Hotels are complex, hybrid operations that combine the challenges of real estate development and labor-intensive service delivery. These challenges are compounded by the fragmented nature of hotel ownership, management and brand relationships. For many properties, different players assume each of the three roles, and their respective compensation is based on vastly different criteria.
This article, the first of a two-part series, outlines the challenges faced by hotel revenue managers today and highlights the market changes that are straining traditional revenue management strategies. Part two defines best practices and provides a road map for leveraging emerging technology.
- Welcoming the Digital Elite
- Using the Past to Predict the Future: Historical Data
- Competitive Sets
- Tools of the Trade: Channels, Fences and Freebies
- The Problem: Rational Strategy Meets Irrational Competition