The voice and influence of the hotel revenue management profession has evolved over the last 10-15 years. In the wake of the pandemic, revenue managers have quickly become one of the most important resources informing hotel profit strategies, but they need buy-in from leadership and adequate resources in order to succeed. READ MORE

The underlying principles of revenue management indicate that historical demand patterns and trends, as well as the number of reservations on hand, should be used to optimize prices. Nevertheless, due to the pandemic, historical patterns are no longer relevant and revenue management system algorithms cannot be trusted to produce meaningful demand forecasts and price recommendations. Incorporating big data may help revenue managers to improve the accuracy of their forecasting. READ MORE

As the world comes out of the COVID-19 pandemic industry leaders will start to rehire revenue management leaders. Over the past two years, many of the foundational principles of hotel operations have changed, including the industry's approach to revenue management itself. Revenue strategists need to evolve, and senior leaders must think deeply about what attributes they are looking for in revenue managers. READ MORE

It's widely known that hotels have been upended by COVID-19. With light now at the end of the tunnel we are asked the question of "What is coming next?" Revenue Management is reliant on data and market understanding, but after an entire outlier of a year we are leaning on all strategies and aspects of operations to meet owner expectations. READ MORE

Throughout 2021, the quarterly Meetings Outlook research from Meeting Professionals International, the world's largest meeting and event industry association, has found the greatest-ever positive indicators and expectations in the survey's history. There remain, however, many unknowns about exactly how business will be adapting to the new normal, with meeting professionals facing numerous additional challenges. READ MORE