For many hoteliers, there is a great deal of confusion about the different revenue management technologies available on the market today. It’s hard to remember which technology calculates rates, which manages inventory, which updates the new prices to the online distribution channels, or if they do both.
Increasing traffic to your own website is one of the most important factors for a hotel’s success, as 100 per cent of all revenue from direct bookings are paid to the property with no acquisition cost. It is possible to increase your property’s website traffic by establishing direct links to your site so customers can reach yours via other sites. While this method is efficient, building direct links can be time-consuming and expensive.
The business of managing the hotel finances is not terribly technical or complicated. What makes it challenging is that it’s usually a very large job involving many people. In a 500-room hotel, you can easily have 20+ forecast contributors. The communication system in the hotel is the key to both smooth management and predictive financial results. This is the how to.
The whole conversation around big data is exhausting. The possibilities are endless. But here we are, every day, worried that we are sitting on a mountain of data but doing very little with it. But is it paralysis caused by these overwhelming possibilities? Or do you just think big data is best left to big hotels and chains?
Simply put, a hotel that doesn’t apply overbooking is losing a big chunk of profitable revenue, as normally the high BAR rates are sold last. On days when there is incremental demand, the opportunity to sell 100 per cent of the rooms is there. In a market with lot of incremental demand, hotels need to pay extra attention in order not to lose out on revenues.
In the highly competitive environment of the hospitality industry, there is a common denominator among the various day-to-day hotel management operations – they all need to provide instant gratification to guests without delay. To stay ahead of the competition, you actually need a platform integrating every aspect of your business to let you efficiently adapt to the ever-changing market situation in real time.
If you’re looking to buy a hotel, what makes more sense as an investment? A high-end luxury hotel or a lifestyle, boutique establishment? We would all like to be rich enough to buy a trophy hotel in central London, Paris or Singapore. Imagine the kudos in being able to invite your friends round for dinner. But in reality, what presents the better value in terms of returns?
traveliko is a booking platform that was conceived by a group of hospitality professionals who saw hotel profits squeezed due to the high commissions paid to the dominant global OTAs, which ultimately had a negative impact on the quality of services provided to guests.
The most exciting trend happening in real estate development right now is the emergence of the LIVE, WORK, PLAY, WELLNESS master plan communities springing up in secondary and tertiary markets. These communities encompass all sectors of real estate.
Expectations. I hear this word from almost all GMs, controllers and hotel executives. It’s the wrong word and it’s not an effective way to manage. In our lives, few things make us less productive and more distant than other people’s expectations of us. Expectations are everywhere in our work and personal lives and people detest them. Who are you to have an expectation of me?