In today's fiercely competitive landscape, revenue management stands as an indispensable cornerstone for hotels seeking to thrive. It transcends mere price adjustments; it embodies a strategic composition of pricing, inventory, and distribution channels to optimise revenue and profitability while meeting demand. Within this lies the pivotal role of data-an unparalleled asset empowering modern hotels to make informed decisions that surpass the traditional paradigms of revenue optimisation. READ MORE
HOTEL BUSINESS REVIEW
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The AI hotel of the future will be a place where human and machine intelligence work together to create a personalized experience for guests. The role of the hotel brand and operator evolves from implementing brand standards to managing an innovation process where hoteliers work alongside data scientists and AI engineers to develop large language models (LLMs) that power automation. READ MORE
This article delves into the intricate balance between hotel marketing's ambitious storytelling and revenue management's pragmatic approach, highlighting the need for alignment across hotel segments from economy to luxury. It emphasizes the importance of marketing authenticity and strategic pricing to meet guest expectations and maximize profitability. The piece advocates for collaboration, innovation, and technology use to harmonize marketing and revenue strategies, ensuring promises are met with satisfaction. READ MORE
In this article, Jeff Pedowitz explores the potential of artificial intelligence in hotel management. With a focus on efficiency, Pedowitz explores how AI technologies can streamline operations, enhance guest experiences, and revolutionize the hospitality industry. The article emphasizes the importance of technology modernization, data management, and skill development to fully leverage AI's potential in optimizing hotel management efficiency. READ MORE
The world of lodging development is experiencing a revival throughout the nation now that COVID is behind us and new properties are thereby enjoying a resurgence of revenues and profits at the bottom line. This article will single out the key economic growth indicators needed to be present in a market that could spell disaster if not identified early on in the development process. READ MORE
Paige Harris, VP of Architecture and Design for Valor Hospitality Partners explores the evolution of the guest and its impact on property design. In a world with an increasing reliance on digital resources, hospitality design takes inspiration from trends within online communities when developing new properties. For most, the answer to the question of designing a new property for the contemporary traveler is luxury lifestyle design. READ MORE
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In the wake of the pandemic, many hoteliers who have been through the belt-tightening and all-hands-on-deck emergency status of crisis operations are rethinking the traditional RevPAR approach. Today, optimizing total revenue across the entire property is seen by many hotel owners and operators as both a competitive necessity and a smart way to position themselves in an evolving industry landscape. READ MORE
At T.R. ENGEL Group, we believe in many ways, asset management and their investors will direct the future of hotel revenue management with the adoption of evolving software and technology. Revenue Managers now employ leading-edge algorithms alongside business analytics – barely a thought 10 years ago. What are these new trends, and how are hotels integrating Big Data in their revenue management strategies? READ MORE
