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Shifting Cancellation Policies Creates Revenue Management Issues

Duetto Research Blog 21 July 2017
As expected, once Marriott International implemented new guidelines that in general require guests to cancel reservations 48 hours in advance of arrival, other mega brand companies are making similar moves. The shift, now enacted by both Marriott and Hilton, presents new challenges as well as opportunities for all revenue managers. Extending cancellation policies is the latest in an ongoing trend by hotel companies to tighten their grip on consumers’ booking habits. Until 2015, most chains and properties allowed penalty-free cancellations until 6 p.m. the day of check-in. Then, most chains changed to a 24-hour penalty-free window. Now, Marriott and Hilton might be the leading edge of an industry-wide shift in cancellation policies.

UK Hotels Encouraged To Vary OTA Pricing

Duetto Research Blog 19 July 2017
The U.K. Competition and Markets Authority has called upon hoteliers to compete directly with the OTAs on price. The CMA has urged hotels to offer a lower price on other OTAs than on Expedia or Booking.com, and to offer extras in the price, such as breakfast. The call to action came after a recent Europe-wide study of hotel, OTA and metasearch site pricing found that 79% of hotels had not varied the price of rooms across OTA platforms since 2015.

The Value of Time for Hotels' Revenue Strategy

Duetto Research Blog 18 July 2017
Hotel revenue managers are tasked with making money, but first they have to make time. Requests for numbers never stop coming in — whether it’s the owners wanting RevPAR performance at a glance or GMs needing an operational forecast — and meeting those needs for reports can take up too much of a revenue leader’s time. But finding ways to automate reports, forecasts, budgets and data visualization gives a hotel company the bandwidth it needs to think more strategically and yield rates intelligently, says Susie Rossi, VP of revenue management and training for Oxford Corporate. She recently led the adoption of ScoreBoard, Duetto’s cloud-based application for forecasting and data reporting, at Oxford’s 18 hotels in Oregon, California, Washington and Idaho.

Revenue Strategy Forum Hong Kong Prepares Hoteliers for the Next Wave of Challenges

Duetto Research Blog 17 July 2017
When it comes to hospitality analytics, it’s hard to ignore the recent airtime devoted to and levels of interest in the topic of machine learning. The industry has been humming with how machine learning, specifically, helps hoteliers streamline much of their current time-constrained, manual processes – freeing up valuable time to focus on their revenue strategy in the process.

The Role of Revenue Manager Widens to Focus on Profitability

Duetto Research Blog 10 July 2017
Revenue management has morphed in recent years from a mundane day-to-day function to one in which automated systems do most of the work, leaving revenue management time to focus on “revenue strategy … and much broader performance management,” said speakers during a recent panel discussion. The speakers also said the role of revenue managements is widening to include increased awareness in total hotel profitability and a focus on maximizing revenues other than from the rooms department.

Room Type Pricing in the Real World

Duetto Research Blog 7 July 2017
We talk a lot about Open Pricing and more specifically the value of yielding room types dynamically. We’ve written whitepapers, produced videos and created plenty of slides that illustrate these concepts, but last week I saw firsthand why this is so important and the revenue opportunities too many hotels are missing. I was traveling south with my wife and daughter for a beach vacation in Surf City, NC, as I’ve done almost every year since I was a kid with my parents. We packed up the car Griswold-style and left Ohio on a Friday morning, aiming to break up the 11-hour drive into two days and time our beach arrival for Saturday afternoon right at check-in time at the cottage (optimizing vacation I call it).

4 Key Distribution Pillars: Mobile, Data, Voice, Loyalty

Duetto Research Blog 3 July 2017
Seven trending hotel news stories that will impact your hotel Revenue Strategy. 1. WHAT’S DRIVING CHANGES IN THE DISTRIBUTION LANDSCAPE? During a panel discussion at the recent NYU International Hospitality Industry Investment Conference, speakers outlined significant changes happening or on the way in hotel distribution:

HITEC-ROC: Disruptive Pricing Strategies Require Innovation

Duetto Research Blog 30 June 2017
Judging by the size of the audience in a breakout session during HSMAI’s Revenue Optimization Conference this week, plenty of hoteliers are unsure they’re getting the best price for their hotel rooms. The standing-room only session – “Getting the Price Right” with Rasvan Dirlea of ZS, a sales and marketing technology firm – aimed to illuminate hoteliers’ deficiencies in innovative pricing strategies. While Dirlea may have sold hotel revenue managers somewhat short by suggesting very little dynamic pricing is occurring in the hotel space today, he did highlight flaws in current room pricing models and referenced guest data points that would help hoteliers tailor the right rate to the right customer at the right time.

