Written by: Robert Mandelbaum and Andrew Hartley
According to CBRE’s September 2022 Hotel Horizons® forecast for the overall US lodging industry, rooms revenue per-available-room (RevPAR) will exceed 2019 annual levels in 2022. This is driven by the accelerated recovery of average daily rate (ADR) which first occurred during the third quarter of 2021.
For owners and operators of full-service, convention, and resort hotels, unfortunately, food and beverage (F&B) revenue is lagging in recovery and yet to return to pre-COVID levels. This can be attributed to a combination of the following factors:
Health regulations
The lag in group demands recovery
Staffing…
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Tag: red rose motel elizabethtown pa
Written by Shivam Sharma
As an institutional investor, consider your investments — a hotel, club, restaurant, anything. Being an investor requires knowing how to allocate the appropriate funds to the right assets at the right time. But what if you have someone who can intricately manage that for you? This is where an asset manager would step in and decide what exactly investors should expect in returns from their assets. They define the metrics and targets to be achieved so that the entire asset is optimized to its maximum potential. Then, there is ESG: environmental, social and governance.
Environment: issues…
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In the ever-evolving world of travel marketing, metasearch has emerged as a game-changing tool for hotel chains. It provides travelers with a platform to compare hotel prices and options, making it an essential resource for those who have narrowed down their travel plans and are ready to book.
Not only does metasearch drive additional qualified traffic, but it also boasts high conversion rates. What’s more, it holds the promise of being a critical channel in the future, as it does not rely on third-party cookies that will become obsolete in 2024. By leveraging metasearch, hotel chains can secure direct bookings…
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New Delhi, June 27, 2023: RateGain Travel Technologies Limited (RateGain), the leading SaaS (Software as a Service) provider for travel and hospitality, announced today that it has been selected by the North American-headquartered, Virgin Voyages to provide comprehensive Cruise Rate Intelligence data. Virgin Voyages, an innovative cruise line co-owned by the Virgin Group and Bain Capital, is redefining sea travel for the modern traveler set to enhance its competitive edge with the deployment of RateGain’s advanced data analytics and connectivity solutions.
With the global cruise industry on the road to recovery and an expected influx of passengers in the coming…
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Have you ever wondered how hotels manage to distribute their rooms effectively in today’s digital age? Well, the hospitality industry has seen some major transformations in recent years, all thanks to the rise of digital technology. While these advancements have created new opportunities for hoteliers, they’ve also brought along some challenges that need to be tackled head-on.
One of the key challenges is ensuring effective distribution, which plays a vital role in the success of hotels. With a highly competitive landscape and the dominance of online travel agencies (OTAs) and digital platforms, hotels need a little help in managing their…
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Saurabh Prakash — Group Senior Vice President, Commercial (Global) — from Millennium Hotels and Resorts emphasizes the need to be creative, and to adopt technology solutions that can help customers get a better experience.
Giving the examples from Millennium Hotels & Resorts:
Saurabh highlights how the hotel group utilizes technology to address staffing and operational challenges in the hotel industry. They implement solutions such as mobile check-in and digital queue systems to improve customer experience and reduce wait times.
Saurabh recognizes the importance of embracing AI-driven systems for revenue management and digital marketing to stay competitive in the digital era…
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Hospitality has come a long way, with the travel and tourism industry generating around USD 5.81 trillion. The onset of the pandemic brought about quite a few colossal changes in their functionality and engagement, both in good and bad ways.
In the last few years, hotel distribution has seen quite a few shifts, including the sudden increase in distribution channels, increased usage of metasearch sites, shift of focus on reducing distribution costs, the introduction of blockchain technology, and so on.
However, most hotels are still having trouble keeping up with these adjustments to the system’s overall allocation. Most of these…
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As revenue consultants, we have experience from lots of hotels. Many of them have already grasped the reality of demand-driven daily pricing based on multiple factors.
However, where room pricing management has become more flexible, availability management has not. Despite the fluid nature of demand where segmentation has lost a lot of its past emphasis, hotels still insist on treating their inventory as a compartmentalized box with little room to play.
Thus, no sooner than a base room type is sold out at the PMS level, it gets closed on all online channels. State-of-the-art tools like PMS-Channel Manager integration or…
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