How independent regional hotels can be revenue smart

In this episode the first of a mini-series on revenue management and pricing strategies, we speak with an independent hotel property, an independent regional hotel group and a revenue management specialist about the opportunities to optimise hotel rates. In a recent survey between IDeaS RMS and The Caterer, responses show that independent and regional hoteliers are working smarter than harder to bring the right revenue. Key insights include:Regional hotels are falling behind city centre properties in how they measure success, with an emphasis on occupancy (28.3% in rural, coastal and beach hotels) highlighting their priority of ‘heads in beds’ - a strategy which increases both operational and marketing costs. City hotels remain focused on maximising revenue per room, with 45.5% using RevPAR as their dominant performance metric. There is a gulf in the use of technology to enable commercial success, with less than half (45.3%) of regional hotels using a revenue management system (RMS) compared to over three quarters (77.2%) of city hotels. Properties using an RMS were reported to have a 14.15% ADR increase in 2022/23, compared to just an 11.69% ADR increase for those without. We are joined by Michael McCartan, Area Vice President, EMEA, IDeaS, Geza Bocsak, Head of Revenue Management and Sales, Harbour Hotels and Inna Nekrassova, Head of Revenue, The Lanesborough to discuss:Why independent hotels need to rethink revenue management and strategy modelsHow to use team skills and technology effectivelyWhere to invest to maximise returnAi/ automationListen to more episodes of the hospitality industry podcast Travel Market Life and subscribe for the latest news at http://travelmarket.life/ Follow us on LinkedIn for more thought-provoking content: https://www.linkedin.com/company/travel-market-life/ Do you have a story to share about technology, digitalisation or culture changes within the hospitality and travel industry? We'd love to hear what your company is doing and the impact it is having. Please contact us through http://travelmarket.life/