Mike Chuma

📌 STR forecasts a 6 percent decline in U.S. hotels' real RevPAR for 2024 compared to 2019. Revenue management technology plays a crucial role in hotel budgeting, aiding in forecasting and strategic resource allocation. It enables "what-if" scenarios, testing business mix shifts and staffing needs, and informs decisions on rates and packages. Collaborative tech fosters a team-oriented approach, crucial for responding to market changes. Financial forecasting tools are essential for 2025 planning, influencing operations, staff scheduling, and profitability strategies, including potential property shutdowns for utility savings.