Another case study involves a property whose previous revenue management team lacked an eye for detail. Upon taking over the property we quickly ran a negotiated account audit as 2020 was nearing, and we wanted to catch any agreements that were going to lapse with the coming of the new year. After performing an audit we discovered that there were multiple LNRs that were slated to expire with the start of the new year. We were able to alert sales as to which accounts were expiring, and quickly extended courtesy rates until new agreements could be negotiated with clients. This allowed the hotel to capture revenue that would’ve otherwise shifted to other hotels in the market, as the issue may have gone undiscovered until the company reached out to the hotel, which is never a good thing!
When it comes to rate auditing, every brand and every system is different, so it’s important that your revenue management team knows exactly how and when to pull these sorts of audits, and is able to quickly present your sales team with action items based on their findings.
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