It’s easy to say that all hotel disciplines have changed tremendously in the past 18 months. The industry has been pushed to new limits and has responded with courage and creativity. An important part of the revenue discipline is focused on price. Revenue management is ‘selling the right product, to the right guest at the right price at the right time’. In the current climate are we focusing too much on the right price and not enough on the product, guest, and time?
For revenue management, it’s important for hotels to have an action plan in place that addresses both the current state and the future when demand picks up again. Overall, your hotel should consider a three-phase approach:
As travel returns, so does the need to improve operational efficiencies, as guest expectations and priorities have changed. Hotels worldwide are expected to provide a clean, sterilized environment with high service standards. But this isn’t always easy in regions where labor shortages have impacted the hospitality industry, as occupancies increase, hoteliers will need to find creative ways to meet guest requests without long wait times impacting their satisfaction scores.
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