One common reaction in times of crisis is to dramatically reduce your hotel’s average daily rate (ADR) to boost near-term revenue. Instead, go back to the basics of your pricing strategy to adapt to this ever-changing landscape.
Takeaways from the recent HSMAI Chief Revenue Officer Executive Roundtable on 2021 budgeting, pricing, forecasting, and more.
HSMAI’s Revenue Optimization Advisory Board (ROAB) met on a call May 7 to discuss further implications of the coronavirus, in particular how hotels are thinking about reopening. Here are a few takeaways from the discussion.
Insights from Damiano Zennaro, Director, Global Advisory Services, IDeaS Revenue Solutions and member of HSMAI Europe Revenue Optimisation Advisory Board.
As the coronavirus continues to spread, many hoteliers are wondering how to adjust their revenue strategy. Carter Wilson of STR presented data from the 2009–2010 recession to illustrate the implications of dropping prices versus holding steady during low-demand periods as part of a program in HSMAI’s Confronting Coronavirus webinar series.
This paper explores the current state of revenue management and the approaches used by revenue management systems (RMS) to support hotel revenue management; new trends in revenue management systems and analytics that are shaping the future today; and makes recommendations regarding RMS approaches and trends that hoteliers should consider, based on their specific market and strategy.
At HSMAI’s ROC 2019, six college and university faculty members from hotel schools presented research in areas related to revenue management in the hospitality industry. During one of the presentations, Dr. Toni Repetti of the William F. Harrah College of Hospitality at the University of Nevada, Las Vegas, discussed research on the effects of minimum-wage growth on restaurateurs.
The Lightning Round is a signature program at HSMAI’s ROC event — giving six revenue optimization executives just six minutes and 40 seconds each to share a best practice, strategic…
Industry data analysts from STR, PwC and CBRE share their predictions for first-quarter hotel performance in the U.S. to shed some light on where the industry might go in the…
There is a distinct difference between “rate management” and “revenue strategy,” although for some hotel teams, the line between the two may have blurred over the years. Read the insights…
The last couple of years have seen various European rulings designed to level the playing field in favor of pricing agreements for hoteliers with OTAs. Not all hoteliers are convinced this has improved the landscape.