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Kari Speckmeyer, CRME, Revenue & Inventory Manager, Terranea Resort, HSMAI Rising Revenue Optimization Leader Council Member
The recent Junk Fee Prevention Act proposed by the Biden-Harris Administration has sparked discussions across the hotel industry. The act calls for an end to hotel resort/destination Fees and other hidden fees, making pricing more transparent and competitive. The HSMAI Rising Revenue Optimization Council recently got together to discuss how they were handling the recent news.
Three key takeaways to consider:
- Eliminate resort fees in markets that aren’t offering value to consumers: Consider eliminating resort fees at urban properties.
- Optimize revenue management systems: Invest in revenue management systems and rate management tech stacks to ensure your pricing strategies are effective and efficient. Take advantage of algorithms that can help identify the right customer at the right price and adjust rates dynamically based on demand.
- With the end of junk fees on the horizon, will tax inclusion be the next step in pricing transparency? Consider the impact of including taxes in your pricing and strategize for potential changes.
Dive Deeper:
FACT SHEET: President Biden Highlights New Progress on His Competition Agenda
Resort Fees and Pricing Power | HSMAI Americas
The Pros and Cons of Displaying Additional Mandatory Fees | HSMAI Americas