Role of Technological Partnerships in Hotel Operations
In today’s fast-paced world, hoteliers face a myriad of challenges in managing their operations efficiently while ensuring exceptional guest experiences. However, there is a solution at hand – strategic technological partnerships. These collaborations offer innovative solutions that streamline processes, boost efficiency, and ultimately make life easier for hoteliers.
But to truly understand the transformative power of technological collaborations in the hospitality industry, it is important to understand the challenges faced by hoteliers.
Challenges in Hotel Operations
Hoteliers often encounter operational challenges that hinder efficiency and compromise guest satisfaction. These challenges include time-consuming administrative tasks, the need for seamless communication across departments, and managing multiple systems and platforms. Moreover, keeping up with evolving guest expectations and staying competitive in the digital age poses further challenges for hoteliers.
Thankfully, hoteliers can overcome these operational challenges through strategic technological partnerships. Let us now understand how.
Role of Technological Partnerships for Streamlined Hotel Operations
Technological partnerships offer hoteliers the opportunity to overcome operational challenges and streamline their daily processes. By integrating property management systems (PMS) with other hotel systems such as revenue management, guest relationship management, and housekeeping solutions, hoteliers can automate repetitive tasks, streamline communication, and consolidate data. This integration eliminates silos and provides a holistic view of hotel operations, enabling more efficient decision-making and resource allocation.
Moreover, such cloud-based solutions allow seamless access to data and systems from any location.
Embracing the Power of Cloud-Based Solutions
With seamless access to data and systems from any location, hoteliers gain real-time information and the flexibility to manage their properties remotely. This accessibility enhances operational agility and enables hoteliers to respond swiftly to changing market demands.
Collaborating with technology providers brings forth a range of benefits for hoteliers.
Benefits of Collaborative Innovation
Enhanced Guest Satisfaction through Personalized Experiences
One key advantage is improved guest satisfaction through personalized experiences. By leveraging guest data from multiple touchpoints, such as online bookings and guest feedback, hoteliers can tailor services to individual preferences, anticipate guest needs, and deliver personalized recommendations. This level of personalization enhances guest loyalty and overall satisfaction.
Optimized Revenue Management
Optimizing revenue management is crucial for hoteliers seeking sustainable business growth. By integrating revenue management systems with distribution channels, hotels can automate pricing decisions, monitor market trends, and maximize revenue potential.
This collaboration allows for dynamic pricing strategies based on demand and competitor analysis, ensuring optimal revenue generation and increased profitability.
Effective Channel Management for Revenue Maximization
Maximizing revenue through effective channel management is paramount for hoteliers. Embracing channel managers helps overcome distribution challenges, optimize rates and availability, and expand reach across multiple channels. The streamlined distribution process, centralized inventory control, and data-driven insights provided by channel managers empower hoteliers to make informed decisions, enhance revenue generation, and ultimately drive success in the dynamic hospitality industry.
Read More: Revolutionizing Guest Experiences & Revenue Management with AI
Read More: Navigating Hotel Distribution Challenges with Technology & Strategy
Technological partnerships play a pivotal role in simplifying the lives of hoteliers by addressing operational challenges and unlocking a multitude of benefits. By collaborating with innovative technology providers, hoteliers can streamline operations, improve guest satisfaction, and optimize revenue management.
As the hospitality industry continues to evolve, embracing these partnerships becomes increasingly crucial for hoteliers to stay competitive, enhance efficiency, and deliver exceptional experiences to their guests.
About the Author
Jaume Esteban Palette
Manager, Strategic Partnerships
RateGain
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 a profitable source of revenue since COVID and helped fill in the revenue gap.
The increase in parking revenue has occurred, in part, because an increasing number of hotels started to charge guests for on-site parking. In 2019, 17.0 percent of all the hotels in CBRE’s annual Trends® in the Hotel Industry database reported parking revenue. This number rises to 20.4 percent in 2022. Further, hotels that already managed a parking operation before COVID increased the price they charged guests to park their cars.
To analyze the increase in US hotel parking revenue, CBRE studied a sample of 520 hotels that reported parking revenue for our annual Trends® survey each year from 2019 through 2022. In 2022, these hotels averaged 324 rooms in size, an occupancy of 65.4 percent, an average daily rate of $245.25, and a RevPAR[1] of $157.05, versus the $163.07 RevPAR achieved in 2019. Since the sample consists solely of properties that reported parking revenue, it is skewed toward full-service hotels located in urban areas. This explains the relatively high room counts and ADRs for the sample.
