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Recent Revenue Management Articles

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Advanced Shouldn't Mean Convoluted: The Benefits of Lean Revenue Management

by
Alexandra Fjällman
3 weeks ago

COVID-19 sped up a trend in revenue operations (RevOps) across the whole world of business. A recent survey by Forrester found that there’s been a massive shift to centralized RevOps. This comes as many companies begin seeing revenue as more than just an outcome. Instead, they now understand it as a result of a complete business process and collaborating commercial teams.  However, Forrester shows that success with this approach comes from more than revising an organization’s structure. An optimized operation model combined with a comprehensive revenue management charter seems to be the recipe for long-term success. This charter should align revenue planning, technology, processes, data and measurement throughout the company.  Breaking up silos in hotel commercial teams has been a hot discussion topic for almost ten years now. However, many of these silos are still a big part of many hotel operations today. In many cases they’re even augmented by specialized tech tools that serve one team and all but exclude the others (e.g., a revenue management system - RMS). One thing has become clear: integration and automation of a hotel’s tech stack are essential to centralizing RevOps. This is why today’s leading SaaS providers are adjusting their tools to facilitate organizational alignment.  In the pandemic’s aftermath, businesses have the chance to archive their long-established structures. Lean, centralized commercial teams can take over and leverage integrated technology, automated processes and cross-functional accountability for success.    Revenue, Gut instinct, and Effort  Up till now, generating revenue at hotels had more to do with gut feeling, knowing the market and hard work than with collaboration and strategy. Many times, poorly aligned initiatives by general management, marketing, revenue management and sales led to lost chances and investment, revenue dilution and internal disputes. Despite this situation having a lot of room for improvement, the data and communication silos in hotels have made it hard to bring about lasting change.    Letting Technology Take You on a Detour Thinking that technology is the solution to all issues is a common mistake. Yes, revenue management tools have developed by leaps and bounds in recent times. Technology today is more powerful than most experts would have deemed possible. It allows hotels to adapt to dynamic markets and make the most of every revenue opportunity. But RMSs were developed primarily for revenue managers - a small group of experts in a single field of the industry. To ensure they deliver on the promised ROI, many RMSs demand a lot of training time and continued interaction due to their complexity.  A well-trained revenue professional who can leverage a system’s full capabilities can create fantastic results. However, technology is also known to cause operational roadblocks. The sales and marketing teams or the GMs don’t have the time to learn the ropes of intricate legacy RMSs because they have their department’s own systems to look after. The same applies to revenue managers and technology used by other teams. In short, the more programs a hotel uses, the more likely it is to foster ongoing silo culture.    Using New Revenue Tools to Do More With Less The pandemic has led hoteliers to look at their operations differently. Today, there’s a desire to do more with smaller teams, decrease the staff’s workload, streamline day-to-day operations and make commercial teams work together more closely.  Commercial teams have begun changing as a result. Silos are opening up while marketing, sales and revenue teams lay old rivalries to rest. Now, teams work across several disciplines, and moving forward, they’ll be using a set of integrated tools instead of programs specialized on a single function. In revenue management, this includes automating time-consuming tasks like forecasting and rate optimization. It also covers the presentation of results and related information in an easy-to-read format everyone in the commercial team can understand and use.  At first, it may feel strange for revenue managers who are used to complex legacy RMSs, that manual case by case rate analysis is no longer needed to achieve excellent results. Today, smart hoteliers see that trusting an automated system with time-sensitive pricing tasks is giving them a competitive advantage.  Now that travel is slowly ramping up, competition between hotels will be strong. Using new and perhaps unusual ideas is a way for properties to differentiate themselves and create a base for future success.    Setting up a well-integrated tech stack, using automation where possible, and streamlining communication are the initial measures you can take to make this happen at your hotel.

