As Occupancy Stalls, Parking Drives Hotel Revenue Growth
By Robert Mandelbaum and Todd Casper Based on the February 2023 Hotel Horizons® report, CBRE is forecasting that total hotel revenue for the average US hotel returned to pre-COVID levels in 2022. This occurred despite the fact that the average occupancy for US hotels is not expected to exceed 2019 levels until 2026. With occupancy levels lagging during the post-COVID recovery and guest counts depressed, hotel owners and operators have had to look for alternative sources of revenue beyond the rental of guest rooms to make up for the income deficits. For some hotels in the US, parking has become…
How Hotel Pricing is Going to Change in the Age of AI
Imagine a world where your hotel knows what a guest wants even before they do. A world where your pricing strategy is not just about numbers, but about understanding choices, dreams, and the urge to travel. A world where your revenue management and marketing teams work hand in hand to craft personalized offers that guests can’t resist. Sounds utopian right? Well, with Artificial Intelligence (AI), this dream is becoming a reality. Over the last few months, we have seen ChatGPT, Bard and other travel-technology companies use Large Language models to fundamentally alter the way travelers looked for inspiration, searched for…
Taylor Swift parties, events before Eras Tour in Denver on July 14, 15
Whether or not you’re going to Taylor Swift’s concerts at Empower Field at Mile High next week, you’re in good company. Fans of the singer-songwriter and her Eras Tour, which plays Denver on Friday, July 14, and Saturday, July 15, scrambled to snag tickets the moment they went on sale earlier this year, ensuring both instant sell-outs and disappointment. But anyone can attend these parallel yet separate Swift-themed events, in which boutique hotels, promoters, bars and upscale shopping complexes cater to people coming to (and from) the shows in downtown Denver. Getting a piece of that action means meeting fans…
Sustainable Hotels Shaping Responsible Hospitality
Amidst a surge in environmental consciousness and corporate social responsibility, the hotel industry is embarking on a captivating journey toward sustainability. In 2017, the United Nations declared it the International Year of Sustainable Tourism for Development. As a result, hotels around the world are implementing responsible practices that are good for the environment, and also make money. These exceptional, sustainable hotels excel in energy efficiency, waste management, water conservation, and sourcing local materials. They skillfully combine these elements to create an enchanting and environmentally conscious experience for guests. What sets the Green Hotels apart? These hotels don’t just offer a…
RateGain Empowers Virgin Voyages with Rate Intelligence
New Delhi, June 27, 2023: RateGain Travel Technologies Limited (RateGain), the leading SaaS (Software as a Service) provider for travel and hospitality, announced today that it has been selected by the North American-headquartered, Virgin Voyages to provide comprehensive Cruise Rate Intelligence data. Virgin Voyages, an innovative cruise line co-owned by the Virgin Group and Bain Capital, is redefining sea travel for the modern traveler set to enhance its competitive edge with the deployment of RateGain’s advanced data analytics and connectivity solutions. With the global cruise industry on the road to recovery and an expected influx of passengers in the coming…
The Potential of Blockchain Technology in Boosting African Tourism
Written by: Obiora Ndili Africa is home to some of the world’s most beautiful natural wonders and diverse cultural experiences. It has become a popular destination for tourists from around the globe. But the tourism industry in Africa is facing various challenges such as lack of infrastructure, weak regulation, and low levels of investment. However, blockchain technology has the potential to revolutionize the tourism industry in Africa. Blockchain technology is a decentralized ledger that can record transactions in a secure, transparent and immutable manner. It has already shown great potential in various industries such as finance, healthcare and supply chain…
Harnessing Hotel Technology for Post-COVID Success
In this video, Suchada Taechotirote, CEO and Founder at FavStay, emphasizes the criticality of embracing technological changes for profitability in the hospitality industry. She highlights the need to expand the client base and establish partnerships by leveraging platforms and technology. By adopting the right technology, hotels can effectively reach more partners and increase sales without relying heavily on human resources. Suchada emphasizes the importance of finding platforms and technologies that facilitate seamless communication, efficient operations, and maximum revenue generation. These insights shed light on the significant role technology plays in driving success in the hospitality sector. Watch the video here:…