Revenue Management

```html 📰 Setting effective room rates in the hotel industry involves targeting key metrics such as RevPAR, occupancy, and ADR. Utilizing historical data from a property management system (PMS) helps hotels understand booking patterns and optimize distribution. Monitoring booking windows and market segments informs strategic discounting and promotions. RMS tools automate tracking of demand, pricing fluctuations, and market positioning. Regular reviews of pricing strategies are recommended, with frequency depending on property size and resources; larger hotels may require more frequent reviews, while smaller properties can rely on RMS for 3-4 strategic checks per month. Implementing RMS reduces manual workload and helps hotels stay competitive by adjusting prices in line with market demand. ```

🍺 Chidensee Watthanawongwat, Kitiya Mokkarat, and Supatta Banklouy formed Sawasdee Hospitality Management in April to introduce less familiar Thai dishes to the U.S. They operate Soothr in East Village and Sappe in West Village, New York City. Sawasdee plans to expand across the country, including Los Angeles and Miami. They aim for an upscale Thai dining experience, diverging from typical takeout menus. Sappe offers skewers from $20, dook fu salad at $29, and Crying Tiger for $22, while Soothr features dishes from $14 to $28, including dry Sukhothai noodles for $18 and massaman curry at $28. Sawasdee's next venture is introducing Thai barbecue hot pot in Manhattan.

🏨 SalesAndCatering.com partnered with LodgIQ to integrate AI revenue management technology into STS Cloud, aiming to enhance group revenue management for hotels. The collaboration focuses on intelligent pricing strategies utilizing advanced machine-learning algorithms to process data like demand forecasts and competitor rates, with the goal of driving profitable growth and preventing revenue erosion from discounting. This update was reported by Hotel Technology News.

📖 Dan Frommer collaborates with Coefficient Capital to release a 75-slide Consumer Trends Report, covering Gen. Z beauty, cannabis, nicotine habits, GLP-1 weight-loss drugs, and YouTube’s entertainment future. Surveying over 3,000 US consumers with Toluna, the report is freely accessible for New Consumer members, with deeper analysis in newsletters and podcasts. Membership options include an annual subscription for $200/year or a monthly subscription for $20/month.

🏨 In June 2024, the U.S. hotel industry saw occupancy at 69.6% with no change from June 2023, while ADR rose by 1.5% to $161.30, and RevPAR increased by 1.5% to $112.33. New York City led the Top 25 Markets with the highest occupancy (up 2.5% to 87.8%), ADR (up 4.4% to $317.91), and RevPAR (up 7.0% to $279.08). The lowest occupancies were in New Orleans (56.9%) and Phoenix (63.4%), with Top 25 Markets outperforming others in occupancy and ADR.

🐶 A Jack Russell requires substantial exercise and is prone to hunt and chase with a sense of smell 100,000 times better than humans. Dogs can have 125 to 250 million smell receptors, compared to a human's five million. The author's daily routine includes three walks with their dog, Olive, which has taught them the value of a slower pace for better decision-making. The idea is parallel to the business of hotels and strategic thinking, emphasizing the benefits of an unhurried, deliberate approach.