Application of machine learning to cluster hotel booking curves for hotel demand forecasting Accurate demand forecasting is integral for data-driven revenue management decisions of hotels, but an unprecedented demand environment caused by COVID-19 pandemic has made the forecasting process more difficult. This study aims to propose a new approach for daily hotel demand forecasting by using clusters of stay dates generated from historical booking data. This new approach is fundamentally different from traditional forecasting approaches for hotels that assume the booking curves and patterns tend ..read more

PAM – The most useful benchmark for hotel investment This article introduces KPIs that are considered vital in understanding a hotel asset’s performance by considering how efficiently and effectively space is utilised within the hotel operation. https://www.hvs.com/article/9571/pam-–-the-most-useful-benchmark-for-hotel-investment/# Exploring Unfold: the new standard of revenue management in hotels The theme for this year’s Unfold is The New Standard in Hospitality. Specifically: how have changing guest expectations and revolutions in technology redefined what ‘normal’ is in our industry? Wow ..read more

The Salmon of Doubt: What tech will revolutionize the hospitality industry in 2023? English author Douglas Adams, famous for The Hitchhiker's Guide to the Galaxy (and contributing to a Monty Python's Flying Circus sketch), was a technology enthusiast. In a (very contemporary, even to this day) essay titled "How to Stop Worrying and Learn to Love the Internet," published in The Sunday Times in 1999, Adams proposed rules for our relationship with technology. According to him, anything that exists when you're born is normal, anything invented between the ages of 15 and 35 is exciting and innovat ..read more

The 7 components of designing a hotel concept Designing Hotel and Restaurant Concepts is a 3-day short course taught on EHL Campus in Singapore and Lausanne by Youri Sawerschel. A flagship course of EHL’s executive school, it specializes in expanding concept mindsets with regards to hotel, restaurant and retail spaces. By looking at new ways of managing hotel design, operations, strategy and services from a creative storytelling and interlinked perspective, participants (often industry professionals – but not always) walk away with new mindsets for future hospitality concepts. A feature of th ..read more

What is an Occupancy Rate? Occupancy rate is one of the global hotel industry’s foundational performance metrics, showing the percentage of rooms occupied in a property, segment or geographic area for any given time. The objective of successful revenue management is to achieve the optimal occupancy level for driving growth in revenue per available room (RevPAR) and profitability. https://str.com/data-insights-blog/what-is-occupancy-rate Independent hoteliers seek every edge against the big brands Talent retention, digital marketing tactics, partnerships with local brands, and sustainability s ..read more

Happy New Year! Top revenue leaders' prophecies and resolutions for 2023 Throughout 2022 The Revenue Optimization panel addressed a number of interesting topics including emerging decision making technologies, moving beyond RevPAR to focus on profitability, driving ancillary revenue, the evolving role of the Revenue Manager, and even how to avoid the fine line between data-driven decision making and analysis paralysis. Few hoteliers would disagree that 2023 has started off strong, presenting a whole new set of opportunities, some of them unique, due to new technologies and the lasting impact ..read more

Should hoteliers allow group bookings via the OTAs? Lately, more and more hoteliers are receiving group bookings from the OTAs that are disguised as individual reservations under the same guest name and with the typical OTA 24h cancellation policy. Some hotels end up getting 10 and more rooms for the same stay period and for the same booker. Obviously, these reservations constitute a group booking, split into separate reservations, without adhering to all the hotel group policies, such as deposits, restrictions and cancellations. The question is, should hoteliers allow OTA customers to "trick ..read more

Why hotel companies keep adding hotel brands Hotel companies have been launching new brands again. Hilton Worldwide said on Wednesday it had created its first hotel brand in the economy segment, Spark by Hilton. Accor, the owner of the world’s most hotel brands, said last week it had reorganized itself around its brands. Marriott International, Wyndham Worldwide, Hyatt, Kerzner, and Best Western have created or bought hotel brands in the past several months. The flurry of activity raises some big-picture questions, such as what drives the creation of hotel brands — and whether there are too m ..read more

Skift Megatrends 2023 We are excited to present to you the 10th version of our annual megatrends. This undertaking is our largest collective editorial project of the year, the result of hundreds of hours of work that starts with initial planning back in early summer. Skift editors and researchers don’t take our trends lightly, putting the ideas through rigorous self-examination and batting down those that don’t feel completely fresh and cutting-edge. As always, we offer a wide-ranging set of topics that we hope will guide you in your businesses in smarter ways for 2023 and beyond. We’ve had a ..read more

Four ways revenue management must change to thrive in 2023 Revenue Management has gotten a lot of well-deserved credit recently. After exhibiting creativity and resilience in finding business wherever possible, RM held or even pushed rates through the recovery demand surges resulting in record high ADRs in some markets and much needed cash flow for owners. But let’s not break our arms patting ourselves on the back just yet. The demand surge was a gift, but 2023 isn’t going to do us any more favors. It’s going to be harder from here. https://www.hospitalitynet.org/opinion/4114311.html Hospital ..read more