Revenue Management - 10 Minutes News for Hoteliers - Page 34

3 min

Slow down, and other things a dog can teach

🐶 Jack Russell dogs require significant exercise and are bred for hunting, with a sense of smell 100,000 times better than humans. A dog's brain dedicates 40% more to smell than humans, and they possess 125 to 250 million smell receptors compared to a human's five million. The author describes daily walks with his Jack Russell named Olive, emphasizing the importance of a slower, more intentional pace to absorb the world—paralleling careful decision-making in hotel business operations.

2 min

Amadeus drives corporate travel value with…

💸 Corporate travelers can save up to 20% on travel expenses with Emburse Reshop's integration with Amadeus Cytric, announced at the GBTA Convention 2024 in Atlanta. Emburse Reshop allows users to rebook hotel reservations if a better deal is found, potentially for nearby hotels as well. This integration provides analytics and reporting for travel managers to optimize hotel spend and policy compliance, offering enhanced visibility and control over travel programs.

In travel, DTC (direct to consumer) feels more like ‘difficult to compare’

📌 Travelport's 2024 State of Modern Retailing report reveals 80% of travelers find comparing fares time-consuming, with 69% reporting limited information on airline sites. 60% spend 1-4 hours planning their trip, while 36% invest over five hours. Notably, 70% of Millennials and 64% of Gen X prefer booking via OTAs for better choice and transparency. Full details available at Travelport's website.

1 min

CoStar: Asia Pacific and the Americas Show Increase in Hotel Pipeline Activity

🏨 June 2024 data reveals hotel pipeline activity increases in the Americas (17.8%) and Asia Pacific (4.5%), with a drop in Europe (-3.8%) and Middle East & Africa (-4.2%). Europe's in construction rooms fell by 2.4% to 165,858, with Germany (27,302) and the UK (25,312) leading. Asia Pacific's in construction rooms rose by 4.4% to 503,770, with China (319,012) and Vietnam (36,521) ahead. Middle East has Saudi Arabia (42,786) and UAE (18,933) topping construction. The Americas saw an 8.3% growth in construction, with the US (157,713), Mexico (13,301), Canada (8,686), and Brazil (5,948) leading.

1 min

New on the menu: Two scallops and two tuna nayehs

🍹 Chefs Zachary Engel of Galit in Chicago and Satinder Vij of Ilili in Washington, D.C. reinterpret Kibbeh nayeh using tuna, mixing global flavors. Roman Andres presents a scallop tostada at Siempre J.B. in Las Vegas, while Gladstone’s in Pacific Palisades, Calif., serves scallops over green risotto. Balcón Rooftop in Midtown Manhattan introduces a purple gin cocktail with blueberries, passion fruit, and Champagne.

1 min

CoStar: U.S. Hotel Industry Reports Higher Weekly Performance Results

🏨 U.S. hotel industry experienced a dip in performance with occupancy at 69.2% (↓3.7%), ADR at $158.21 (↓1.5%), and RevPAR at $109.51 (↓5.2%) from July 7-13, 2024, compared to the same week in 2023. Houston outperformed with increases in occupancy (↑13.4% to 72.2%), ADR (↑22.4% to $137.17), and RevPAR (↑38.8% to $98.97), due to Hurricane Beryl. Meanwhile, Denver and San Diego faced the sharpest RevPAR declines of 29.4% and 26.7%, respectively.

1 min

CoStar: U.S. Hotel Room Construction Reaches Highest Level Since February 2023

🏢 In June 2024, the U.S. saw its highest number of hotel rooms under construction in 16 months, with 157,713 rooms (up 5.5% from June 2023), 266,619 rooms in final planning (up 9.8%), and 333,827 rooms in planning (up 38.7%). Upscale and upper midscale segments hold nearly 50% of the final pipeline phase, but growth has decelerated. Midscale and economy segments surged 42% and 34%, respectively. Notably, 6,760 luxury rooms and 19,023 upper upscale rooms are under construction.

2 min

GHA reports strong Q2 performance, loyalty program enrolment hits new record

🏨 Global Hotel Alliance reported strong Q2 growth: 19.5% increase in GHA Discovery enrolments, total 27 million members, and 85% spike in Discovery Dollars redemption. Room nights climbed 13.4%, with room revenue up 10%. First half-year room revenues reached $1.3 billion, a rise from $1.1 billion in H1 2023. International stays constituted 67% of Q2 room revenue, led by the Maldives, Thailand, and Portugal. U.S. members generated the most room revenue at $110 million, with the U.K. following at $60 million. Bookings via GHA’s direct channels jumped 40%, averaging 57% higher spend per member than third-party channels.

3 min

Ahead of the Curve: Duetto’s New Partnership and New Product

💻 GrowthCurve Capital acquired Duetto, a leading provider of hospitality industry revenue management software, last month. Duetto plans to launch new AI products in the second half of the year, building on its success with over 6,000 properties in 60+ countries. HITEC 2024 saw the introduction of OpenSpace, Duetto's new revenue management and booking engine for meeting and event spaces. OpenSpace offers dynamic pricing and sophisticated demand predictions, considering transient business displacement and several event-specific parameters.

Business travel is booming back

📅 Deloitte's 2024 Corporate Travel Study reveals business travel spending may match or exceed pre-pandemic levels by year-end. Surveying 104 U.S. corporate travel managers between May 16-28 and 1,389 business travelers from May 28-June 3, findings include: 74% of managers predict increased company travel spend in 2024, with 58% expecting growth in 2025, forecasting around 15% spending growth annually. Cost-saving measures include 50% of managers encouraging cheaper flights and 38% cheaper hotels. Business travel frequency rises, with 20% planning 6-10 trips in 2024, up from 15% in 2023. Conferences and trade shows drive travel for over 60% of travelers.

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