When Should Hotels Offer Discounts to Boost Revenue?
Usually, it makes sense to sell your rooms for the highest price possible without oversacrificing occupancy. Though hospitality at its core is about people, making money is essential to keeping your doors open and providing memorable guest experiences. However, there are exceptions to this general rule—times when lowering your prices can serve your overall financial […]
7 Creative Ways Hotels Can Use Space to Maximize Revenue
Interior design has a big impact on the guest experience. From colors and furniture to layout and lighting, even the smallest design elements influence the way your guests interact with your property. Sleek bar stools and eclectic, trendy music evoke a hip and happening urban vibe while a cozy fireplace and rustic furnishings create, well, […]
A Hotelier’s Guide to Generating Profitable Revenue
The goal of any business is to make money. But it’s not all about revenue. Think about it this way: If you increase revenue, but costs rise as well, your profit remains the same (or declines), and your business can’t grow. While it’s important to monitor top-line indicators like total revenue and RevPAR, focus on […]
Is Your Hotel Revenue Management Strategy Working?
Hotel revenue management is a complicated process with a simple goal: to maximize revenue. It’s about analyzing demand and honing what you offer to sell the right product to the right customer at the right time, on the right channel, for the right price to grow profit. If your hotel’s bottom line is bottoming out, […]
6 Opportunities to Boost Revenue Your Hotel Might Be Missing
Just as it’s important to always look for ways to enhance the guest stay experience, hoteliers must constantly seek opportunities to boost revenue. Adapting your money-making strategies to the ever-changing landscape of the hotel industry will help your business stay profitable during difficult economic times and ensure long-term success. By capitalizing on consumer demand and […]
5 Promotional Rate Strategies to Boost Hotel Revenue
As travel picks up with the warming weather, it’s that time of year your hotel may be thinking about running special packages and promos to stand out from the competition. Promotional rates are not only good for maximizing occupancy and revenue, but they’re fun too! While your guests get great value, you get the opportunity […]