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Common hotel revenue sinkers include selling inventory too soon and too low - spillage - or not selling enough during high demand, leaving you with last-minute discounts. Spillage, spoilage, and overbooking can destroy your bottom line. Discover how to avoid them and grow your revenue.
Overbooking can be a cost-effective strategy if implemented correctly. What is a hotel overbooking strategy? The hotel overbooking strategy is a revenuemanagement technique that hotels use to maximise occupancy and revenue. Tips to make your overbooking strategy a success 1) Be data-driven in your approach.
Revenuemanagement (RM) is supremely necessary for hotels. I kid you not, most of the hotels refrain from opting for any sort of revenuemanagement services. The hotel revenuemanagement myths that are swirling around are the real reasons hotels are so skeptical about it. Who is to blame for it?
Overbooking is a common problem in the hospitality industry, causing major issues for both – hoteliers and guests. Striking the perfect balance between fully booked rooms and avoiding overbooking can be a challenging task. This is why our guide discusses how to avoid overbooking in hotels. Why Do Hotel Overbookings Happen?
Managing a profitable hotel requires a careful eye on your inventory. You don’t want to sell your rooms too early at reduced rates because such spillage can drain your revenue. However, spoilage, overbooking, and overselling can also wreck your profits.
We have written extensively about hotel revenuemanagement strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenuemanagement, we have made a summary of all the top advice from our perspective as a hotel revenuemanagement consulting company.
The hospitality industry is well acquainted with the concept of hotel overbooking. Although it is a common practice in hotel management, it has been a matter of debate particularly because of the complications it brings during peak hours. However, in cases of last-minute cancellations, your profit is badly impacted.
Dallas, USA – Brittain Resorts & Hotels (BRH), a leading full-service hospitality management company, has adopted SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, as part of its newly-announced business intelligence technology matrix.
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. Revenuemanagers have had to up their ante on monitoring local trends and populace segments to get a better understanding of demand.
Analyses showed that hotels with a solid revenuemanagement strategy came out of the Covid-19 crisis better than hotels without. In this article, you’ll learn how successful hoteliers handle pricing strategies during the post-covid era, and how to deal with spillage, spoilage, overbooking, and overselling.
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). In the ever-evolving hospitality industry, staying competitive demands more than just offering great accommodations and service.
Hotel overbookings can be a divisive topic. Some hoteliers love using this strategy to boost their revenue and protect their property from losing out due to last-minute cancellations. However, you can minimise the risk of having to walk travellers if you have a solid overbooking strategy. What happens when a hotel overbooks?
Revenuemanagement 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.
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?
Managing a profitable hotel requires a careful eye on your inventory. You don’t want to sell your rooms too early at reduced rates because such spillage can drain your revenue. However, spoilage, overbooking, and overselling can also wreck your profits.
Effective hotel inventory management relies on technology solutions like Property Management System s (PMS), Channel Managers, and RevenueManagement Systems (RMS) to automate tasks, analyze data and make informed decisions. This prevents overbooking and rate disparities, enhancing the guest experience.
July 3, 2024— DerbySoft , specialists in high-performance distribution services, announced a new partnership with IDeaS , a SAS company, provider of hospitality revenuemanagement software and services, that strategically provides operational and revenue-enhancing benefits for hotels of all types.
What is Yield Management? Yield management is a pricing and revenuemanagement strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. Revenuemanagement is the focal point for hotels in today’s climate.
The challenge Before implementing STAAH, the group property faced challenges in managing online bookings efficiently. Coordinating availability across multiple channels was a cumbersome task, often leading to overbooking or missed opportunities. Additionally, manual updates and discrepancies in pricing caused a bit confusion.
Besral Sitorus, Cluster RevenueManager of the hotel, expressed his satisfaction after relying on SiteMinder: “SiteMinder has a LOT of connections, which makes it easier for us to connect with valuable channels. The team was struggling to widen visibility via online channels with their previous technology solution.
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.
STAAH provided a centralised way to set and update inventory and rates River Beach Resort & Residences now uses the STAAH channel manager’s real-time inventory and rates updates, which has helped resolved the price parity issues, overcome overbookings and streamline integrations for all channels.
This eliminates manual updates, increases bookings and revenue, and eliminates concerns about overbooking or missing bookings. Booking data is quickly updated across all channels, allowing efficient management of hotel inventory and preventing overbooking or room shortages.
