As described in aprevious articlewe have all seen how revenue management, in conjunction with adequate cost management and optimization measures and marketing strategies, enabled many hotels to achieve break-even or remain profitable in 2020, amid a pandemic. Statistically speaking, properties can reach...
Revenue management helped these hotels stay the course during the lockdowns and minimize losses. During the 2020 and 2021 shutdowns, manycity hotelsmaintained revenue strategies and broke even or remained profitable despite the pandemic. In this free ebook, you will discover ten revenue management ...
used to generate bookings for a hotel relative to the room revenue generated. This includes sales & marketing expenses,online travel agency (OTA) commissions, booking transaction fees, and other related costs. Generally, the lower the guest acquisition cost, the more profitable room sales are. ...
Comparing the performance of the revenue streams can guide managers setting the strategic vision for finding a profitable niche. For example, boutique hotels often don't have the space or can't afford to provide 24-hour room service and instead adopt strategies like partnering with local restaurant...
Travel advisors are an integral part of the travel industry, working with various travel suppliers including airlines, hotels, and cruise lines. Operating your own travel agency has many perks, including flexible hours, the joy of helping a family plan and afford their dream getaway, and the ...
Are pet hotels profitable? Pet hotels typically operate with profit margins of 10 to 20%, with some businesses seeing higher returns by offering additional services such as grooming, training, and specialized care. That said, profitability will mainly hinge on maintaining excellent service standards,...
This comprehensive approach ensures your pricing strategy is both competitive and profitable. Final thoughts Stellar reputation management can have huge benefits for your property’s performance. Especially in this digital age where the power of word of mouth has flown to new heights with websites lik...
Hotels are investing a handsome amount of capital in setting up teams and processes to get better at benchmarking. With time, it is sure that this is going to become a necessary aspect of the hotel industry. And for hotels to stay competitive and profitable, benchmarking is going to be th...
Are Airbnbs profitable? Airbnbs drive more profit than long-term rentals,bringingin a cash on cash return of 3.62% compared to long-term rentals’ return of 3.41%. If given the choice between renting long term (i.e., yearlong leases) vs. short term (i.e., Airbnb stays), it make...
Hotels that are keeping abreast with the latest techs are more likely to stay profitable in the long run. Download FREE Guide to Hotel Contactless Services Different Ways You Can Use Technology In Your Hotel Operations Now that we have seen how hotel technology increases revenue, let us look at...