Hotel Management Blog
Hotel Industry Tips & Ideas by XOTELS
Welcome to our XOTELS‘ Hotel Management Blog where hoteliers can find compelling stories, expert tips, and the latest trends shaping the hotel industry.
8 Revenue Management Trends that Define 2024 & Beyond
Alright As a leader in revenue management consulting, we're always at the forefront of what is happening in the hotel industry ─ and keeping a close eye on how revenue management trends keep evolving. In this article, we take you on a deep dive to understand the most important trends in revenue management and highlight which opportunities will help your hotel stay ahead of the game.
How to Really Make Money with a Hotel: Maximizing Hotel Profit
Alright then, let’s cut to the chase. You’ve got a hotel, right? And you’re probably wondering how to get it full with happily paying guests. Well, buckle up, because I’m about to spill the beans on how to squeeze every last penny out of your hotel venture.
Forget those boring textbooks and those stuffy advisors. We’re going to get down and dirty with the real-world strategies that we have actually seen working as a revenue management consulting company. We’re talking about the kind of moves that’ll have your competitors scratching their heads and your accountant doing a happy dance.
So, grab a cup of coffee, get comfortable, and let’s dive into the nitty-gritty of how to make your hotel a money-making machine. Trust me, this is going to be fun.
Occupancy vs ADR, the Never Ending Discussion in Revenue Management
Since the early days revenue management has been applied in hotels, there has been an intriguing ongoing discussion. What drives more value to the business, ADR, average daily rate, or occupancy?
I have been in hotel revenue management consulting since 2006, and it is a question that keeps coming back. ‘How can I make more profit with my hotel?’ Owners that are closely watching the P&L statement are especially keen to understand how they can drive the bottom line of their hospitality business.
Top Revenue Management Strategies for Hotels
We have written extensively about hotel revenue management strategies. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
What is Hotel Management?
What is hotel management, you might ask? And that's a really good question. The hotel industry is broad and complex, with many stakeholders involved. Did you, for example, know hotels are not just managed by one party but typically have many different players involved in operating the hotel? This is just one of the many important things discussed in this article. As a hotel management company, we hope this article will help you with the basic concept of hotel management to explore different hotel positions and everything in between. We want to make sure you get the complete picture of what the hotel industry is all about!
Hotel Budget Plan: Are you Ready for 2024?
No time to lose, next year is almost here. And a good plan isn’t made overnight. How far are you with your targets, budget, and plan of attack for next year? What REVPAR and GOPPAR do you need to achieve? Is your plan for next year complete, and does it describe all actions in detail? Does everyone on the team know what the objectives are and which steps to take to get there?
Did you make your new hotel budget already or are you right in the middle? What methodology are you using? Are you simply adding a 3% to 5% each month based on last year’s performance? Or are you really putting your teeth into it and drilling down per segment, per channel, per account, and per day?
Now is the time to take action to build your hotel budget plan! Read through our step-by-step guide explaining how to get ready for 2023 with our hotel management company´s best hotel budgeting practices.What Does a Hotel Management Company Do?
Whether you’re a senior hotelier or an entrepreneur in the hospitality sector, understanding what a hotel management company does is essential to thriving in today’s competitive hospitality landscape. Running a successful hotel demands not only a passion for exceptional guest experiences but also a deep understanding of numerous intricacies to ensure revenue management, finance, marketing, and operations all keep running perfectly.
Let’s uncover the invaluable support that is offered and explore why this collaboration has emerged as a strategic necessity.