How to Know if Your Rooms Are Priced Right
Getting your room rates just right can feel a bit like walking a tightrope. Price too high, and you risk driving away business. Set them too low, and you’re leaving money on the table. Every dollar counts, especially during these days of rising costs and razor-thin margins. So, how do you know if you’ve hit […]
6 Ways Hotels Can Boost Midweek Occupancy
Filling rooms during slower travel times is important to ensure your business’s long-term success and relevancy. Contrary to instinct, drastically reducing room rates won’t guarantee midweek bookings. In fact, it eats into your profits and undermines your hotel’s credibility. While price is a major factor in planning travel (especially with current inflation and for millennial […]
How to Maximize Hotel TRevPAR
Riddle: Two hotels have the same number of rooms and charge the same rates. On a given night, both book an equal number of rooms. However, in our imaginary revenue competition, there is a clear winner. How is this possible? The answer is simple (and the title of this post may be a giveaway!). TRevPAR […]
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, […]
