Hotel Revenue Management
Rate Yield Updates Features: March 2024
The Rate Yield development team has been busy and announce product enhancements that have been made in recent months.
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Hotel Revenue Management
The Most Revenue Optimized Place on Earth - By Rikki Cavanagh
Next week I am visiting Walt Disney World with my kids and their best friends. While I've managed to book our flights, car rental, lodging and park tickets with money to spare, there are a lot of unknowns to be accounted for, and this is largely due to revenue management practices. Here are a few examples of how my family was directly affected by the practice I love so much, and how we expect to be affected on site.
Hotel Revenue Management
The Importance of Willingness to Pay - By Rikki Cavanagh
It is important to consider not only competitors in your destination when determining rate strategies, but also competitive destinations. By understanding your hotel's unique value proposition as well as your destination's selling points, you can determine the 'willingness to pay' of your clients and remain competitive in a multi-market playing field, no matter the season.
Hotel Revenue Management
Success Story of a 44 Room Inn: Manoir Belle Plage - By Rikki Cavanagh
When we think about revenue management, we often think of large cities, overbookings, big box hotels and a competitive marketplace. We don't typically think of a 44-room inn located in a remote destination. However, Rate Yield sat down with their loyal client, Manoir Belle Plage, to discuss what the revenue management software has done for them.
Hotel Revenue Management
Rate Yield Success Story: Montreal Luxury Properties - By Rikki Cavanagh
As any hospitality professional knows, there are 3 main key performance indicators in the hotel industry. The primary goal of any hotel is to increase revPAR by balancing the occupancy and ADR.
Hotel Revenue Management
Rate Yield RMS Works with ITHQ to Enhance Revenue Management Education - By Rikki Cavanagh
The integration of this platform in university courses offer future industry leaders means to innovate, develop more strategic skills, and adapt to the dynamic and competitive landscape of the hospitality industry.
Hotel Revenue Management
Displacement Analysis: A Necessary Headache - By Rikki Cavanagh
My first job in a hotel was as a sales manager for tour groups, sports teams and wedding blocks. In other words, I was our revenue manager’s least favourite colleague. I brought in the business that had some of the lowest rates, the most wash and the most guest complaints.
Hotel Revenue Management
How Rate Yield Works - By Rikki Cavanagh
Rate Yield offers a unique approach to an RMS with a strong focus on current market dynamics and very little focus on the historical trends, given the volatility in recent years. This means pricing is more in line with consumer expectations when they are shopping.
Hotel Revenue Management
Trends & Changes: An Analysis of the Toronto Market - By Rikki Cavanagh
I wanted to see how COVID, a huge shock to the industry, affected how business was done, and so, using CoStar data, I analyzed the Toronto market by classification. I looked at ADR and occupancy to determine if each classification (Luxury & Upper Upscale, Upscale & Upper Midscale, and Midscale & Economy) were capturing their fair share of the market.
Hotel Revenue Management
Rate Yield in Montreal: An ROI Analysis - By Rikki Cavanagh
When offering a service, it is very common to be asked to provide an estimated return on investment. Oftentimes we will estimate based on industry standards, for example, revenue management systems are said to have an ROI between 5% and 20%. However, given the volatility in recent years, it is difficult to attribute growth in occupancy or ADR solely to an RMS. And since it is impossible to measure the success of an RMS in a vacuum, Rate Yield has studied the performance of their clients in Montreal as a weighted average against the STR data for the same market.