenue 88

Cloudbeds

APRIL 30, 2024

Adjusting your room prices based on real-time forecasts and competitor data means you can seize every revenue opportunity, irrespective of whether you’re in a period of low or high demand. During peak seasons, higher prices can prevent overbooking, while lower prices during off-peak times can attract more guests.

Revenue 52

Revenue Revenue Management Occupancy Hotels 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.

Average Daily Rate 94

Average Daily Rate OTA Overbooking Travel 94

Hotel Operations

FEBRUARY 12, 2023

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. A GM or somebody who’s operationally focused will never be aggressive on a revenue strategy in terms of overbooking. It’s linked to our PMS.

Operations 52

Operations Real Estate Hotels 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. By offering attributes as separate options, hotels can better manage their inventory and allocate resources more efficiently. How to Implement Attribute-Based Selling in Hotels?

Revenue 52

Revenue Hotels Occupancy Overbooking 52

STAAH

JANUARY 8, 2024

Primary among them is that bookings made from any platform will reflect in real-time and accurately in your Hotel PMS (Property Management Systems), so you avoid overbookings/double-bookings or do not have to worry about any missed bookings plus ensuring rate parity.

Management 52

Management Revenue Overbooking Forecasting 52

Hotelogix

AUGUST 27, 2024

Cons: Unpredictable Revenue: Walk-ins are hard to forecast, leading to fluctuating occupancy rates. This enhances accuracy, and efficiency and reduces the risk of overbooking or discrepancies. By optimizing availability and pricing, hotels can maximize revenue and avoid overbooking or underselling rooms.

Global Distribution System 52

Global Distribution System OTA Revenue Hotels 52

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

SiteMinder

DECEMBER 7, 2023

It pays to obsess over long-range weather forecasts too. This consistent rate presence helps in avoiding disparities, ensuring a unified booking experience for guests and reducing the risk of overbookings or rate conflicts. If it’s a quiet time you can lower your rates to coax more guests in.

Management 59

Management Average Daily Rate Occupancy Revenue 59