By admin No comments yet hotel pricing, Hotel Revenue Management, Revenue Management, revenue management guide
Pricing Models There are multiple pricing models currently in use in the world of revenue management. Each model has its benefits and drawbacks and while there is no ‘best’ pricing model, each one is fascinating to learn about and helps develop your analytical thinking and problem solving skills as a revenue manager. Traditional Model (“rate
By admin No comments yet case study, event management, hotel revenue, Hotel Revenue Management, hotels, profit, Revenue Management
In this case study, check out how we vastly improved year-over-year performance for graduation night in a busycollege town! By better yielding out lower rated segments earlier, utilizing all brand tools at our disposal, and working with our teams to ensure that we stay firm on enforcing restrictions and policies, we have seen a $110 jump in ADR vs.
By admin No comments yet case study, Hotel Forecasting, hotel revenue, Hotel Revenue Management, hotelier, Revenue Management
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
By admin No comments yet case study, Hotel Forecasting, hotel revenue, Hotel Revenue Management, hotelier, Revenue Management
For this case study, we had the pleasure of working with a property that had a great mix of companies, but were coding them in a confusing and inefficient way. Before RevGEN, this Hilton property would build out an entirely new SRP (special rate plan) for every single new corporate agreement they made, rather than building out 10-20 versatile SRP’s
By admin No comments yet case study, Hotel Forecasting, hotel revenue, Hotel Revenue Management, hotelier, Revenue Management
At this property, we used Spider’s Rate Plan and Company Analysis module to renegotiate 3 different accounts. By utilizing the “% of Room Nights on >= 95% occ” column, we identified that company A, company b, and company c contributed more than 50% of their room nights on nights when the hotel was already at or above 95% occupancy. This
By admin 2 comments Hotel Revenue Management, Hurdle Points, Price Optimizer, Revenue Management
If you don’t know what hurdle points are, please see my video A quality that I tend to notice in good revenue managers is a willingness to question the status quo, and actively experiment with the various tools at their exposure to try to exact extraordinary outcomes. Back in the fall 2014 I attended a revenue management course hosted by one
By admin No comments yet ADR Breakage, Hotel Revenue Management, Revenue Management
Do you want to break the code on ADR Breakage? To an outsider, the revenue manager’s lexicon may often seem like a confusing amalgamation of newspeak, decipherable only with a Ouija glass or enigma machine. Examples that spring to mind are “perfect sell”, “fenced”, “OTB”, “BAR”, and “OTA” just to name a few. A term that fits firmly in that
By admin No comments yet birders, Revenue Management, waterfowl flyway
Most Revenue Managers including those that consider themselves “seasoned” will tell you that they have a firm grasp on what demand drivers influence occupancy at their hotels. Expect a laundry list of the usual suspects: “Corporate high rises within 2 mile radius of the property”, “Large concert venue”, “Transient summer travelers passing through to a larger market”. What if
By admin No comments yet Forecast Accuracy, Hotel Forecasting, Hotel Revenue Management, Revenue Management
“How accurate is my forecast? Well…it’s very accurate – usually falls within the industry standard 5% variance for a monthly forecast, and we automate at the market segment level.” This is the response I typically provide when asked about the RevGEN forecasts, but sometimes what I really want to say is, “it doesn’t matter how accurate it is; what matters