Incorporating Technology into Your Hotel's Revenue Management Strategy
Efficient revenue management is crucial given the current state of the industry. Demand is strong and there are more revenue earning opportunities than ever. Occupancy rates for 2015 are predicted to set a 27-year record at 65.6 percent and research shows that performance of the lodging industry will continue to be strong through 2016 with a 6.5-percent growth in revPAR driven mainly by gains in Average Daily Rates (ADRs). Unfortunately, revenue increases are tempered by increasing competition and strength of both Online Travel Agencies (OTAs) and the sharing economy.