Revenue Management Metrics Study
The performance of revenue management has been traditionally measured with metrics, such as occupancy (OCC), average daily rate (ADR) and revenue per available room (RevPAR). These revenue management metrics utilized by the hospitality industry have been in existence since almost 30 years ago. Nevertheless, some hospitality businesses today have progressed to extended measures, such as gross profit per available room (GopPAR) and total revenue per available room (TRevPAR). As the world shrinks with globalization and revenue management has evolved, there is an urgent need to revise the metric that the industry employs. In fact, practitioners have urged for new metrics to reflect more accurately the new development in revenue management. One example of such new metrics is the application of Total Revenue Management which includes other departments on top of rooms. Another example resulting from the shift towards Customer-centric Revenue Management is Revenue per available customer (RevPAC). Both metrics are under discussion but yet to conceptualize.
Does Current Education & Training Support Revenue Manager Evolution
We look at Revenue Management from the viewpoint of Education, Training and Mentorship. We explore how much time is dedicated to teaching Revenue Management at a University or Hotel School and what depth does the course go into. We then discuss attitudes towards investing in Revenue Management. And finally we consider, with so few leaders coming from a Revenue Management background how are those starting out in their revenue career being mentored.
EU, courts reshaping rate-parity landscape
Following the recent bans of rate parity in Austria and France, hotel industry analysts said the European Union and commercial courts are entering the rate-parity fray against OTAs, political uneasiness and traditional hoteliers.
Hotel waste: The huge switch to becoming a more sustainable business
Many travellers checking into their hotels expect amenities such as shampoos, conditioners, bath gels and body lotion in miniature plastic bottles. Toothbrushes, disposable razors and slippers are also the norm at many hotels.
Live the suite life for less
Still, demand is expected to be strong because of the week-long school holiday, which started yesterday, as well as two upcoming long weekends on July 31 for Hari Raya Haji and on Aug 9 for National Day.
A total of 47 hotels have received official approval to offer room stays as of last Friday. They range from the three-star Hotel NuVe in Bugis to luxury brands such as The St Regis Singapore, as well as more unusual ones such as lyf and One°15 Marina Sentosa Cove.
Many hotels, including W Singapore – Sentosa Cove, The Fullerton Hotels and Resorts and Singapore Marriott Tang Plaza Hotel – are already reporting healthy bookings and numerous inquiries.
Far East Hospitality, which runs 23 hotels and serviced apartments locally, has been receiving more than 80 inquiries daily via calls, social media and its websites. Its chief executive officer, Mr Arthur Kiong, says bookings are especially popular with couples and families celebrating anniversaries and birthdays.
YOU CAN’T IMPROVE ON WHAT YOU DON’T MEASURE: Linking Sustainability to Revenue Management
Sustainability has become a pressing concern globally due to the rapidly changing climate, unsustainable industrial practices, overconsumption of resources, and increasing environmental degradation. These challenges, which are primarily caused by human activities, lead to the depletion of natural resources, amplified waste, air and water pollution, loss of biodiversity, and global warming. To address these issues, it is imperative that we transition to more sustainable practices and minimize our impact on the environment.