With growing operational costs hotels need to get creative about ways to drive more Revenue. Ancillary and other revenue streams are becoming more and more important as the days go on and are moving to be included, if not already, under the revenue optimization umbrella. Aiming to improve topline revenue, combat rising operational costs, and increase guest conversion, ancillary and other revenue streams will become as important as rooms revenue in the blink of an eye. 

HSMAI hosted a Distribution Executive Roundtable in Toronto.  From technological advances to sustainability demands, industry leaders grapple with a changing landscape of distribution. Here’s a look at the most pressing concerns and strategies to address them. 

It is no secret that we are still facing a labor shortage. However, the hospitality industry isn’t just grappling with a talent shortage, we are dealing with a retention problem. The answer may lie in the way we approach leadership. This topic was brought to the HSMAI Revenue Optimization Advisory Board to discuss purpose-driven leadership in revenue optimization.  

Distribution teams’ missions have always been focused on selling rooms across a multitude of platforms. But as the industry evolves, so should our strategies. It’s time to cast our net wider and delve into structured approaches for food & beverage (F&B) and other ancillary areas.

As our industry and technology become more complex, clean data is critical. Managing a pricing strategy to drive REVPAR is only one layer to the equation. The HSMAI Revenue Optimization Rising Leaders Council recently discussed this topic and brainstormed our top keys to good data.  

As rising leaders, we often encounter age-related biases such as assumptions of inexperience, lack of credibility, or limited knowledge. We may also face barriers in accessing growth opportunities, receiving mentorship, and being entrusted with higher-level responsibilities. These challenges can hinder our professional development, career advancement, and overall job satisfaction. Addressing age discrimination and fostering inclusivity is not only crucial for promoting an equitable work environment but also for unlocking the potential of young leaders in revenue optimization.

As part of HSMAI’s Commercial Strategy Week in Toronto, HSMAI hosted a roundtable for ownership executives. Through insightful discussions, industry leaders identified five key challenges and shared strategies to navigate through them. 

Earlier this summer, HSMAI hosted a Chief Revenue Officer (CRO) Executive Roundtable in Toronto.  Talent management emerged as a topic that continues to challenge leadership. As CROs, they acknowledged the role talent management has in effective forecasting. The participants discussed the importance of attracting and retaining skilled professionals in revenue management and related fields.