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OTA Insight, the global leader in cloud-based hospitality business intelligence, today announced the expansion of its business intelligence (BI) product suite with the launch of Spider in the Europe, Middle East and Africa markets.
In this week’s episode of the Hotel Moment podcast, Karen Stephens, Revinate’s CRO, speaks to Sunish Sadasivan, Vice President of E-Commerce & RevenueManagement at Chroma Hospitality, as he shares the story of how their hotel reduced their reliance on OTAs for a period of time.
In today’s fast-paced hospitality landscape, staying ahead of the curve is paramount for maximizing revenue potential. As technology continues to evolve, so do the strategies and innovations within revenuemanagement.
What is hotel revenuemanagement? Hotel revenuemanagement is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. What is the primary purpose of revenuemanagement?
With every passing year, revenuemanagement is playing a more central role at hotels as they navigate a landscape now locked in a permanent state of change. The exact genesis of yield management (now revenuemanagement) in the hospitality sector is hotly debated,” says Stuart-Hill. “The
OTAs show “breakfast included” as a primary search filter for hotel guests. In this ebook, you’ll see how thinking of breakfast as a profit center – setting, food, service, environment – impacts your hotel’s brand reputation and revenuemanagement methodology. Did you know? One of these is their breakfast preferences.
A quick search on the internet yields a wide range of definitions for ‘revenuemanagement’. Some of these take a theoretical, almost academic approach and, in several instances, there are iterations of revenuemanagement’s classic definition: ‘selling the right room, to the right guest, at the right time, for the right price’.
OTA Insight, the global leader in cloud-based business intelligence, today announced Benchmark Insight, which will be available as a free beta solution globally.
Like many other areas in travel and hospitality, revenuemanagement has dramatically changed in the last two years. We spoke to leading revenuemanagers on what they think lies ahead. Don’t rule out presence on OTAs,” suggests Jaydeep, “but make sure you keep up your profiles on other online media.”.
In the ever-evolving hospitality industry, staying competitive demands more than just offering great accommodations and service. Hoteliers need to employ smart strategies to optimize revenue and profitability. One of the most powerful tools in their arsenal is a robust RevenueManagement Solution (RMS).
It’s hard to imagine revenuemanagement before the advent of hotel software and systems. Thanks to these solutions, today’s revenuemanager can produce forecasts, distribute inventory and adjust rates with speed – a stark contrast to the manual and long drawn-out processes that defined the practice in the past.
The session yielded some interesting ideas, but one idea that the housekeeper and revenuemanager came up with was a real game changer. The revenuemanager knew that the number one guest request was “early arrival.” The hotel has 200 rooms and was very busy on weekends and holidays. Some excellent questions also emerged.
Hotel revenuemanagement strategies make the most of hospitality budgets by connecting the right guests with the best offer at the optimal time. Read on for a list of proven hotel revenuemanagement strategies that work when you need to turn a profit.
XOTELS – RevenueManagement eBook In the first chapter of this eBook, we will go over the definition of what is revenuemanagement in the hotel and hospitality industry. Everything will be explained from the fundamentals of revenuemanagement to more advanced practices and strategies.
When it comes to luxury hospitality, every empty room represents a missed opportunity and mastering the art of revenuemanagement is paramount. The role of revenuemanagement in luxury hospitality At the core of revenuemanagement lies the art of optimizing room rates and availability to maximize revenue.
In this blog, we will delve into different aspects of hotel revenuemanagement and explore top tips and tricks to help you optimize your hotel’s revenue potential. What is RevenueManagement in Hotels?
Revenuemanagement solutions are indispensable tools for hotels seeking to optimize their RevPAR (Revenue per Available Room). By leveraging advanced algorithms and data analytics, these solutions enable hotels to strategically adjust pricing and inventory to maximize revenue. Read in detail here.
In the fiercely competitive hospitality industry, the essence of successful resort revenuemanagement lies in data-driven decision-making. This approach is pivotal in optimizing financial performance and driving both revenue growth and guest satisfaction. Why is RevenueManagement Imperative for Resorts?
US: Cloud-based hospitality business intelligence platform OTA Insight has announced the appointment of Vivek Bhogaraju as its chief operating officer (COO). Bhogaraju said: “I am thrilled to join OTA Insight and work alongside such a talented, driven and dedicated team.
US: Cloud-based hospitality business intelligence platform OTA Insight has announced the appointment of Vivek Bhogaraju as its chief operating officer (COO). Bhogaraju said: “I am thrilled to join OTA Insight and work alongside such a talented, driven and dedicated team.
CHAP HospitalityManagement Company Limited provides professional hotel management services, with more than 20 years of experience helping small to medium hotel operators manage both sales and service. including acting as General Manager of the hotels he manages and working with SiteMinder’s platform.