Revenue Growth
Since larger, urban hotels have suffered the most during the pandemic, it is not a surprise that the average property in our sample has yet to return to their pre-COVID levels of total hotel revenue. On average, 2022 total revenue for the study sample is just 95.9 percent of 2019 total revenue.
However, parking revenue for properties in the study sample is 103.1 percent of 2019 levels. This is particularly noteworthy because the number of rooms occupied at the average property in the sample from 2022 was still 14.6 percent less than in 2019. Parking revenue, which is measured on a per-occupied-room (POR) basis, was 20.7 percent higher in 2022 compared to 2019, there is a clear indication that hotels have significantly increased the price they charge guests to park. Parking rate increases are not only an effective way to increase revenue, but they also help offset inflationary pressures on operating expenses.
Consistent with macro travel trends, resort hotels, as well as properties located in resort/destination locations, enjoyed the greatest increase in parking revenue from 2019 to 2022, both on a POR and per-available-room basis. This implies increases in both parking prices and business volume. Limited-service and extended-stay hotels appear to have benefited from their relatively strong performance to drive parking revenue during the post-COVID recovery period. Airport properties were another group of hotels that took advantage of their location to be creative and generate more revenue from their parking lot or garage.
Several factors currently influence the decisions hotel managers make as they set parking rates:
- Kastle Systems, in conjunction with CBRE, has reported that office occupancy levels in the urban core of major US markets have just returned to the 50 percent level. This has left a surplus of available parking spots in several downtown markets. A surplus of parking in urban areas can mute the ability of hotels to raise parking rates as lots and garage owners struggle to gain market share.
- On the other hand, the surplus of parking spaces provides urban hotel owners and operators an opportunity to lease multiple parking spots at nearby lots and garages at relatively low rates. Hotels can then capitalize on their lower cost basis and maximize profits.
- Like guest rooms, hotel parking spaces are not subject to long-term leases. Therefore, hotel parking lots can utilize technology and dynamic pricing techniques to maximize revenue during different market conditions.
- Hotel guests do not typically choose a hotel based on the cost of parking. However, location is frequently cited as an important factor. If guests must drive to stay at the preferred location, then the hotel gains pricing leverage.
Impact on Revenue
Despite these growth figures, parking is still a minor source of revenue for hotels. In 2022, parking revenue for the average hotel in our study sample was 3.1 percent of total revenue. However, parking revenue has grown faster (3.1 percent) than total hotel revenue (2.8 percent) from 2019 to 2022. Parking as a percent of total revenue peaked in 2020 and 2021, highlighting the increased reliability of hoteliers on this alternative source of revenue during the height of the pandemic.
When analyzing the sample by property type, parking revenue made up the greatest share of total revenue at extended-stay hotels (5.3 percent) and all-suite hotels (4.9 percent) during 2022. Urban (3.7 percent) and airports (3.5 percent) hotels enjoyed the greatest contribution from parking revenues when segregated by location category.
Parking Profits
Consistent with the increase in revenue, hotel parking profits have increased from 2019 to 2022. On average, the properties in our sample achieved parking department profits during 2022 that were 8.7 percent greater than 2019 profit levels. Resort hotels, as well as properties in resort and airport locations, achieved the greatest gains in parking department profits.
Unfortunately, parking operations are relatively expensive to run compared to other minor operated departments. The average profit margin for a parking department in 2022 was 60.2%. This is less than the 62.1 percent average profit margin for all minor operated departments. Per the Uniform System of Accounts for the Lodging Industry, the profit margins are calculated before the deduction for overhead expenses such as administration, marketing, maintenance, utilities, property taxes, and insurance.
There are several ways in which hotel owners and operators can maximize revenues and profits from parking. Managing costs, whether parking is being operated in-house or by a third party, is critical in capitalizing on this growing revenue stream.
What Should Hotel Owners be Considering?
Drive Parking Net Income by Evaluating Expenses
Parking expense considerations include evaluating the need for valet versus self-park only operations. Valet services are labor intensive and increasingly costly in today’s labor-constrained market. Technology improvements can be a way of reducing ongoing operating costs with pay-on-foot machines or even gateless app-based technology.
