Revenue Management

💸 The Consumer Price Index in October increased by 0.2% and is up 2.6% year-over-year. Food costs rose 2.1%, with food prices overall up 2.3% year-over-year in September. Food-away-from-home prices soared 3.8% year-over-year compared to a 1.1% rise for food-at-home. October marked 20 consecutive months where restaurant pricing exceeded grocery pricing, with a 270 basis point gap noted by Kalinowski Equity Research. The U.S. restaurant industry may see 2024 as the worst same-store sales year since 2016.

🏨 IDeaS, founded in 1989, partners with over 30,000 hotels in 164 countries and has a 98% retention rate. Duetto, started in 2012, serves more than 6,000 hotels, focusing on dynamic rate adjustments and profitability. FLYR, partnering with over 2,000 hotels, leverages AI for revenue management. RoomPriceGenie, assisting over 2,500 hotels, was founded to optimize pricing for independent hotels. Atomize, established in 2016, has 500+ hotel partners and specializes in real-time pricing optimization using AI and machine learning.

🏖️ Upmarket Leisure launched Cabana Club at ME Malta on November 4th. Located in St. Julians, part of Zaha Hadid-designed Mercury. Cabana Club, with a 200-cover Mediterranean restaurant, is open daily. Luciano by Gino D’Acampo, 300 seats, and Radio Rooftop arrive in early 2025. ME Malta has 140 rooms, while Mercury Suites features 48 suites and 450 apartments. Upmarket Leisure also reopened Radio Rooftop in London after a £2.5m refurbishment.

📖 Demand Calendar advocates for total revenue management in the hotel industry, encouraging hoteliers to adopt a lean approach with step-by-step implementation. They provide an integrated solution for data consolidation across all revenue streams, emphasizing customer-centric management. Their platform enables proactive data analysis, breaking down silos, and optimizing marketing for profitability. Demand Calendar's vision is to transform hotels' operational strategies to maximize revenue, control costs, and enhance guest satisfaction, thereby increasing profitability and ROI for investors.

💸 In September, inflation rose by a seasonally adjusted 0.2%, with an annual rate of 2.4%. Food prices increased by 0.4%, contributing to a 2.3% year-over-year rise. Food-away-from-home prices saw a 3.9% annual increase and a 0.3% monthly rise, while grocery/supermarket prices were up 1.3% from the previous year. Menu inflation has outpaced grocery prices for 19 consecutive months, with a 260 basis point gap favoring grocery stores in September. According to Circana, 86% of American eating occasions were home-sourced over the past year. Dining out costs four times more than eating at home, affecting restaurant visits and sales.

🏨 The article titled "Important Hotel KPIs to track in the Hotel Industry" lacks specific factual data, such as key facts, dates, locations, numbers, statistical information, or examples. Authored by Suniti Bahl, the article's intent is to educate on critical Hotel KPIs and includes information on analyzing hotel reports to improve performance and staff efficiency. However, no concrete data is provided. The article's URL is https://blog.hotelogix.com/hotel-kpi/, and it was last updated on October 18, 2024, at 04:30:40 UTC.

📈 Utilizing historical data, competitor rates, event schedules, airlift, reviews, weather, and web-shopping behavior, hoteliers can forecast demand and optimize pricing. Cornell University found a 1-point increase in review scores enables an 11.2% price hike while maintaining occupancy. RMS systems like Duetto streamline this data integration for effective revenue management.

🍴 Bret Thorn serves as Senior Food & Beverage Editor for Nation’s Restaurant News and Restaurant Hospitality since 1999, as well as the podcast host of "In the Kitchen with Bret Thorn." He wrote for The New York Sun from 2005 to 2008, worked in Thailand for Manager magazine and Asia Times from 1992 to 1997, and was an ABC News runner during the Tiananmen Square protests in 1989. His reportage has earned accolades, including the 2006 Jesse H. Neal National Business Journalism Award. Thorn, a magna cum laude graduate of Tufts University with a history degree, joined the Disciples d’Escoffier in 2014 and currently resides in Brooklyn, NY.

🍴 The Consumer Price Index data shows menu prices increased by 0.3% in August 2023, slightly up from July's 0.2%. Year-over-year, food-away-from-home prices rose 4%, compared to 4.1% in July. Limited-service meal prices rose 4.3% and full-service meals 3.8% over the last 12 months. Food-at-home prices remained flat in August after a 0.1% increase in July, with a year-over-year rise of 0.9%, marking 17 months that restaurant prices have outpaced grocery prices. The pricing gap between grocery and restaurant inflation is now 310 basis points, nearing the 390 basis points in 2016, according to Mark Kalinowski of Kalinowski Equity Research.

📋 Discover the essential daily hotel reports with Hotelogix's hotel property management system. Analyze and track hotel operations efficiently with these 8 must-have PMS reports to maintain optimal functionality. Reports are crucial for understanding the dynamics of hotel reservations and the overall performance of the establishment. The article does not specify dates or specific statistical data, but highlights the importance of using cloud-based systems for generating reports in the hotel industry.