Xotels · 30 May
Continuously rethinking revenue management, I have come to the point where I wanted to build a revenue management and pricing solution myself. One of the crucial elements was the recommended pricing. Together with two revenue management teams and technology specialists, we have established a significant list of elements that we wanted to incorporate when it comes down to how we decided on any price for any given day.
Xotels · 29 Apr
Total Revenue Management is a much-discussed concept in hospitality, but in reality it has produced a great deal of confusion. Put simply, it is the revenue management of all revenue sources in a hotel. From your RevPAR and GOPPAR to the hotel restaurant, and from the bar, spa and gym to activities and excursions, it encompasses every single hotel income stream.
Xotels · 16 Apr
The rooms of your hotel are one of the most powerful tools you have at your disposal as a revenue manager. It allows you to segment and position the hotel product, differentiating yourself from the competition. If segmented correctly it also allows you to build a revenue management strategy based on a comprehensive demand based yield or rate grid.
Xotels · 26 Feb
In his book Outliers, author Malcolm Gladwell popularized what became known as the 10,000-hour rule, by documenting the lives of successful people such as Bill Gates, Mozart and the Beatles. "Ten thousand hours is the magic number of greatness", he wrote, inspired by the work of Daniel Levitin, the neurologist who scientifically proved that "10,000 hours of practice are required to achieve the level of mastery associated with being a world-class expert in anything".
Xotels · 16 Jan
Over the last few years there has been much discussion in the the world of hotel revenue management on managing GOPPAR and NREVPAR over only REVPAR. Understanding the cost of distribution is vital to the financial success of every hotel. For this we would need our systems to support us in registering and calculating such costs. Unfortunately many hotel Property Management Systems (PMS) have not yet evolved sufficiently in this area.
Xotels · 22 May
The hotel industry generally suffers from a victim mentality. AirBnB is the big bad wolf that is not playing according to our rules. Them and other sharing economy business models are bringing damage to our hotels, and it isn't happening in a fair way. But let's turn the game around and find out what we can learn from them to become better at our own business, hotel management, a.k.a. hospitality … Let's have a look at their strategies to find some disruptive ideas and see how we can apply them in our hotels. Ready?
Xotels · 7 Feb
Revenue management in the hotel industry is still relatively young. While it began in the 1990s, it has really bloomed and grown exponentially in the last decade, particularly in the last few years. In this time, it has been overshadowed by other departmental functions within the industry, such as sales and marketing. Revenue managers, in comparison, have worked behind the scenes and tended to report to these departments.Revenue management in the hotel industry is still relatively young. While it began in the 1990s, it has really bloomed and grown exponentially in the last decade, particularly in the last few years.
Xotels · 1 Nov
Independent and boutique hotels have the opportunity to capitalise on traveller appetite for unique experiences. Big hotel chains simply can't compete on this front. And your hotel is also able to completely differentiate itself from other independent hotels. Coupling this with the implementation of hotel revenue management best practices gives your hotel ample opportunity.
Xotels · 26 Oct
Hotel revenue management trends move fast. The sector has evolved at a remarkable pace and is set to continue this course. It's an exciting time to be a part of such a fast-moving industry and hotels can benefit from taking advantage of the new trends that are shaping it.
Xotels · 3 Oct
In the early days of Xotels we used to do revenue management and distribution seminars, and we would always ask a trick question, 'Who has Standard Rooms in their hotel'. Half the room would raise their hand (unfortunately). We would get into the discussion of how much they would pay for something Standard (or rather average). Room type names are an often-missed opportunity in hotels to commercially position the product more attractive and competitive.
Xotels · 29 Sep
Driving your profitability in the most efficient manner is a challenge that all hotels face. But here at Xotels, we have found that there are certain key performance indicators (KPIs) that are particularly powerful. Some of the commonly used KPIs include Average Room Rate (ARR), Bedroom Occupancy Rate (OCC) and Cost per Occupied Room (CPOR). But, in this article we focus on the three hotel revenue management KPIs that experts use to maximise profitability in particular.