It’s often said the U.S. hotel industry is a street-corner business. With that point of view, it may not take much for a hotel operator to panic and set off a price war on your block.
The industry fell victim to mindless discounting in the days immediately after 9/11 and during the depth of the Great Recession.
Today’s hotel owners and operators like to think they’re smarter than that.
Over the past decade, revenue management – the science of smart pricing – has become a standard practice.
At the same time, technology providers have created automated programs that help properties determine the right price for the right guest at the right time. And hotels have a long list of online channels where they can advertise rate and convert browsers to bookers.
As the industry begins to see a slowdown in business performance, Lodging Leaders explores how hoteliers should be pricing now and in the near future.
We interview several specialists and technology innovators who focus on nothing but revenue management for hotels.
They share what to do if a hotel in your market starts to discounts rates; how to use online booking channels to generate more business; how far out to plan your revenue strategy; and what tactics to deploy to optimize profit.
Resources and Links
Rainer Jenss of Nyack, New York, founded the Family Travel Association seven years ago to help parents and caregivers introduce children to the world through travel, whether that’s a yearlong trip around the world that Jenss and his family took or a weekend getaway to a nearby destination. To help the travel industry gauge what parents want when they take their kids on vacation, FTA conducts an annual study. The U.S. Family Travel Survey 2021 reveals the shift in mindset the COVID-19 pandemic has created in families planning a trip over the next 12 months. Hoteliers use can use the information to generate business and boost their strategies to recover and sustain business now and other the coming months.
Whether they’re new to the concept or they’ve worked in lodging for years, women are an emerging force in hotel development, investment and ownership. Several industry leaders are making significant strides in building programs that encourage and support women interested in becoming hotel owners and investors. This report examines new projects and updates the status of existing efforts by industry leaders to recruit women as owners and help them hurdle barriers such as critical access to capital.