Other market-specific factors impacting the bottom line of hotel parking operations include parking sales tax, if any, in a local market. Urban markets vary from having no parking sales tax to potential taxes at the city, county, and state levels. In addition, the allocation of hotel expenses to parking operations can significantly impact the net income associated with parking. Property taxes, insurance, utilities and other allocations are often out of date and require refinement to optimize parking profitability. Expenses, such as security, cleaning and enhanced lighting, typically improve the perception of a parking facility and can drive long-term parking demands.
In-House vs. Third-Party Operators
Deciding whether to operate parking in-house versus with a third-party operator or parking management company is worth considering in urban parking markets. Third-party operators are often well-connected with other parking demand generators in the area and can tap into their network of parking aggregators to source e-commerce traffic. Third-party operators can also target the surrounding area for parking users who can capitalize on hotel parking spaces during non-peak hotel times.
Since the pandemic, third-party operators are less inclined to enter into long-term lease commitments, preferring management contracts or short-term agreements with less financial risk. Third-party operators can be motivated to perform with incentive-based contracts that offer upside to the operator and enhance the bottom line for parking operations. Operators will typically not assume the risk for property taxes assessed or allocated to the garage.
Own vs. Lease Hotel Parking
Should hotel owners own their parking or simply control it with long-term rights or an access agreement? As alternative investments gain favor in investment portfolios, urban parking is generating increased attention from private and institutional capital as well as infrastructure funds. Urban parking assets can offer investors well-located, covered land plays, attractive yields and the ability to quickly mark prices to market rates in an environment of high inflation.
Parking garages and surface lots supporting hotels are increasingly being bifurcated from the hospitality ownership structure to take advantage of cap rate arbitrage of the parking asset compared to the hotel. Hotel owners don’t necessarily need to own their parking, but at a minimum, they need long-term access or rights to parking. Well-located, urban parking garages with multiple demand generators often trade at aggressive cap rates, particularly in supply-constrained urban markets.
This article was originally published in the June 2023 edition of Lodging and has been shared on HFTP Connect for the benefit of HFTP hotel finance members.
Todd Casper is First Vice President of Parking Investment Sales for CBRE. Robert Mandelbaum is Research Director for CBRE Hotels Research. For guidance on your hotel’s parking operations, Todd can be reached at [email protected]. This article was published in the June 2023 edition of Lodging.
[1] Rooms Revenue per Available Room
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 options and how they planned travel. The two-decade old process of searching for options in silos finally appears to be broken – and a near human like conversational experience is now being created where travelers can share an abstract vision of the type of travel they want to experience and the LLM powered bots will share the closest matches to their vision.
Personalizing Pricing with AI
AI is enabling a new level of personalization in the hospitality industry. By analyzing vast amounts of data quickly, AI can understand individual preferences, needs, and the urge to travel, allowing hotels to tailor their offerings to each guest. This level of personalization enhances the guests’ experience, leading to increased customer satisfaction and loyalty.
For example, AI when coupled with a language model, can not only understand past booking behaviors but also preferences for future stays. This could range from their preferred room type and amenities to their dietary preferences and activities of interest. By personalizing the guest experience in this manner, hotels can not only enhance guest satisfaction but also maximize their revenue by upselling personalized services and offerings.
While hoteliers might see this as an additional layer of complexity, the right way to see it is an opportunity to differentiate their offerings not only within the hotel, but even before the guest has made the decision to book with them. The level of customization also allows them to charge a premium depending on the type of property the revenue management team is handling.
Making TRevPAR a success with AI
AI as most of you might understand is the layer that sits on top of all the data that is collected. This collected data allows AI to stay informed, build context and suggest solutions or alternatives that can work in the real world. An application that uses case in hospitality is providing recommendations to end travelers and helping them have a better experience, as well as connecting with PMS systems to understand and tackle guest queries.
For instance, an AI assistant can understand a user’s query, provide relevant information, and even suggest personalized recommendations. This not only enhances the user experience but also reduces the workload on customer service teams, allowing them to focus on more complex tasks.
With AI being able to provide prompt response and service, this allows the opportunity to upsell and create room for generating higher revenues.
However, based on consumption patterns – in the future when guests return to book with a certain chain, the chain can nudge the user to add on the ancillaries he ordered at a discount – ensuring that the extra revenue is guaranteed as well as the guest feels they are able to get a good price for the add on.