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9 Simple Tips to Becoming a Better Manager in 2021

by
Hotel Tech Report
1 month ago

“Love your staff.” That’s the secret to running a successful hotel according to the founder of the iconic One Aldwych in London. It’s great advice and an essential mantra for hospitality, which is a people business at its core and relies heavily on team members coordinating for a higher cause. That mantra is put to the test during downturns, such as the COVID pandemic or the financial crisis of 2008. Faced with uncertainty and economic headwinds, managers must balance the needs of the business with those of its people.  So it's understandable that you may be asking yourself, “How can I be a good manager?” and "what management skills do I need to succeed?" these are important questions and an indication that you're already well on your way to being an effective leader.  Questioning and learning is a key to managerial success in and of itself. Self-awareness and a desire to improve are two valuable traits in any manager. As you focus on improving your leadership skills during challenging times, here are 9 tips for becoming a better manager. 2021 has been incredibly difficult but there is a silver lining: you’ll be a stronger manager, with a whole new set of skills to build on moving forward. As you invest the time in building meaningful relationships with your colleagues, you’ll earn respect and loyalty that’s helpful in both good times and bad. Here are some questions we'll answer in this article: What learning tools and hospitality books are available to new managers? What steps can managers take to facilitate a stress-free work environment? What characteristics do the best managers in the world possess? How to hone decision-making abilities and communication skills Why motivating employees is hard work and how career development is key   1. Be honest and objective Always be honest with your staff! You don't want to sugarcoat things, hide from the truth, or seem aloof, evasive or uncaring. Your staff will see through any BS anyhow, so it’s best to be as honest as possible (without being mean).  At a time when stress and emotions run high, stay objective. It helps keep your head level and your approached even-handed. Dialing too deep into emotions can create an inconsistent experience for individual staff members. That breeds feelings of unfairness and resentment, as individuals feel they’re being treated differently. Avoid that and stay both objective and honest.   During performance reviews, for example, you may be tempted to hold in critical feedback, especially with your favorite colleagues.  Critical feedback helps employees develop new skills and facilitates goal setting that leads to progress in your teams professional lives (and personal lives!).  Effective management and being a team leader is all about communicating the hard news in an empathetic way while being honest and objective.  It's also critical to strategize the right times to communicate - for example, maybe team meetings are a bad place to call out team members for a lack of soft skills.   2. Get out of the office When times are tough, the last thing you want is for staff to think you’re hiding in your office. Get out into the hotel and stay connected with all aspects of the property. You’ll have a better understanding of the current mood and operational needs. This is called “Management By Walking Around (MBWA),” and it keeps you up front and visible with staff. You lead by example and show them that you’re active and engaged, rather than hidden away in the office.  Being visible is also a fantastic way to provide a top-notch guest experience. Greeting guests and being available to address comments or concerns keeps you in tune with their needs -- a personalized approach that encourages glowing reviews and builds your online reputation.  Remember that it’s not enough to just get out of the office: you also must interact with others to really catalyze the benefit, says Mark Hamister, CEO of the Hamister Hospitality Group: “Adding an "I" for Interaction to MBWA enabled us to finally encourage teamwork between management and staff, increase the number of informal problem-solving opportunities on a daily basis, and thereby produce immediate and creative solutions.”   3. Prioritize speed over precision Whether you realize it or not, your team takes cues from your confidence and posture. As their leader, you set the bar. Especially during times of crisis, when circumstances change often, you must be the fearless leader. You don’t have the luxury of rumination. So you must be decisive and prioritize speed over precision. Even if you have to fake it because you are freaking out inside, act fast and with conviction. See next point for a specific tactic that requires a good leader to be decisive.   4. Fire quickly and fairly Even if you have to fire people today, you may want to hire them once the downturn eases and demand returns. The last thing you want to do is leave a poor impression that scuttles employee loyalty. Do right by them, as you may want to bring former employees back rather than trying to find new staff. Furloughs may become temporary as the downturn drags on. And you may even need to fire employees that you recently brought back on. Firing is often the worst part of being a manager.  