The Importance of the Human Element in Revenue Management

Duetto Research Blog 28 June 2017
While technology is a wonderful and sometimes magical tool in the application of revenue management, practioners need to be careful not to use it as a crutch or as a way to avoid making decisions that require judgment, experience and sometimes gut instinct. In short, when it comes to revenue management technology, the policy shouldn’t be “set it and forget it.” Hotel owners understand the importance of balancing technology with human involvements. In a recent blog in Hotels magazine, Chad Crandell, managing director and CEO of asset management firm CHMWarnick, questioned whether overreliance on technology is hindering the industry’s ability to raise rates, even during the current environment of high occupancies.

Hotel Technology Pendulum Swings Back to Best-of-Breed Approach

Duetto Research Blog 23 June 2017
Until recently, the advantages of a single enterprise solution executing all the functionality of your hotel technology could be justifiably argued. A single system providing everything from reservations through check-out would ideally minimize the number of different user interfaces for staff and reduce the potential for errors in data storage and processing.

Hotels Target Chinese Luxury Travellers, Who Continue to Spend Big

Duetto Research Blog 21 June 2017
The luxury traveller from China is a highly sought-after customer the world over, and it is no wonder why. The latest report by Hurun Research Institute on the Chinese Luxury Traveller shows that 60% of them are willing to spend upwards of $440 per night for a hotel room. Their holiday activity preferences have evolved as well, with most seeking adventure and beach holidays.

Solar Eclipse is a Big Revenue Management Opportunity

Duetto Research Blog 18 June 2017
Seven trending hotel news stories that will impact your hotel Revenue Strategy.1. Natural phenomena are natural RM opportunitiesTalk about making hay while the sun shines. Events are often talked about as a major opportunity to yield room rates higher to accommodate greater demand. Usually, that means sporting events or big, annual conventions and often in The post Solar Eclipse is a Big Revenue Management Opportunity appeared first on Duetto.

The Duetto Recipe For A Successful RMS Integration

Duetto Research Blog 13 June 2017
I’m a self-professed amateur chef, always experimenting in the kitchen, looking to create that perfect meal.When I’m not at the stove I’m Director of Deployment at Duetto — crafting, exploring, and tweaking our system integrations processes and delivering the best deployment experience for our hotels. There may not be many obvious synergies between the two, admittedly. However, the analogy of cooking a meal is a great way to explain how Duetto partners and builds its integrations, ensuring it serves up a solution that is exactly what the customer ordered.

Driving Hotel Occupancy Alone Won't Maximize Revenue

Duetto Research Blog 12 June 2017
Hotel occupancy might be cited most often when hospitality experts are trying to gauge the industry’s health, but at the property level it is not the be-all, end-all for revenue managers trying to grow the top and bottom lines. Several revenue management professionals quoted in this article list other metrics hotels should track, along with occupancy, when formulating strategies, including: cost per occupied room, gross operating profit per available room (GOPPAR), demand (not necessarily occupancy), and ancillary revenue potential.

Casino Revenues are on the Rise Around the Globe

Duetto Research Blog 7 June 2017
Seven trending gaming industry stories that will impact your casino Revenue Strategy.

Expedia: The Billboard Effect is Not Dead

Duetto Research Blog 5 June 2017
Seven trending hotel news stories that will impact your hotel Revenue Strategy.

Regardless of OTA Monopoly Argument, Hotels Should Refine Pricing Strategies

Duetto Research Blog 1 June 2017
The American Hotel & Lodging Association’s new lobbying and PR campaign against the online travel agencies is another front in the group’s ongoing advocacy, but it likely won’t shift hotel distribution dramatically on its own. Properties should not wait for OTA commissions to improve; they should continue to control what’s in their power, namely pricing rooms for maximum profit.