In addition to this, using AI hotels can drive more traffic to their apps or websites as that is where you can serve the offer, and not on the OTA.
The Blurring Lines between Marketing and Revenue Teams
With the rise of hyper-personalization, the lines between revenue management and marketing are blurring. Revenue managers are no longer just setting prices based on supply and demand. They are now working closely with marketing teams to understand what the right offer is for each individual customer.
For example, by analyzing a customer’s booking history and online behavior, revenue managers and marketing teams can determine the types of offers and promotions that the customer is most likely to respond to. This could range from discounted rates and package deals to personalized add-ons and services.
In this context, the role of revenue managers is evolving from simply setting prices to crafting personalized offers that maximize both customer satisfaction and revenue.
So, what can you do?
As AI continues to evolve, so will the role of revenue managers as the trip planning and booking process undergoes a massive change.
Revenue managers will need to understand and leverage AI to craft personalized pricing strategies, work closely with marketing teams to understand customer behavior, and make data-driven decisions to maximize revenue.
Remember, the advent of AI is not a threat to revenue managers, but an opportunity. It’s an opportunity to enhance their strategies, provide more personalized experiences to guests, and ultimately, drive more revenue. As we move into the future, the role of revenue managers will be more important than ever, and those who can adapt and leverage AI will be at the forefront of the industry.
About the Author
Mudasser Tariq
Senior Vice President – Enterprise Business
RateGain
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 where they are. Literally.
Here’s a quick roundup of Swift-related events that are open to the public, both free and paid. Watch for The Denver Post’s photo slideshow and review of the tour’s opening night in Denver, to be posted on July 15 on denverpost.com/things-to-do/music, and check out a review and photos of her 2018 Reputation Tour show at Empower Field at bit.ly/44dZdAz.
Taylor Swift silent disco
The McGregor Square complex across from Coors Field in Lower Downtown is diving in early with a silent disco and related events on Saturday, July 8. Each $30 admission includes a silent-disco headset to hear a pair of DJs spinning Swift hits “from every era to dance and sing along to,” as well as beer or seltzer included and access to a friendship bracelet-making station, “the Eras Tour must-have accessory.”
There are, of course, Swift-inspired cocktails such as Champagne Problems and Lavender Haze, and The OG and Rally bars will also be serving Swiftie cocktails. Tickets are $30 per person, or $10 for people who book a room on the same night at the Rally Hotel on-site. eventbrite.com or finallyhotel.com
Early Taylor Swift pre-parties
Other events are popping up a week early to take advantage of the run-up to the show: the Queer Taylor Swift pre-party at Denver’s Goldspot Brewing Company welcomes Gaylors (Swifties who theorize that she’s secretly gay) and everyone else with a costume contest , friendship bracelets and flash tattoos, from 3 to 8 pm on Saturday, July 8. The event is free but donations will be collected to benefit nonprofits Khesed Wellness and The Delores Project. eventbrite.com
On July 13, the night before the first concert, Mile High Spirits is also holding a pre-party featuring “all Taylor Swift, all night long” music ($10; eventbrite.com).
Swifties at the Station
The 1-7 pm celebration on July 14 and 15 at Denver’s Union Station will feature DJ Chris C playing fan-favorite Taylor Swift tunes, a “face rhinestone artist” and a pop-up by LINK x LOU “to help you level up your friendship-bracelet game,” organizers wrote. You can also pose for photos in a booth and enter a Best Dressed raffle for prizes that include a one-night stay at The Crawford with a $100 Denver Union Station gift card.
