Predicting hotel demand — whether for tonight, 30 days, 60 days or even 90 days out — has never been an exact science. In today’s unpredictable times it’s at best a guesstimate. Therefore, expecting revenue managers to compile accurate forecasts 12 months in advance, and then meet their milestones as the year rolls out, has long been something of a “Mission Impossible.”
During the last global financial crisis, the hotel industry cut rates aggressively. Attendees at this year’s Revenue Strategy Forum wondered, when the next recession comes, can hotels be braver this time around?
Debate ran high at the recent Revenue Strategy Forum in London, when big brand hoteliers, independents, technology innovators and search engines came together to discuss the future of hotel distribution.
A hotel’s property management system provides crucial information on average room rate, occupancy levels and RevPAR — all vital data sets for hotel revenue management. However, for in-depth forecasting, real-time market data and trends analysis, hotel revenue managers need to employ predictive analytics.
Forbes recently released a list of the world’s most rewarding hotel loyalty programmes. The tally saw Wyndham Rewards replace Marriott at the top of the pile. The list, compiled by the Idea Works Company, calculated that for every dollar spent on a Wyndham room, the loyalty member received an extra 13.6 cents of value in the form of room upgrades, free rooms or other benefits.