It's emotionally exhausting and extremely difficult. But don’t delay the inevitable, as making several rounds of smaller layoffs leads to lower morale. To minimize stress of an already difficult situation, fire quickly and fairly. Make an honest appraisal of what you need to do to keep the lights on and then make those decisions quickly. You also want to be fair and as transparent as possible about how these decisions were made. Avoid politics and personal preferences to avoid favoritism or ill-will. And always follow the traits above: Be objective, honest and helpful!   5. Listen, listen, listen! Great leaders are great listeners. They're able to listen, synthesize and act based on what they’ve learned. Listening is the foundation of hospitality, as it builds mutual understanding, meaningful relationships and memorable, experiences, says Gary Gutierrez of HRI Lodging in New Orleans: “For hoteliers, what’s most meaningful is creating positive, uplifting outcomes for human experiences and human relationships. Running a hotel, like life, is all about how you make people feel.” And it’s not just with guests; sometimes it's just about being a friendly ear for your team. You don't have to be a therapist but you certainly have to be there to listen. Oftentimes, that’s what your team needs most: a sympathetic ear.   6. Be available to your staff Micromanaging is the enemy.  Time management is key and delegating tasks to direct reports will free you up to create a better work environment for other team members.  Succesful managers make it crystal clear that you are a manager with an open door policy. Build trust with your staff by listening to their concerns and doing what you can to address them.  Of course, much of it will be out of your hands. So just listen and empathize.  Be there for your staff and they will have your back. Even in tough times, people know when they are treated fairly and with respect - and that makes a lasting impression.  Sometimes an open-door policy may not be enough to encourage employees to surface issues. Experiment with holding office hours, which are open to anyone and held at the same frequency (weekly, bi-weekly or monthly).  You also should offer anonymous channels of communication. Not everyone is comfortable with face to face conversations. To reduce gossip, prevent abuse and shorten the distance between you and your employees, make an anonymous feedback channel for your staff. Anonymity helps you build trust and address concerns quickly before they get out of control.   7. Embrace creativity, patiently A crisis is an ideal time to experiment and try new things. It pulls you out of the everyday routine and provides an organic opportunity to embrace creativity. Convene your staff and encourage them to brainstorm creative ways to both address the current crisis and build resilience for future ones. One of the corollary benefits to creativity is that it often engages your staff. Most people respond well to being asked to brainstorm ideas and contribute to the success of the organization. By unleashing your the creativity of your staff, you inspire and bring out the best, which also nurturing potential future leaders, says Paul Patiño of the Saguaro Palm Springs:  “The true challenge is being that leader that can move everyone in the same direction together and bring out the best in each person, inspiring them to be better versions than they already are. All great things take time, patience, and lots of love.”   8. Do more with less Hotels everywhere are trying to do more with less. There’s fewer bookings which means fewer staff.  Look for opportunities to economize your operational footprint and be as efficient as possible. If you can find room in the budget, invest in new technology that preserves service standards despite being short-staffed -- and reduces the burden on your small team overloaded with tasks. Roll your sleeves up and show your team but no task is too small. It’s all-hands-on-deck, so step up and lead by example. This behavior will build trust and motivate your staff, as well as create a “we’re all in this together” mindset.   9. Be helpful and humble Great managers aren't just good listeners and clear communicators, they're also helpful and go the extra mile to help their team at all costs. As a trusted resource, you show staff that you care and that it’s ok for them to bring their whole selves to work.  When you fire people, offer to write recommendation letters and do help them in their job search. When you discipline individuals, provide clear performance improvement tips that help them improve. When you walk around the property, be helpful to guests and staff - helpfulness is a form of hospitality, after all! You also must be humble. As someone in a position of authority, it’s easy to think that your position makes you the best person to solve the problem. But that leaves blindspots and leads to employees feeling disengaged at work. That’s not a good recipe for hospitality! To avoid this, leaders don’t just listen but also ask to lead with questions, says Joseph Kirtley, GM at Highgate Hotels: “Leaders often feel that we are supposed to have all the answers. In actuality, being a great leader takes humility, and asking the right questions. Opening yourself to the strengths and knowledge of those around you takes you to another level.” Did we miss any good tips? Let us know via live chat!  