“Terminal Bar will also be pouring special Taylor Swift cocktails, including the Cruel Summer, a Taylor Spritz, a Blank Space and a Lavender Haze, made with Tito’s Vodka, black tea, lavender, Butterfly Pea Syrup, lemon and soda water,” according to the press release. Anyone who buys food or drink from Terminal Bar on July 15 can also take a free TukTuk ride directly to Empower Field from 3:30 to 7:30 pm Events are free but RSVPs are encouraged via eventbrite.com. More at denverunionstation.com/events/swifties-at-the-station
“You Belong With Me” at Thompson Denver
The year-old Thompson Denver hotel is also going the lux route on July 14 and 15 with its Champagne Problems brunch, featuring specials by the bottle or glass, the Lavender Haze cocktail throughout the hotel, a “special merch stand for the ultimate friendship bracelets and temporary tattoos” (think 13 and 22, organizers said), and a “Cruel Summer” party in Reynard Social with Eras songs by Cyberkid. Note: Overnight hotel rates for these dates start at about $800. hyatt.com/thompson-hotels/denth-thompson-denver
Taylor Swift Glam Makeup Experience
LoDo’s Maven Hotel and Poka Lola Social Club joined forces at The Dairy Block for a Glam Makeup Experience on July 14 and 15, with Denver artist Makeup by Peaches “helping fans to rock Taylor’s signature red lip or add a pop of glitter and color to your already fabulous outfit,” organizers wrote. Timed slots are available 2-6 pm both days for $10 per person. Poka Lola will have the Champagne Problems and Lavender Haze cocktails on both days. Registration is required at eventbrite.com. More at themavenhotel.com
Swift City
This elaborate tailgate party will be set up across from Empower Field along Federal Boulevard from 3 to 6 pm on July 14 with food and drinks, activity booths, DJs, selfie backdrops and more ($25). If you can’t go to the show, they’re also hosting a listening party during it ($25) and a 21-and-up post-concert dance party ($25). The Can’t Stop Won’t Stop bundle includes all of the events ($60). eventbrite.com
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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 place to stay; they invite guests to join their important mission and make a difference. The journey towards sustainable hotels envisions a future where making a profit aligns perfectly with the crucial responsibility of protecting our planet.
The prevalence of sustainable hotels is set to soar. Behold the remarkable journey where sustainability ascends. Not only preserving our planet but also igniting revenue growth and propelling guest experiences to unprecedented heights.
Sustainable Hotels: Redefining Hospitality with a Green Touch
As the world awakens to the urgent need for environmental care, sustainable hotels are seizing the moment. With an astonishing 50% of travelers expressing worry about climate change, as reported by Euromonitor International, a profound shift in consumer consciousness is unfolding.
This is an exciting moment for hotels to meet the growing demand for eco-friendly travel experiences. A new era of hospitality is emerging, where sustainability and luxury come together seamlessly, creating a lasting impact on the planet and satisfying the discerning traveler.
Profitability and Responsibility: Achieving the Delicate Equilibrium
Navigating the fine line between profitability and responsibility poses an alarming challenge for sustainable hotels. Nevertheless, industry experts assert that these two facets can coexist harmoniously.
Renowned sustainability consultant Dr. Jane Greenfield emphasizes that sustainable hotels have the power to create unparalleled guest experiences while maintaining profitability.
By aligning their endeavors with the United Nations’ sustainability goals, hotels can focus on economic growth, employment opportunities, cultural diversity, and fostering mutual understanding.
Industry Insights: Thriving on Sustainability’s Cutting Edge
In the fiercely competitive hotel sector, sustainable practices hold the key to gaining a distinct advantage.
According to industry analyst John Smith, hotels that prioritize sustainability not only cater to the demands of environmentally conscious travelers but also carve a niche in the crowded market. Smith emphasizes integrating sustainability into a hotel’s brand identity and effectively communicating these efforts to guests. By doing so, hotels can tap into an expanding customer base that shares shared values and responsible choices.
Unlocking the Financial Benefits of Sustainability
Contrary to the belief that sustainable practices hinder profitability, hotels can actually reap substantial financial rewards. While initial investments may be required, the long-term gains far outweigh the costs. Initiatives such as energy and water conservation, waste reduction, and efficient resource management can yield significant cost savings over time.
Furthermore, sustainable hotels can attract environmentally conscious guests willing to pay a premium for eco-friendly accommodations, providing an additional boost to profitability.
Case Studies: Green Hotels Leading the Sustainable Revolution
A wave of global hotel brands has embraced sustainability and is now reaping the benefits. Take Marriott, for example, which has set ambitious targets to reduce water and energy usage, resulting in remarkable achievements.
Through simple yet effective strategies such as water pressure reduction, guest item reuse promotion, and leak-detecting water systems, hotels of all sizes can immediately enhance their environmental impact and contribute to a sustainable future.
