Revenue Management
Lily Mockerman
  • Revenue Management
  • Outsourcing Revenue Management is the Future
  • Over the years, outsourcing has developed a somewhat sordid reputation, synonymous with offshoring and tax evasion in some consumers’ minds. But when the concept of outsourcing is applied to specialty areas such as IT, accounting, HR and others, it tends to be somewhat more accepted. Nevertheless, many companies still favor hiring these employees directly. Most feel that it ensures better control over that department’s performance, and allows them to provide their own assessment of talent. Yet perhaps this level of control and talent direction is precisely why hiring internally can be a disservice to companies. Read on...

David Lund
  • Revenue Management
  • Should You Outsource Your Hotel Accounting?
  • Outsourcing your hotel accounting is an unintelligent move, that is my opinion and I am going to make my case right here. When I refer to outsourcing, I am talking about a third party provider, not a centralized function.Any good decision comes down to more pros than cons. I often work with clients on decisions and we often make two lists. Good things that can come from a decision and how we can amplify them, then the bad things that could and would happen and how we can minimize them. Here goes my list on outsourcing your hotel accounting. Rather than two lists I will alternate between pro and con. Read on...

Lily Mockerman
  • Revenue Management
  • How Today's Revenue Management Systems Can Help Hotels Manage Tasks
  • Today’s revenue management systems can help any hotel quickly and efficiently manage revenue tasks that would otherwise present a challenge. It can be difficult to stay on top of distribution across multiple channels when there are plenty of other issues facing a property at any given time. In the Revenue Management world, the differences within independent or branded environments can often be significant regarding how each respective entity deals with revenue management. Often, we’re asked about differences in working with each type of property as it relates to strategies or RMS systems, and how TCRM approaches these unique challenges. Read on...

Tom Engel
  • Revenue Management
  • How Does the Proliferation of Brands Impact Guests and Revenue Management?
  • The hospitality industry is abundant with more than 270 hotel brands globally. Nevertheless, this whopping number is not stopping Marriott, Hyatt, IHG, and Hilton from expanding their portfolios with even more new brands. Theoretically, broadening the supply of brands is favorable for generating revenues from various distribution networks, loyalty programs and supply channels. But just how useful, helpful or even good is all this for the customer? Has the hotel industry gone mad by over-saturating the market with brands that are not all that different from each other? Read on...

Paul van Meerendonk
  • Revenue Management
  • What C-Level Executives Need to Know About Total Hotel Profitability
  • Today’s hoteliers face mounting pressure to increase their hotel profitability. From acquiring brand new customers to driving repeat business and loyalty, making the right operational decisions and running a hotel with optimal efficiency continues to be an ongoing challenge for top hotel executives. However, with increased scrutiny focused on the best ways to drive total hotel profitability, what exactly do the industry’s c-suite executives need to know about revenue strategy and profit optimization? Read on...

David Chitlik
  • Revenue Management
  • Deciding to Appeal a Hospitality Assessment
  • The decision to appeal a hotel’s property assessment for tax purposes is only the first of a series of judgments before the case is resolved. Who will defend the appeal? Based on what facts? How far is an appellant willing to go to gain a remedy for the assessment? Deciding to appeal seems straightforward, but before the decision is made, the hotelier needs to understand that appealing a property assessment can be more art than science. It’s not just the facts and figures to consider. These have a supporting role, but an appeal puts them in context with other data to persuade an appeals board and, perhaps eventually, a judge that a property assessor with years in the business has made a mistake. It’s showing convincingly that an appellant’s opinion of value outweighs that of a professional assessor who works under strict laws, rules, regulations, guidelines and interpretations, many of them nuanced by the tax jurisdiction. Assessors can also benefit from a greater understanding of the appeal process than the appellant. Read on...

Lily Mockerman
  • Revenue Management
  • The Future of Revenue Management
  • Revenue Management is a quickly developing and growing field as it strives to adapt to changing trends and technology. There are still many opportunities to enhance the true potential of this discipline. Whether in the areas of metrics, departmental cooperation, technology and social trends, or multiple revenue streams, there is much for revenue management professionals to tackle on any given day. The future of Revenue Management will quickly be defined by those with the vision and ability to harness the evolution of each of these areas. Read on...

Heather Stone
  • Revenue Management
  • Keeping Your Corporate Payments Secure
  • Understanding and addressing the reasons behind, and risks associated with payments processing is a critical issue in the hospitality industry. This introduction to payments fraud provides critical knowledge for anyone dealing with accounting, payments, or vendor relationships. In this article we will explore how this new evolution of technology, which automates the entire procure-to-pay workflow process, dramatically reduces the risk of fraud. Read on...

Paul van Meerendonk
  • Revenue Management
  • Creating a Revenue Strategy as Unique as Your Portfolio
  • Today hotel guest options, incentives and choices are ultimate reflections of an overall brand strategy. However, choice shouldn’t be a message embodied only within the vivid description of a brand promise, its contemporary lounges or the high-tech amenities and ultra-modern guestrooms. For organizations with a unique portfolio of hotel brands, choice also needs to be a primary theme that permeates into every one of their properties’ revenue strategies—and it needs to be supported by advanced revenue technology. Read on...

