Data-driven Hotel Revenue Management Strategies to Move Beyond Rooms Revenue

As hospitality continues to evolve at a breakneck pace, technological advancements are pushing the industry faster than ever before, and travelers have exited the pandemic with new and evolving desires. Small tweaks to improve customer satisfaction and boost top-line revenue are no longer enough.

Today, the best hotel owners and operators are laser focused on running profitable businesses, using complex hotel revenue management strategies. “Really everyone in the industry is moving toward profitability as a new measurement,” says Joseph Rael, Senior Director of Financial Performance at STR, one of the industry’s leading providers of market data on the hotel industry worldwide. Rael was instrumental in the launch of STR’s Monthly P&L Report in March 2020, which just so happened to be a pivotal time for hoteliers to gain more insight into the true health of their businesses.

In recent years, hoteliers have made significant progress toward a more holistic view of their properties, focusing more attention on ancillary sources in their revenue management purview. At the same time, many have moved past traditional revenue management and introduced new ways to measure and budget against margin.

In this whitepaper, you will learn:

• What is Hotel Total Profit Optimization?
• Total Revenue Management Starts with Automation
• TrevPAR: The Key Metric Behind Total Revenue Management
• Applying Revenue Management Principles to F&B and Spa
• Driving Ancillary Revenue with Flexibility
• Dig deeper: Understand Profit Margin at Each Outlet Across your Property
• When ‘Per Available Room’ Isn’t the Right Measurement
• Centralizing the Data that Allows you to Make More Profitable Decisions