Extended Length Accommodation - For hotel groups looking for new ways to generate additional revenue in 2016 and beyond, the extended length accommodation sector continues to grow and provides solid value for owners and guests alike. While the sector grew out of a niche set of hotels in the 1970's that sought to provide long stay guests with home-like amenities and atmosphere, nearly every major global hotel franchise today has at least one extended length accommodation product under their portfolio of brands. Pricing of extended length hotels and serviced apartments has traditionally been a challenging concept for revenue managers given rates vary greatly depending on the length of stay a guest is seeking. READ MORE

While the general public focuses on football, Thanksgiving, Black Friday, Cyber Monday, Christmas, Hanukkah and a host of other traditions that occur between Thanksgiving and New Years, those in the hospitality industry know the season for something different: a dramatic uptick in travel. In fact, “uptick” may be the wrong word. “Tidal wave” may be more appropriate. While the media will inevitably report that “the day before Thanksgiving is the busiest day of the year for air travel,” this ignores the aftermath of people getting off their plane at their destination. This year, according to Orbitz, more than seven in ten Americans will travel for the holidays, meaning that across the US, folks in our industry will get to fire up the “no vacancy” lights. READ MORE

For hotels, driving direct bookings is more critical than ever before. With Expedia's acquisition of Orbitz earlier this year, Expedia and Priceline now own 94 percent of the online travel agency (OTA) market in the United States, according to Phocuswright data. Additionally, Google and TripAdvisor, two of the top online sources of travel inspiration, have released OTA-like features that will surely disrupt the market further. What does this mean for hotels? Hotels rely on OTAs to acquire new customers. The latest OTA consolidation means there is less competition. This, on top of the release of Book on Google and TripAdvisor Instant Booking, may result in fewer direct bookings and higher commission fees for hotels. READ MORE

There's a lot more to building a new product than just the technical aspect. Sure, you've got to have excellent design and execution, whether we're talking about blue jeans or cloud-based software solutions. Before you get to that stage, though, there's some important soul-searching that needs to happen. Approaching the planning stages with a healthy dose of critical thinking and honesty leads to the best product possible. And that's what everybody wants, from the business to the consumer. READ MORE

As hotel asset managers, we ask a lot of questions. Separating the average asset managers from the indispensable ones, is the ability to ask the right questions. What are the right questions, you ask? The right questions do a number of things…for one, they challenge the status quo, shake things up and really make people think - why are we doing it this way, how else might this be done, is it working and what should we change? Questions should also evoke discussion about where you are today, but more importantly where you want to be in the future and how to get there. READ MORE

After beginning a process of integration more than a year ago, Aqua Hospitality and Aston Hotels & Resorts rebranded this year as Aqua-Aston Hospitality. In addition to the new name, the group - which manages more than 50 properties across Hawaii and the U.S. mainland - also unveiled a new look, and further distinguished what its five hotel brands offer travel partners and consumers. The result: one of Hawaii's leading hotel management groups is in a stronger position to achieve sustainable growth through strategic revenue management. READ MORE

Thanks to the Age of Technology, Revenue Management has risen to the top of the Agenda for virtually every hotel Executive Committee meeting. The question to be answered historically has been “How do we maximize our revenue stream?” But that question has been expanded to “How do we maximize our revenue stream and ensure that dollars coming in on the top line survive the journey to the bottom line?” The simple answer is focus on optimizing room rates. The numbers make the case. READ MORE

As the art and science of revenue management evolve, the focus sharpens on finding custom solutions rather than selling products to hotels, resorts and gaming establishments. As sophistication grows, the target broadens to maximization of total guest revenue. This article provides a roadmap - and cites best practices -- for optimizing revenue, regardless the type, size, or makeup of a property's business. READ MORE

Service orientation, aka personality traits and a predisposition to be helpful, thoughtful, considerate and cooperative, can impact your company's reputation for customer service - an important factor for success in the hospitality industry. Some people have it... and some people don't. Some people appear to have it (especially during job interviews), but, in reality, they're not suited for a service oriented position. Recent research has shown that being able to predict employee customer service behavior before an employee is hired would be extremely valuable to hospitality managers who must select and assess applicants for service orientated positions READ MORE

Would you meet up with a fellow passenger from your flight to New Orleans at Cafe du Monde? Or leave a couple of women from a cleaning service in your house alone if you only just met then a half an hour before? How do you feel about leaving your cellphone at an airport charging station unattended? Yes, I've done all these things plus many more that some may call naïve or downright boneheaded, but I have always had a high level of trust in the strangers I meet every day. It's served me well for four decades, but how is trust changing in the modern world? READ MORE

Through customer reviews and social media chatter, hotels have online reputations. While many owners and managers view this as a hassle, guest input is actually a gold mine, both for fixing service issues and learning about potential product additions that can provide new revenue streams. Hotels that address problems customers raise in cyberspace also outperform those that don't. We offer a guide to turning clientele comments into better service.This article will examine how managers should deal with online feedback, both positive and negative, and will look at how they can turn constructive criticism into better guest service. READ MORE

Stagecraft is an indispensable part of the statecraft hotel executives perform in a variety of venues, before a variety of attendees, on behalf of a variety of issues. For that presentation to be a success, there must a distinctive look and feel that captures the essence of what a specific hotel represents; there must be an exclusive design, and a physical expression of the same, that is breathtaking in its use of color, lighting, set pieces and other materials. Achieving that goal is a collaborative effort between a hotel executive and the experts responsible for this project. Honoring that mission is an absolute priority. READ MORE

Revenue and risk management systems operate as part of a network much like the human body's nervous system. They're both part of a larger ecosystem delivering vital signals to an information center. Revenue management systems operate best when working in concert in an environment comprised of integrated, complementary processes answering to a central hub. An effective revenue manager (and management system) is essential for any hotel. READ MORE

The revenue management landscape has become more complex, requiring a strategic road map that navigates a property or organization through a journey meeting the horizon of optimal profit levels. How should a hotel company support these initiatives and nurture an authentic culture? Which stakeholders should be involved in the process and where should they expect all of the needed tools and resources to deploy effectively? As costs of distribution, acquisition, talent retention and costs per occupied room continue to escalate, what does a hospitality executive or asset owner need to perform in total revenue management to deliver a solid POGR (profit per occupied room) and deliver holistic performance objectives? READ MORE

At its inception, Revenue Management (RM) was a management science that created techniques which applied micro-economic theories. These micro-economic theories were implemented using advanced predictive analytics and robust optimization, that defined and optimized the availability and pricing of inventory. These economic theories created many slightly differentiated “products” for a company from their inventory. I believe RM is a true and noble management science that has become corrupted by predatory and baseless sales and booking rules that companies are masquerading as RM. To explain my position, we need to share some common vocabulary and understandings of the theories and implementations of RM. READ MORE