With the annual budget season in the rearview mirror, hotel owners and operators have turned to the ongoing critical forecasting process.
The hotel industry finds itself in a volatile and dynamic environment, particularly at the street corner level, where forward-looking datasets can shift in real time. An uncertain economic outlook means hotel forecasting must be a fluid process requiring weekly and, in some cases, daily attention.
At the very least, forecasting your daily occupancy for future days gives you better insight into how to run your business. A demand forecast helps the housekeeping managers schedule the correct number of housekeepers, the revenue team set optimal rates for each room category, the procurement team plan purchases of amenities, and much more. Your demand forecast will also contribute significantly to setting your organization’s financial forecast each year.
In this whitepaper, you will learn: