Hotel Business Review: Week of Aug 31, 2015

Abi Mandelbaum
  • Technology
  • Everything Hotels Need to Know about Virtual Reality Marketing
  • Virtual reality is on the cusp of significantly transforming the way people interact and engage with brands. It is expected to grow into a $60 billion industry within the next 10 years. But what are hoteliers to do with the emerging tech today? More importantly, what do you need to know about virtual reality to decide whether it’s right for your hotel? This primer will get you up to speed with this fast-moving technology, detailing virtual reality’s past and present, as well as detailed ways innovative companies—both inside and outside the travel industry—are already using virtual reality to drive results. Read on...

Parris Jordan
  • Revenue Management
  • The Caribbean: Trending Issues and Challenges Facing Hospitality Development
  • The Caribbean hospitality industry has experienced continuous growth following the global economic downturn that began in the last decade. This is especially present with the re-emergence of all-inclusive hotels. Though this sector saw its lull, it is booming with development now. With the creation of vacation club programs, all-inclusive hotels have been able to foster a reliable client base that is extremely loyal. As operating performances continue to strengthen, even more hotel financing opportunities will be available in the future. Read on...

Michael Koethner
  • Spas, Health & Fitness
  • The Grand Opening Ceremony
  • A Grand Opening of a hotel and/or wellness enterprise ought to be something very exciting and beneficial for everyone involved. It should reflect a strong sense of worldliness, creativity with an architectural and interior design touch of complete alignment, effective and well-thought planning, efficient and structured organization, a sense of familiarity and a feeling of having arrived home. It is through the alignment and the inclusiveness of all parts, where the whole presents itself, and thrives in total harmony, peace and abundance with everything the endless universe has to offer. Read on...

Tom O'Rourke
  • Mobile Technology
  • How Apps Can Enhance & Facilitate Meetings
  • Hotels that offer customizable and event-specific mobile apps for meetings provide high levels of service to their guests and leave lasting impressions. Today’s business professionals demand technology savvy venues for their conferences. Providing an event app can give a venue a competitive advantage over other possible venues. Hoteliers, meeting organizers, and attendees all benefit from using a mobile app because it easily provides a convenient information center that adds value to the event experience as a whole. Read on...

SEPTEMBER: Hotel Group Meetings: There is Good News

Kevin   Fliess

When hotel technology is mentioned, planners often think of audio-visual and Wi-Fi coverage in meeting and guest rooms. Those things, however, comprise only the tip of the tech iceberg; as hoteliers know, the real technology accomplishments begin way before attendee arrival. For the business of putting heads in beds – and groups in meeting rooms – the industry increasingly relies on technology that is itself evolving. In only a few short years, for example, data storage has evolved from proprietary servers (something you can spill coffee on) to virtual “cloud-based” technology, which allows for exponentially more data. Read on...

Kevin Iwamoto

Ask any hotel executive what their top goals are and they will unanimously say driving more revenue from group meetings, selling more room nights, and increasing market share. Hotels can’t just keep hiring sales headcount in order to increase market share, generate more leads, and respond to eRFPs. Additionally, the coverage they would need to expand market share is cost prohibitive and daunting at best—especially overseas in Asia-Pacific, Latin America, Europe, the Middle East, and Africa. Read on...

Claire Repass

There is no stopping the sharing economy train, and the route that conductors like AirBnb are navigating cut directly across the existing revenue paths laid by hotels. It’s no longer an option to ignore the presence of the sharing economy, nor is it wise to fight against it. Managing the horizon of this rapidly changing marketplace, however, is where hotels will find their greatest strength. By tailoring the consumer and corporate travel sectors with a personalized service strategy, and looking across the tracks at AirBnB’s best practices, your hotel can both compete and flourish in light of the sharing economy. Read on...

Michael C. Sturman

Technology forms a bridge between the complementary goals of tradeshow exhibitors and attendees. A survey of more than 2,500 tradeshow participants finds that exhibitors are focused on building client lists and showing new products, while attendees visit the show primarily for educational purposes. Tradeshow venues are increasingly seeking the technology “sweet spot” that connects the two groups despite their contrasting agendas. Read on...

Coming Up In The October Online Hotel Business Review


Feature Focus
Revenue Management: Optimizing Income Streams Across All Avenues
The role of Revenue Managers, within their profession and the organizations they serve, continues to evolve. A significant portion of the change is driven by technological innovation which, given its magnitude in today’s markets, also redefines their standing on the hotel team. Revenue Managers are moving away from being exclusively spreadsheet-centric and finding better ways to share their data. This shift also requires them to engage more directly with their sales, marketing, and operations departments. Part of this development is due to a reassessment of their metrics for success. Revenue was previously the sole factor by which success was determined but now there is a greater emphasis on price optimization, profitability and flow through. Managers are combining sales, marketing and revenue management, and then adopting a data approach to optimize their income streams across all avenues. This metric evaluates performance in all revenue streams and then calculates the gross operating profit per available room. Hotels are now measuring everything a guest does - and spends money on - from the time he books until the moment he checks out. In addition, Revenue Managers will soon be able to shift their focus from room availability to the guest and his ability to pay. A future revenue management system might take into account things like weather forecasts, the recent online activity of the guest, the guest profile and persona, time of booking, the mode of travel and the fare paid. It might also calculate all the previous stays for this guest, and how much was spent on their room and in the hotel. All of this will be compared to millions of other potential future reservations to determine a unique room and rate for a specific individual guest. The October issue of the Hotel Business Review will address all these developments and document how some hotels are executing their revenue management strategies.