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The Ultimate Guide to Hotel Stocks in 2021

by
Hotel Tech Report
2 months ago

The tourism industry is slowly coming off its worst year in history. Last year saw the lowest occupancies in the history of the industry.  Business travel was completely shuttered, and leisure struggled in most markets as planes were grounded.  Often in the darkest of hours, the best stocks and investing opportunities present themselves. Now, travel outlooks remain cautious but optimistic. Hotels are reopening and accepting bookings and the share prices of publicly traded hotel stocks as well as hotel REITS, or Real Estate Investment Trusts, are shifting back to post-Pandemic levels. The uptick in these share prices is inline with Wall Street’s overall performance lately. With the vaccine rollout combined with Congress’ $1.9 trillion fiscal stimulus package have boosted investors’ confidence. They were also encouraged by the Labor Department’s jobs report for February showing that employers added hundreds of thousands more jobs than expected. In turn, the S&P 500 and the Dow Jones Industrial Average both showed gains, an indicator that the market could be headed towards an upswing.  So whether you’re new to investing or already have experience in other investment sectors, now is the time to consider putting your money in the hotel sector. It’s an opportunity to put the adage “buy low, sell high” to the test. Once travel and tourism return to pre-pandemic levels, so will these stock prices. If you follow the traders on Reddit’s Wall Street Bets (WSB), you’ll know that the “tendies” or financial gain on the stock market, are lower when you buy stocks at their peak. Like this group of non-traditional Reddit investors and cryptocurrency speculators, accessing the metrics on hotel stocks should also reflect the new normal that we’re living in. Gauging a stock’s one-year, three-year or five-year performance today won’t present an accurate picture of its future potential as the drastic dip that all stocks experience in 2020 will dramatically skew that outlook.   Hotel Chain & Casino Stocks There are also a variety of hotel investments to consider, which translates to a number of diverse money-making opportunities. There are, of course, the major hotel brands like Marriott International Inc. and Hilton Worldwide Holdings Inc. as well as casino resorts like Wynn Resorts Limited and Caesars Entertainment, with which you’re probably already familiar. These are C-corporations that are primarily built on the business of hotel management, marketing and branding and often, franchise licensing. They pay corporate taxes on dividends. This popular mid- to large-cap stocks are popular investments because their brand names are well established globally and investors have likely stayed in the hotels. That first-hand experience of the products also tends to result in positive sentiment among investors, which helps to keep stock prices at reasonable levels and make them relatively safe bets. Prior to the pandemic, the most noticeable trend happening among these hotel companies was the introduction of new brands. The intent behind this move was to create more opportunities to expand franchise and management contracts in markets that were already saturated by other brands under the companies’ umbrella. However, the pandemic has stalled this growth strategy. Similarly, pipeline development also slowed and in some instances reversed course as hotel owners and investors pulled back once the pandemic hit and existing hotels began closing. Consequently, stock prices may remain somewhat stagnant until expansion plans are underway again.   Marriott International Inc. is arguably one of the most popular, if not the most well known, of hotel stocks. Based in Bethesda, Maryland, the company has a portfolio of more than 7,600 properties under 30 brands in 133 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts globally. The stock trades as MAR on NASDAQ. In 2020, Marriott International generated over $10.5 billion in revenue and saw annual EPS decline to $0.31 from $1.16 in the 2019 fiscal year (FY). From 2009 to 2019, Marriott stock has returned 10% higher compared to NASDAQ composite and 44% higher compared to Dow Jones Large Cap. According to CNN Business, 18 analysts offering 12-month price forecasts for Marriott International Inc. have a median target of 135.00 with a high estimate of 175.00 and a low estimate of 119.00.  Hilton Worldwide Holdings Inc., (NYSE: HLT) operates and franchises 6,400 hotel properties under 18 brands in 119 countries in addition to licensing vacation ownership resorts. The company’s revenue for 2020 total $4.31 billion and annual EPS dropped from $3.04 in FY 2019 to $-2.56 for FY 2020. During the decade between 2009 and 2019, Hilton’s stock returned 126% higher compared to NYSE composite. As per CNN Business, the consensus among 18 analysts for 12-month price forecasts is a median target of 123.50, a high estimate of 140.00 and a low estimate of 100. Hyatt Hotels Corp. (NYSE: H) Headquartered in Chicago, Hyatt’s has 20 brands under its corporate umbrella and more than 975 hotels, all inclusive resorts and wellness resorts throughout 69 countries across six continents. 