Demand from Chinese Travelers Only Expected to Grow

Duetto Research Blog 31 May 2017
A recently released report on Chinese travellers’ motivations and behaviours showed that Chinese consumers’ appetites for travel are still growing, even off a base of high recent demand. Nine out of 10 Chinese travellers say they now have the means and are hoping to travel more frequently as compared to five years ago, according to a study released by Sabre Corporation. The report said higher disposable income, enabling technologies and access to relevant travel information are the top three factors that have contributed to this increase in travel.

Spring '17: Interactive Dashboards, Reporting Enhancements, a Brand New Forecast Algorithm, and more!

Duetto Research Blog 24 May 2017
We want you to be able to understand the big picture when it comes to your hotel’s data. With Custom Dashboards, you have the power to build visualizations to understand the trends of key metrics that drive your business. Easy to build and use, the Custom Dashboards feature will help you derive insights from your data to empower you to make more strategic decisions.

Hotel Brand Companies Face Threats From OTAs, Consumer Preferences

Duetto Research Blog 22 May 2017
Seven trending hotel news stories that will impact your hotel Revenue Strategy.1. Updating the war between brands and OTAsThe author provides a comprehensive and cogent overview of the ongoing competitive dance between hotel companies (especially the big brands) and the online travel agency duopoly. As he points out, 2016 was the first year in which The post Hotel Brand Companies Face Threats From OTAs, Consumer Preferences appeared first on Duetto.

In Uncertain Times, Focus on RevPAR Index As Well As RevPAR Growth

Duetto Research Blog 18 May 2017
The hotel industry seems to be obsessed with RevPAR and, in particular, RevPAR growth. Typically, one of the first items discussed in a public hotel company’s quarterly earnings report is the percentage of RevPAR growth achieved. STR executives have touted the industry’s significant accomplishment of 85 consecutive months of RevPAR growth in the United States, a feat that dates back to 2010.

Duetto Provides Revenue Strategy Solutions for Live! Casino & Hotel Maryland

Duetto Research Blog 9 May 2017
Duetto, the market leader in hotel profit optimization technology, announced today that it is implementing its cloud-based Revenue Strategy solutions for Live! Casino & Hotel Maryland. Under the agreement, Duetto will provide the benefits of Open Pricing, loyalty pricing and business mix optimization for the company’s 250-room boutique Live! Lofts property, and for the flagship Live! Hotel, scheduled to open in the first quarter of 2018.

Strong Revenue Management, Not Cost Cutting, Leads to Profitability

Duetto Research Blog 4 May 2017
A recent report from CRBE Hotels’ Americas Research contains both good and disturbing news for the hotel industry. The glass-half-full side of the story was that in 2016, despite flat occupancies and an anemic 2.5% rise in average daily rates, gross operating profits for the hotel industry rose a healthy 3.7%. Sounds good, right?

Revenue Management Lessons in Singapore's Changing Hotel Market

Duetto Research Blog 26 April 2017
Singapore’s visitor profiles are changing, and hotels are taking note. Once the frequent travel stop for bigwigs in the financial and oil industries, Singapore these days attracts more millennial executives from the pharmaceutical and technology trades.

Duetto to Provide Revenue Strategy Solutions for First Central Hotel Suites, Dubai

Duetto Research Blog 24 April 2017
Duetto, the market leader in hotel profit optimization technology, announced today that it will implement its cloud-based Revenue Strategy application, GameChanger, and Revenue Intelligence solution, ScoreBoard, for First Central Hotel Suites, a leading hotel in the heart of Dubai. Under the agreement, Duetto will provide the property with unprecedented market intelligence, the benefits of Open Pricing, and the ability to fully optimize revenue and easily analyze property performance. The partnership is Duetto’s first in the vibrant Dubai hospitality market and in the Middle East.

Diversification Is a Key to Improving Hotel Distribution

Duetto Research Blog 24 April 2017
Finding the right distribution formula occupies a lot of time and brainpower for revenue managers. During a recent webinar, distribution experts defined three approaches to “righting” your distribution ship:

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