Revenue management for hotels has transformed over the past four decades, though some of its tried and true principles remain in place. What does the practice of modern revenue management mean to hotel operations?
The conference keyed in on ways for independent hotels to gain ground in today’s market, from financing avenues to booking channels. Changes in consumer behavior, with tastes favoring the hotel “experience” more than price or brand, were a highlight.
The North American hotel industry is still firing on all cylinders, with year-to-date occupancies at an all-time high. While some markets face challenges from new supply, prospects appear healthy in the near term.
Constant questioning and challenging of hotel amenities, services, programs and management practices is critical to discover new ways of elevating the guest experience. Asset managers should encourage management to take risks to innovate.