When we think about revenuemanagement, we often think of large cities, overbookings, big box hotels and a competitive marketplace. However, Rate Yield sat down with their loyal client, Manoir Belle Plage, to discuss what the revenuemanagement software has done for them.
But luckily, there is a solution: Single-solution platforms that consolidate all essential hotel management tools into one complete system. Gone are the days of dealing with multiple systems for reservations, revenuemanagement, and guest engagement.
Revenue optimization vs revenuemanagement In terms of definition and practice, there is a difference between revenue optimization and revenuemanagement. Table of contents Why is hotel revenue optimization important? This ensures rate consistency and prevents overbooking.
From checking in guests and entering reservations to managing rates and assigning rooms, many hotels still perform a lot of manual tasks. Oftentimes, these tasks overpower hotels’ ability to invest in proper guest communication, marketing activities, and revenuemanagement , which significantly impacts performance and profitability.
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. When integrated, these modules work together to help hotels manage room availability, distribution, reservations, and revenue. Guestcentric.
Delayed and failed updates to rates and availability was a common occurrence resulting in overbookings. Access to insights has encouraged revenuemanagers in the group to experiment with confidence, further fuelling the group’s revenue growth.
STAAH channel manager solves connection priorities With already a plateful to manage; not to mention reduced staff post-Covid-19, the idea to automate room distribution and pricing management was a very attractive opportunity and something STAAH could easily manage.
STAAH’s unified platform also allowed rates and inventory to be managed from a single dashboard for all properties. This has not just saved countless hours but has also reduced the risk of errors and overbookings , providing a seamless booking experience for guests.
Dynamic Pricing: Use revenuemanagement tools to adjust pricing based on demand while offering competitive deals. With eZee Mint, our dynamic RevenueManagement System , you can adjust room rates based on real-time market demand, ensuring you maximize revenue.
STAAH, for instance, offers resources to help hoteliers grow their knowledge of distribution and revenuemanagement. Whether it’s finding an alternative room when overbooked or handling a guest complaint gracefully, quick thinking and problem-solving make all the difference.
We would highly recommend STAAH for any hotel looking to streamline their online distribution, direct bookings and revenuemanagement strategy,” adds Robert. Combined with real-time updates, this has meant time-saving for the Airways team along with reduced risks of overbookings and rate parity issues.
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.
During peak seasons, when rooms are in high demand, higher rates can help control the rate of bookings, preventing overbooking scenarios. Maximizing Revenue: Thereafter, an effective seasonal pricing strategy for hotels ensures revenue optimization. To learn about the power of online reviews for hotels, read this.
IDeaS , a SAS company, has introduced Automated Configuration for its G3 revenuemanagement system (RMS), decreasing the initial configuration of G3 from weeks to as little as one day, depending on client needs and requirements. It’s like having another revenuemanager on the team, analyzing the data 24/7.”
With its previous technology partner, Sutton Hall was lagging behind in providing this seamless online experience to its guests, potentially affecting guest satisfaction and losing revenue. On the channel management front, overbookings and incorrect pricing were adding to the poor online experience for Sutton Hall.
Anyone who has worked in the hospitality industry for a few years would enthusiastically attest to the importance of yield management in hotels, particularly in hotel revenuemanagement. Yield management enables the adjustment of prices and inventory to meet seasonal demand, resulting in better revenuemanagement in hotels.
Hoteliers can also use a channel manager to seamlessly connect with popular OTAs such as booking.com, Expedia, AirB&B, etc. Integrated platforms help increase the hotel’s visibility, maximize occupancy, and decrease overbookings. A RevenueManagement System can simplify distribution and increase conversion.
This ensures that guests are always presented with accurate information, reducing the likelihood of overbooking or reservation errors. Hoteliers can access insights into payment trends, guest behavior and revenue performance. These insights inform pricing and marketing strategies, optimizing revenuemanagement.
Seasonal Demand and RevenueManagement: Many hotels face seasonal fluctuations in demand, with peak periods followed by slower periods. Effective revenuemanagement is crucial to optimize room rates, occupancy levels, and overall revenue. Offer diverse menus to cater to different tastes and dietary preferences.
One of the components needed to apply a hotel revenuemanagement is market segmentation. As a revenuemanager or hotelier, your hotel market segmentation shall help to identify the purpose of the trip: either business or leisure. Overbooking (from another hotel). What is Hotel Market Segmentation?
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