Category: Revenue Management
Within the hospitality industry, every season has its revenue advantages and disadvantages. Finding revenue success lies in focusing and capitalizing on each particular seasons advantages. Know the purchasing habits of your clientele. Familiarize your team with how to upsell certain items or services in the summer months. Take action to prepare the team and hotel for the summer season.
The only reason the peak summer season may fail to bring in an abundance of revenue is if your hotel team is unprepared. There’s still time yet to plan and get organized, and we want to help!
Spring has sprung and summer is nearly here! What does that mean? It’s officially vacation season. This can be an abundant time for your hotel, as long as you know how to maximize on the tourist season.
What is one thing nearly all spring and summer travelers are looking forward to? Experiencing the local culture of wherever they’re visiting!
The beginning of fall is the perfect time to strategically plan how to maximize revenue through the end of the year. When the holidays start to roll around, people are much more inclined to spend, and hotels are a popular item to spend money on.
Especially in the midst of family gatherings, holiday parties and the like, it can be an absolutely gold rush of revenue if you are prepared. We want to help you finish out the year strong so we’ve compiled the following tips for your benefit:
When it comes to hotel renovations, the term can be fairly vague at times. For our purposes we will be discussing major capital renovations. Meaning renovations that will increase the life of your asset.
Typically the purpose of a renovation is to strengthen, add or improve revenue streams, which can and will happen when the life of your asset is increased.
When it’s all said and done, we are always striving to increase the value of our hotels, and renovations are an excellent way to do so.
How often should your hotel be renovated? There is no perfect equation that will help you determine that, but keep in mind the fierce competition in the industry as well as constantly changing trends and technological advancements.
Of course, any renovation desired needs to bring a substantial return on the investment for it to be worth it, so as we suggest some renovations that may increase the value of your hotel, be sure to meet with your financial team to discuss what is realistic for your asset.
Hotels are an integral part of our society. Utilized for leisure, business travel, conventions, special events, and a million other reasons. Folks use them everyday, they are depended upon, and generally enjoyed. On the flip side, there’s heavy competition in the industry, and a constant challenge to experience high levels of success as a hotel owner.
There are many variables at play when it comes to owning, managing, and operating a hotel, and it’s imperative that a keen eye is kept at all times. The industry is constantly changing and evolving, and a successful hotel must not only keep up with the changes, but transform ahead of them.
Constant evaluation of strategies and tactics is crucial. In order to achieve long-term success, a hotel owner must be able to balance, make decisions about, and produce results in all of the departments – finance, marketing, sales, catering, rooms, channel distribution, as well as overall management.
10, 9, 8, 7… the countdown has begun, and no, not for the epic ball drop ringing in 2016, but for the rapidly approaching due date of your hotel’s budget and marketing plan for the new year. This is an instrumentally important tool for your hotel, it can truly influence the success or failure for the next year.
A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.
Be prepared, not scared. Budget planning season has rolled around once again, and with it tends to come stress, worry, and frustrations, but that doesn’t have to be the case. Of course, budget and marketing plans are developed to set goals, targets, and hold everyone accountable. With that being said, this is also a learning
Think back, what’s your earliest memory of having a story read to you? For as long as humans have existed on this Earth, storytelling has existed. It isn’t difficult to discern why humans love stories – emotion. Listening to, or a reading a story offers an opportunity to connect with people, places, and events emotionally. People love stories, because stories are an opportunity to feel something. Hotel’s should use stories as an opportunity to significantly increase revenue, through emotionally connecting with guests.
Being a part of a hotel brand or franchise can provide numerous benefits and resources. Often times, individual hotel management teams aren’t aware of all the different ways they can maximize the return on their branded investment. Rather than letting simple ROI opportunities fall by the wayside, grab them while they’re hot and reap the benefits. Analyze the following three areas within your hotel, and take note if your hotel team is taking advantage of them as best as possible.
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