Popular Sustainable Hotels & Their Sustainability Programs
- Marina Bay Sands: Energy Management System
- Marriott International: LEED Dynamic Plaque
- Alila Hotels & Resorts: EcoSmart Sustainability Metrics Tracking
- AccorHotels: Green Key Program
- Henn-na Hotel: AI Robots to Control Energy Usage
- Four Seasons Hotel: AI-Powered Waste Management
- The 1 Hotel Brooklyn Bridge: Smart Energy Management
- Citizen Hotel: Smart Irrigation System
- Hilton Hotels: LightStay Program
- Radisson Blu Hotel: AI-Powered Energy Management
Read More: Technology as a Driver for Sustainable Travel
The Path Forward for Sustainable Hotels: Collaboration and Recognition as Catalysts
Sustainable practices require constant evaluation and refinement to ensure long-term success. Engaging the hotel staff is paramount, as they serve as passionate ambassadors, educating guests and making a difference through small actions.
Guest surveys are pivotal in understanding perceptions and expectations, enabling hotels to tailor sustainability initiatives accordingly. Furthermore, registering with eco-travel platforms and participating in industry awards not only boosts bookings but also offers opportunities to showcase sustainable actions, inspiring others to follow suit.
In hospitality, sustainable hotels embody a lucrative and conscientious path. By skillfully navigating the terrain of profitability and responsibility, hotels can draw in environmentally conscious travelers, elevate guest experiences, and play a pivotal role in fostering a healthier planet. This transformative journey requires collaboration, ongoing refinement, and adept communication.
As the industry progresses, more hotels need to recognize the symbiotic relationship between profitability and sustainability, forging a harmonious scenario where everyone emerges as a winner.
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 seasons, Virgin Voyages will be implementing RateGain’s award-winning rate intelligence solutions. The primary focus will be to capture and analyze competitive cruise data, enabling Virgin Voyages to remain on top of market shifts and seize growth opportunities effectively.
The continuous volatility in travel demand, coupled with an ever-evolving landscape of digital channels, necessitates robust tools to identify new trends and business opportunities in real-time. Virgin Voyages has responded to this need by choosing RateGain’s innovative technology, which is trusted by over 2800+ leading brands. This will furnish them with real-time competitive pricing intelligence and enhanced connectivity to a global network of demand partners.
Leveraging RateGain’s unrivaled expertise and cutting-edge product tailored for the Cruise Data sector, Virgin Voyages will gain access to real-time price intelligence solutions, enabling them to align their pricing strategy with the latest market trends and competitor rates. Concurrently, RateGain’s data analytics platform will empower Virgin Voyages to track rates across multiple channels, bolstering their global visibility and facilitating the delivery of unique booking experiences to their customers.
Expressing her views on the partnership, Jessica Fleisher, Vice President of Revenue for Virgin Voyages, said, “As we navigate the strong return of cruise travel, it is vital that we stay ahead of the curve by optimizing our pricing and enhancing our visibility across global demand partners. Partnering with RateGain gives us access to a single platform for real-time intelligence and connectivity, making our operations more seamless and efficient.”
Commenting on the partnership, Vinay Varma, Senior Vice President and General Manager at AirGain, said, “We are thrilled to provide our robust data analytics solution to Virgin Voyages. Our combined capabilities of delivering actionable data and improved visibility will help Virgin Voyages unlock new revenue streams. It’s a privilege to support Virgin Voyages’ revolutionary portfolio through the current recovery and beyond.”
About Virgin Voyages
Set Sail the Virgin Way with Virgin Voyages, the irresistible travel brand founded by Sir Richard Branson. Delivering epic vacations at sea, Virgin Voyages launched at the end of 2021. The brand’s four Lady Ships – inspired by 50+ years of Virgin history — including Scarlet Lady, Valiant Lady, Resilient Lady and Brilliant Lady. Designed for discerning travelers, Virgin Voyages offers relaxing, exclusively adult (18+) sailings. Working with a Creative Collective of the world’s most sought-after designers, performance artists and architects, Virgin Voyages delivers an enchanting boutique hotel at sea with fresh, elevated spaces that strike the perfect balance of nautical chic and glamor. Currently departing from the sun-soaked cities of Miami, Barcelona and Athens – and soon to include San Juan and Melbourne – the fleet offers itineraries to more than 100 awe-inspiring destinations across four continents. Virgin Sailors are spoiled for choice with 20 eateries offering Michelin-star culinary experiences all included, a festival-like line-up of entertainment, stylish and comfortable cabins, Rockstar Quarters, authentic and locally inspired shore excursions, and a dose of Vitamin Sea with well-being naturally intertwined throughout the experience. Promising to Create an Epic Sea Change for All, Virgin Voyages also puts sustainability front and center.
