The hotel industry is always looking for ways to increase occupancy rates and maximize profits. One of the key metrics they track, next to ADR, is the hotel occupancy rate or OCC. So let’s take a look at what the OCC is and how hotels can increase it. So what is the occupancy ...
Data analyticscan be used to identify trends in customer behavior and local activity to inform unique offers and incentives, helping you to increase hotel occupancy in the low season. What Is the Low Season? The low season is any period of the year where tourist activity is consistently low....
Financial Performance:A hotel’s occupancy rate directly impacts its financial performance, as it affects thehotel’s revenue and profitability. A higher occupancy rate typically leads to higher revenue and profits, as more rooms are rented out. Pricing Strategy:A hotel’s occupancy rate can also ...
For example, if a boutique hotel in a major city noticed through guest feedback that travelers highly valued complimentary breakfast, they could incorporate this feature into their rate management strategy. By doing so, they could increase room rates slightly while still attracting guests who apprecia...
$100 daily room rate x 65% occupancy rate = $65 RevPAR How to increase RevPAR at your Hotel Change your prices based on demand Any property management system worth its weight should let you see your occupancy by each room type at the day, week, and month level. Lowering prices on low...
Stakeholders use this information to improve their strategies so that they can increase occupancy rates andmanage hotel revenue. Hotels pay a monthly fee to receive STR’s in-depth weekly reports. You may also like:The Hotelier’s Complete Guide to Google Hotel Reviews ...
Hotel rooms are perishable, meaning that every night a room is not booked, you lose the revenue opportunity, since it takes money to maintain the rooms anyway. Hotel rooms are limited since you can’t simply increase the number of rooms to accommodate larger demand. ...
Hotel brands are always striving to better understand the marketplace and trends to attract more travelers and increase occupancy rates. One way to do that is with the STR report. Since 1985, STR has provided benchmarking, insights and analytics to hotels across the globe. It’s one of the...
Find out all about Hotel Average Daily Rate, including what it is, how to calculate it, when best to use it, and when not to. Read more on the Mews blog.
4. Maximize your hotel’s expected revenue When you integrate overbooking into your revenue management strategies, your chances of earning better revenue increase significantly. With this tactic in place, you can better analyze your cancellations based on statistics and reduce your chances of miscalcula...