In the ever-competitive world of hospitality, staying ahead can be a real challenge. But hotel revenuemanagement can be your secret wand. Revenuemanagement is about more than just the right pricing. It’s about knowing what guests need, predicting bookings, and adjusting rates to make more revenue.
Online Travel Agents for hotels or OTAs serve as important distribution channels for hotels. OTAs are online platforms or websites that sell hotel rooms to customers. An excellent marketing strategy incorporates OTAs to boost sales and revenue. These statistics show why OTAs are essential for hotels.
The hospitality industry faces a complex and competitive landscape. Hotel revenuemanagers must optimize pricing and inventory across multiple distribution channels while reacting to constant demand fluctuations. In particular, algorithmic trading bots are transforming hotel revenuemanagement strategies.
Indian hotel, The Samilton Hotel, found another level of success with STAAH with a huge surge in direct bookings and reliant channel manager. Established in 1990, The Samilton Hotel revolutionized Kolkata’s hospitality landscape by offering a pioneering concept: a fully air-conditioned, three-star boutique hotel.
Modern travellers are redefining what hospitality looks like in 2023 and beyond. In fact, OTAs such as Expedia have updated their algorithms to give preference to properties that have been called out by guests for their fantastic guest experience. Kids and multi-generational travel hold a strong place in the future of hospitality.
Channel ManagerManaging multiple distribution channels, from Online Travel Agents (OTAs) to direct bookings, can be complex without the right tools. A channel manager automates this process, syncing room rates and availability across all platforms, reducing the risk of overbookings or pricing discrepancies.
The hospitality industry is evolving faster than ever, driven by rising guest expectations and technological advancements. But luckily, there is a solution: Single-solution platforms that consolidate all essential hotel management tools into one complete system. Automate housekeeping schedules and room assignments.
Decision: Should we increase or hold the retail pricing on online travel agents (OTAs) and the brand website? If demand is high and competition is priced higher, increasing the rate could maximize revenue. Consider the following scenarios to illustrate this point: 1.
The session yielded some interesting ideas, but one idea that the housekeeper and revenuemanager came up with was a real game changer. The revenuemanager knew that the number one guest request was “early arrival.” The hotel has 200 rooms and was very busy on weekends and holidays.
Since the early days revenuemanagement has been applied in hotels, there has been an intriguing ongoing discussion. I have been in hotel revenuemanagement consulting since 2006, and it is a question that keeps coming back. As they both contribute to the total equation of revenue being generated in the hotel.
Since the early days revenuemanagement has been applied in hotels, there has been an intriguing ongoing discussion. I have been in hotel revenuemanagement consulting since 2006, and it is a question that keeps coming back. What drives more value to the business, ADR, average daily rate, or occupancy? Occupancy or ADR?
Expanded distribution and positive results Tapping into STAAH ’s expansive network of global and niche OTAs has resulted in G5 Hotel & Serviced Apartment substantially increasing its footprint. And here is where STAAH’s biggest power lies – its insights and revenue optimisation features.
Meet Subhransu, a seasoned professional with over 14 years of experience in the hospitality technology industry, who has continually evolved in various roles, each enriching his career journey. He is committed to providing valuable insights and solutions to the evolving landscape of hospitality technology.
(SAN DIEGO) Jan 25, 2023 — Cloudbeds, a global leader in hospitalitymanagement software, today announced its strategic partnership with Lighthouse (formerly OTA Insight), a leading commercial platform for the travel & hospitality industry. 24-26 in Hall 8. 24-26 in Hall 8.
Analyzing revenue streams using a channel manager’s dashboard helps revenuemanagers gain insights for creating an optimal online distribution strategy. 8) Online Travel Agents (OTAs): Working with multiple online travel agents (OTAs) is crucial for increasing digital distribution and overall occupancy.
Whether online or offline, behind every effortless booking experience is a fast, reliable, and fully integrated hospitalitymanagement system. The reservation system acts as the central hub of the reservation ecosystem, which may also include a website booking engine, channel manager, and revenuemanagement system.
The last few years have seen major shifts within the hospitality industry. Along with the uneven demand and staffing challenges caused by the pandemic, there was one significant upside – a shift in confidence that saw guests book directly through the hotel vs. relying on OTA websites to find the best deal.
The hospitality industry is always evolving. To remain competitive, hospitality professionals must stay on top of what’s happening with hotels, event venues, technology, and trends. Attending top hospitality conferences, expos, or summits is a fantastic way to stay up-to-date on current trends.
Singapore, 05/10/2023: Hotelogix , a globally leading enterprise-grade cloud-based Hotel Property Management System provider, said India’s Rosastays Group has seen a 2X rise in revenue with its multi-property management system in 2023 vs. 2022. It has earned impressive guest feedback on top hotel booking and review sites.
Hotel distribution has always been a critical aspect of the hospitality industry. Effective hotel distribution strategies enable hotels to target the right audience, optimise occupancy rates, and enhance revenuemanagement. Removing the rate parity clause is not going to change customers’ behaviour.
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