About RateGain
RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with 2800+ customers and 700+ partners in 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.
RateGain today is one of the world’s largest processors of electronic transactions, price points, and travel intent data helping revenue management, distribution and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises, and ferries drive better outcomes for their business.
Founded in 2004 and headquartered in India, today RateGain works with Top 23 of 30 Hotel Chains, Top 25 of 30 Online Travel Agents, and all the top car rentals including 8 Global Fortune 500 companies in unlocking new revenue every day. For more information, please visit www.rategain.com.
Forward-looking Statements
Certain statements in this release are forward-looking statements, which involve some risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words ‘planned,’ ‘expects,’ ‘believes’, ‘strategy,’ ‘opportunity,’ ‘anticipates,’ ‘hope’, or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, data services, and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptance of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages.
Contact Media
Ankit Chaturvedi
[email protected]
Global Head-Marketing
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 management. In the tourism industry, blockchain can address various issues such as payment processing, identity verification, and supply chain management.
One of the main challenges facing tourism in Africa is payment processing. Traditional payment methods such as credit cards are not widely accepted in Africa, and the use of cash can be risky and cumbersome. Blockchain technology can provide a secure and efficient payment system that eliminates intermediaries and reduces transaction costs. Blockchain-based payment systems such as Bitcoin and Ethereum are already gaining popularity in Africa, and more tourism businesses are beginning to accept these cryptocurrencies as a means of payment.
Identity verification is another challenge facing the tourism industry in Africa. Tourists may be required to provide multiple documents to verify their identity, which can be time-consuming and inconvenient. Blockchain technology can provide a secure and decentralized platform for identity verification. Tourists can store their identity information on a blockchain network, and tourism businesses can access this information to verify the identity of their customers. This can significantly reduce the time and cost of identity verification processes.
The supply chain in the tourism industry is also complex and can be difficult to manage. Blockchain technology can provide a transparent and immutable ledger of the entire supply chain, from the origin of the goods and services to the final delivery to the customers. This can enhance the quality and authenticity of products and services in tourism while improving customer trust and satisfaction.
Another advantage of using blockchain technology in the tourism industry is that it can promote eco-tourism and sustainability. Tourists are becoming more aware of the impact of their travels on the environment and are looking for ways to reduce their carbon footprint. Blockchain can be used to create smart contracts that incentivize sustainable practices such as eco-friendly transportation and waste reduction. These contracts can reward tourism businesses that adopt sustainable practices and provide tourists with more eco-friendly options.
Furthermore, Africa has the advantage of being a blank slate when it comes to technology adoption. Unlike developed countries that must adapt and integrate new technologies with existing infrastructure and systems, Africa can leapfrog directly to the latest and most efficient technologies. Blockchain technology can be implemented in African tourism businesses from the ground up, without the need to navigate complex legacy systems.
However, there are also challenges and risks associated with the implementation of blockchain technology in the tourism industry. The first challenge is the lack of technical expertise and infrastructure. African countries need to invest in developing the technical skills and infrastructure required to adopt and integrate blockchain technology into their tourism businesses.
Another challenge is the lack of regulatory frameworks and standards. Blockchain is a new and rapidly evolving technology, and there are no clear regulations or standards for its use in the tourism industry. This can create uncertainty and increase the risk of fraud and security breaches.
In conclusion, blockchain technology has the potential to revolutionize the tourism industry in Africa. It can provide a secure and efficient payment system, streamline identity verification processes, enhance the supply chain management, promote eco-tourism and sustainability, and help African countries leapfrog to the latest and most efficient technologies. However, the implementation of blockchain technology in the tourism industry requires investment in technical skills and infrastructure, and the development of regulatory frameworks and standards. With the right support and collaboration, blockchain technology can transform the tourism industry.
This blog post was awarded Second Place (tied) in the Spring 2023 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. The blog posts that received the top scores will be published on HFTP Connect through July 2023. Learn more at HFTP News.
Obiora Ndili is a graduate student of the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL.
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:
Read the complete transcript here:
Because we need to reach more clients or the platform or the partner, so that’s why we should be looking for a platform or the technology that can help the hotel to reach more partners or how to sell more by not needing to hire a lot of manpower .
Meet the Speakers
Suchada Taechotirote
CEOs & Founders
FavStay