Bob Lowe
  • Revenue Management
  • How to Connect to a Credit Card Processor
  • Every hotel needs to accept credit cards as a payment method, and to do that you need a credit card processor. As you select a processor, you should look at what they can do for you and how you will connect to them, because not all are created equal, and the choice you make could have a far- reaching impact. First, will you connect directly to them or connect through a switch, gateway or other intermediary? You may be constrained by the choices your property management system (PMS) or even your hotel brand offers, but it’s good to explore those choices and make the decision that works best for you. Read on...

Ravneet Bhandari
  • Revenue Management
  • Pricing with Confidence
  • You’re a revenue manager. You follow all the rules. And you’re very diligent at it too. When setting the asked for room price for any specific day, you check your hotel’s historical rate records, examine what your comp set is charging, and even notice that Beyoncé is in town on that night, so you pump up the rate a few bucks more. Seems like the right thing to do, right? Read on...

David Lund
  • Revenue Management
  • How to Include 'Flow Thru' in Your Financial Statements
  • Flow Thru, this is my abbreviation, is a catch all phrase that measures how much made it through your business comparing one period to another. What made it through, from revenues to profit. Another term to describe this measurement is retention. A good analogy to grasp the concept of flow thru is to compare it to your paycheck. Imaging I give you a $1000 a week raise. The question then is how much will end up on your pay vs. how much got eaten up by higher taxes and other deductions. The same goes for additional revenues in your business. If revenues are $50,000 higher this month than the same month last year, how much of the $50,000 will make it through to the profit line. How much will flow? Read on...

David Lund
  • Revenue Management
  • Do Your Hotel Financial Statements Pass the Test? Part 2
  • Do your hotel financial statements give you the information you need to effectively manage your hotel? Are you able to see if your profits are where they should be in an enhanced top line statement? Do your statements measure flow thru? Do you record your rooms business by proper segments and track the rooms occupied, rate and revenue in each segment? Do you record customers served in F&B and do you separate meal periods? Do you record liquor, beer, wine and mineral sales on your financials separately? Do you measure labor productivity in your financials? Do you record hours of work in your financials? Do you have payroll segmented by management and hourly classifications? Do you have a separate supplemental payroll and benefits statement? Do you track arrivals and departures? Read on...

Paul van Meerendonk
  • Revenue Management
  • The Devil is in the Details
  • There’s arguably no other four-lettered word that has made quicker—and more impactful—moves in the hospitality industry than “data” has. With the ascension of the Internet igniting a brisk evolution of big data, the hospitality industry now orbits within an increasingly interconnected and technologically-savvy world. Keeping ahead of the curve in the midst of the Internet of Things (IoT) means hotels are not only evolving in how they meaningfully connect with their guests, but they also have to develop short- and long-term revenue strategies to capitalize on the new industry data and insights available to them. Read on...

Tom Engel
  • Revenue Management
  • Sharing Hotel Investment Knowledge in the Middle East
  • As an American working with colleagues in other parts of the world, nuances about collaboration in the business is key. This takes experience, savvy and know-how. Hotel investment decisions, opportunities in the Middle East and opportunities for those from the Middle East looking elsewhere are shared from the eyes and insights of a seasoned hotelier and hospitality-focused financial advisor. Read on...

1234 ...23 Next →

AUGUST: Food & Beverage: Multiplicity and Diversity are Key

Larry Steinberg

The foodservice industry is one of the oldest and most important. Consumers from all demographics rely on it virtually every day for sustenance. In fact, in the U.S. alone, it’s a nearly $800 billion industry that’s extremely competitive, with hundreds of new establishments popping up every year, and much of this new business is the result of increased consumer demand. Consumers want more options. For every practiced chef, there is a collective of guests eager to spend their hard-earned dollars on something exotic and different. They want to experience a bit of culture by way of their next meal, and they want to find it using the latest technology. Read on...

Frank Sanchez

About two years ago, I started my career at the Chicago Marriott Downtown Magnificent Mile. I came from San Diego, California, the apparent capital of farmer’s markets. When I moved to Chicago in late-October, the number of farmer’s markets had already begun to taper off and all that was left of the hotel’s rooftop garden was the sad remnants of a summer full of bounty. However, I was in for a pleasant surprise. The Chicago Marriott Downtown operates a year-round experience to create food from scratch that gives customers fresh and nutritional options. I was thrilled to join a team that can tell a customer that the very greens on their plate were grown just floors above them. Read on...

Thomas  McKeown

To serve today’s eclectic, socially engaged and sophisticated guests, hotels and chefs need to get creative, change their thinking and push back some walls – sometimes literally. The fun thing about meetings hotels is that they are a different place just about every week. One week we’re hosting a bridge tournament, the next a corporate sales team, or a dentists’ conference, or sci-fi fans in costumes, or cheerleaders jumping for joy. You name the group, and our hotel has probably welcomed them. Read on...

Elizabeth  Blau

Over the past several years, many of us have watched with excitement and interest as the fast-casual restaurant segment has continued to boom. More and more, talented chefs with fine dining pedigrees are bringing their skills, creativity, and experience to concepts built around speed, approachability, and volume. Right now, the ability to offer a gourmet experience at all price points is as compelling to restaurateurs and diners alike. Read on...

Coming Up In The September Online Hotel Business Review




{300x250.media}
Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.