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Revenue management endured a strange year in 2020. Last March, the terabytes of historical demand data that drove many revenue management system (RMS) algorithms became useless overnight. Someday it will return, but hotels can’t wait. In the meantime, many hotels have rethought their approach to revenue management in ways that will result in permanent as well as temporary changes.

What 2020 Taught Us
Posted: 01/12/2021

In early 2020 in celebration of Aspire's 25th Anniversary, I wrote a book called Sh*t I Wish I Knew, 25 Lessons over 25 Years. When we decided to make it a "limited edition," we had no idea how profound that decision would be!

What a difference a year makes. After hotel occupancy peaked at 62.2 percent last January, the onset of COVID-19 led to seven months of consecutive drops, bottoming out at 24.5 percent in April before stabilizing around 48 percent in October. Hotels have largely remained in operation during this bumpy ride thanks in part to investments made in new technology such as contactless communications, data analytics, and automated systems. Hotels are increasingly embracing innovation like never before as they search for new ways to operate, shedding outdated strategies in favor of what works.

In the chaos of an epidemic, we have never longed more for peace. Peace of mind. Peace between each other. Peace on earth.

2020 is now thankfully almost behind us. With the arrival of vaccines, the hospitality industry is starting to regain some optimism about the future. The pandemic facilitated technology adoption, as hotel managers were forced to implement technologies that they previously rejected – and often found some of them very effective. This experience should reduce the resistance to adopting new technologies in hotels in coming years, at least a bit.



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Articles tagged as: revenue
What's Your Plan?
Posted: 11/02/2020 by Renie Cavallari

As you go into the 2021 planning season, here are five critical planning considerations:

Are you demanding enough of the spaces you own and have access to? How many times have you walked into empty hotel gyms, restaurants and meeting rooms, or oversized lobbies that seem to have no purpose in life?
 
How can you optimize these areas to their full revenue potential?
 
And, even when you are able to optimize a space operationally, how can you insure that you are able to acquire the customers you need to commercialize it effectively?

These questions all have answers. However, you need to be honest about how you can do this, and the effort that you can realistically place on direct versus indirect acquisition in your overall strategy.

Six Hotel Trends to Watch
Posted: 05/24/2017 by Brendon Granger

Understanding the changing preferences, desires and expectations of travelers is crucial for hotels to influence booking behavior. By staying on top of what guests care about, hotels can evolve how they market themselves and tailor their services to match the shifting demands of consumers.