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The hospitality industry has always been known for its resilience and adaptability. However, the post-COVID era has presented a unique set of challenges that have tested the industry’s ability to bounce back. In addition to the ongoing pandemic, hospitality businesses are now grappling with inflation and economic difficulties, further adding to their woes. The COVID-19 […]
Introduction In the ever-evolving landscape of hotel revenue management, the temptation to closely monitor and mirror competitor pricing strategies can be strong. After all, keeping an eye on the competition seems like a logical step to stay competitive. However, this approach may not always be the wisest course of action. In this blog post, we’ll […]
Seasonality plays a significant role in shaping the pricing strategies of hotels. The fluctuation in demand throughout the year, influenced by peak seasons, shoulder seasons, and off-peak seasons, requires hoteliers to adopt flexible pricing strategies to maximize revenue. Peak Seasons During peak seasons, such as holidays or major events, hotels experience high demand and limited […]
Revenue management is a crucial aspect of the hotel industry, enabling hotels to maximize their profitability by optimizing room rates and occupancy levels. Over the years, revenue management practices have undergone significant changes, adapting to the evolving needs and demands of the industry. In the early days of the hotel industry, revenue management was a […]
Have you ever wondered why hotel revenue management and the hospitality industry, in general, seem to be light years behind other industries like stock trading, pharma, or crypto? It’s a mind-boggling fact that hotels are still stuck in the dark ages when it comes to pricing, relying on manual processes in a world that thrives […]
The Role of Revenue Management in Hotels Revenue management is a crucial aspect of running a successful hotel business. It involves strategically adjusting hotel rates to maximize revenue and profitability. In today’s competitive hospitality industry, hotels must constantly adapt their pricing strategies to meet market demand and stay ahead of the competition. The Need for […]