Hoteliers assess discounts, prepaid nonrefundable rates
How hotel revenue managers tested new strategies as travelers tightened wallets in 2023
Profitability and staying one step ahead of demand has been the overarching theme of hotel revenue management in 2023. At a time when rising costs have put downward pressure on hoteliers, many revenue managers this year have tested various strategies. Some of those strategies worked while others didn't.
Key takeaways
- Hotels started looking at different ways to drive revenue, whether it be through raising parking prices, relooking at resort fees, relooking at food and beverage;
- Some looked at discounting rates but found it didn't necessarily end up driving occupancy;
- Other revenue management strategies focused on value-add packages rather than a percentage off the retail rates.
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