Technology enables new approach to revenue management in 2024

Hotel revenue managers are going to have more tools at their disposal this year, as they navigate the changes in the hotel industry and prepare for an influx of business and group guests

An important trend in 2024 will be the continued adoption of technology. Chain hotels employ and even develop their own sophisticated revenue management systems utilizing machine learning and automation, said Miri Vasilevsky-Pinto, vice president for Global Hotel Asset Management at CBRE.

Key takeaways

• These systems apply complex models to analyze historical and on-the-books data to forecast future demand, aiding revenue managers in optimizing pricing, restriction and inventory strategy;
• This allows revenue managers to develop prescriptive solutions and actionable tactics that influence demand, maximize ADR, capitalize on sellout opportunities and help hotels achieve their key performance indicators;
• Traditionally, larger hotel companies have had the advantage in technology access due to high costs. However, in recent years, small and independent hotels have been able to catch up with successful integration of revenue management and dynamic pricing software.

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