“Maximize your space.”
“Be creative.”
These are two of the valuable tips Pablo Torres, a Spanish Hospitality professional based in London with 20 years of experience in the hotel industry, gives us in this new episode of Hotel Cast where we chat about new segments in travel demand and the best practices in revenue management.
Pablo mainly focuses on Revenue Management Optimization and Talent Development. As we know, Revenue Managers are being put on the spot — everybody is looking at them. So, we ask the expert:
How can hotels bring more money to the table?
Find out Pablo’s insights here:
In this episode, we also talk about:
- The types of new segments in travel demand that are emerging now;
- The fundamentals of good Revenue Management;
- Best practices/ strategies in Revenue Management.
Pablo also points out the importance of educating independent hotels on the need for humans and tech working together. According to him, 85% of hotels still don’t have a Revenue Management System and 50% of the time is spent generating reports. These numbers are surprising!
The expert explains that in hotels where both technologies and humans are used in Revenue Management, associates can focus on doing more valuable tasks and make better decisions based on real data.
So we ask you the same question Pablo likes to ask his clients: How much money are you missing?
More Podcast Episode About Revenue Management
In this podcast episode, we talk about the importance of the context to understand data with Christoph Hutter, a revenue strategy consultant with over 16 years of experience in the hotel industry.
As a data-driven Revenue Manager, Christoph believes that technology and Artificial Intelligence will cause a great impact on hotel revenue performance and the hotel business as a whole.
In this episode, we chat about:
- What are the right questions a Revenue Manager must ask (with practical examples);
- Which skills must a good revenue manager have;
- What a Revenue Culture is inside of a hotel.
Listen to this episode now:
Read About Hotel Revenue and New Travel Demands
Hotel ADR
Do you know what ADR means? A hotel’s average daily rate (ADR) is one of the most important metrics that a hotelier needs to know.
Do you know how to increase ADR? In this article, we cover the top 4 methods to increase hotel ADR: [Top 4 Methods to Increase Hotel ADR]
New Travel Demands
The pandemic has changed the way people behave. And travel. That’s why two of the travel trends in 2021 are extended stays and leisure travel.
Even if the vaccines have been being distributed since January, there is still a lot of uncertainty around travel in general. Many countries are on lockdown again and borders are closed once more. The concern about health will keep impacting the hospitality industry for the coming months, or even years.
Probably, travelers will take fewer trips this year. But when they do, they will try to make the best of it – meaning staying longer at the same destination. Also, another big trend that started in the middle of 2020 and is still up is road trips. Travelers feel safer when traveling by car than being inside an airport.
Read more about these and other trends in this blog post: [Hospitality Trends 2021]
What do you think is a good Revenue Management practice right now?