2020 revenue for the company was in excess of $2 billion although annual EPS for 2020 was -$6.93, which was a significant from 2019 annual EPS of $7.21. Between 2009 and 2019, the stock returned 28% higher than the NYSE composite. Fifteen analysts offering CNN Business a 12-month price forecasts for Hyatt Hotels Corp have a median target of 72.00, with a high estimate of 95.00 and a low estimate of 55.00. The median estimate represents a -14.11% decrease from the last price of 83.83. Accor SA (OTC Pink: ACCYY) This Paris-based company trades on the Euronext Paris exchange. However, U.S. investors can purchase shares through the Pink Open Market. The company’s product offering is comprised of 5,000 hotels and residences across 110 countries worldwide. Revenue for the full year 2020 €1.6 billion when annual EPS was -€8.69. Annual EPS for 2021 is estimated to be -€1.09. In the 10 years spanning 2009 to 2019, Accor returned 52% lower than the Euronext 100 composite. As reported by CNN Business, the 12-month price forecasts of 18 analysts for Accor SA has a median target of 8.38, a high estimate of 10.97 and a low estimate of 4.68.  Intercontinental Hotels & Resorts (NYSE: IHG) With $992 million in 2020 revenue, this hotel company has nearly 6,000 hotels throughout the America, Europe, the Middle East, and Australasia and China. More than 880,000 rooms are currently open and another 272,000 rooms are now in the pipeline. 2020 EPS for the stock declined 168.31% from 2019. However, IHG has returned 120% higher compared to NYSE composite in the decade between 2009 and 2019. The 12-month price forecasts of 20 analysts include a median target of 63.29, with a high estimate of 78.23 and a low estimate of 50.07. Choice Hotels International (NYSE: CHH) has more than 7,100 hotels or nearly 6,000 rooms, in over 40 countries and territories. Lodging options range from full-service and limited service hotels in the upscale, midscale, extended stay and economy segments. 2020 revenue was more than $774 million and 2020 adjusted diluted EPS was $2.22, a decrease of 49% over the prior full year period.  The stock also returned 168% higher than the NYSE composite over the 10 years from 2009 to 2019. The 10 analysts offering a 12-month price forecasts for Choice Hotels International Inc have a median target of 105.50, with a high estimate of 122.00 and a low estimate of 90.00. Wynn Resorts Limited (NASDAQ: WYNN) owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau and Wynn Palace, Cotai. For the year ended December 31, 2020, operating revenues were $2.10 billion and annual EPS was $-19.37, a 1784.35% decline from 2019. In the 10-year period between 2009 and 2019, Wynn Resorts Limited (WYNN) has returned 75 percent lower compared to the NASDAQ composite. The aggregate 12-month price forecasts for Wynn Resorts Ltd have a median target of 120.00, with a high estimate of 157.00 and a low estimate of 99.00. MGM Resorts International (NYSE: MGM) is a global entertainment company with a portfolio of 29 hotel and destination gaming offerings that include casinos, meeting and conference facilities, live entertainment experiences and restaurant, nightlife and retail products. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. In 2020, net revenues were $2.2 billion for the company’s Las Vegas Strip resorts and $2 billion for its regional operations. MGM China had net revenues of $657 billion in 2020.  Adjusted EPS was a loss per share of $3.94 in 2020, compared to Adjusted EPS of $0.77 in 2019. MGM Resorts International (MGM) returned 115% higher over the 10 years from 2009 to 2019 in comparison to the NYSE composite for the same period. Fourteen analysts offering 12-month price forecasts for MGM Resorts International have a median target of 37.75, with a high estimate of 50.00 and a low estimate of 28.00.  Caesars Entertainment, Inc. (NASDAQ: CZR) is one of the largest gaming-entertainment companies in the U.S. and one of the world's most diversified gaming-entertainment providers. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's®, Horseshoe® and Eldorado® brand names. Caesars generated approximately 3.47 billion U.S. dollars in revenue in 2020, when annual EPS was -$13.50 compared to annual EPS of $1.03 in 2019. The stock returned 59 percent higher than the NASDAQ composite in the 10 years over 2009 to 2019. The 12 analysts offering 12-month price forecasts for Caesars Entertainment Inc have a median target of 97.50, with a high estimate of 115.00 and a low estimate of 90.00.  Las Vegas Sands (NYSE: LVS) is a developer and operator of meetings, incentives, convention and exhibition or MICE-based integrated resorts, including Marina Bay Sands in Singapore and through majority ownership in Sands China Ltd., Sands developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza, Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao.  The company recently entered into definitive agreements to sell its Las Vegas real estate and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center for an aggregate purchase price of approximately $6.25 billion. Casino and entertainment resort company Las Vegas Sands generated approximately 3.61 billion U.S. dollars in revenue in 2020. However, EPS for the 12-months ending Dec. 31, 2019 was -$2.21, a year-over-year decline of 163.14%. But from 2009 to 2019, the stock returned 62% higher than the NYSE composite and 14 analysts collectively a 12-month price forecast with a median target of 67.50, a high estimate of 84.00 and a low estimate of 50.00.   Real Estate Investment Trusts (REITs) REITs are another investment option. Unlike hotel companies, hotel REITs –and all REITs for that matter— own, operate or finance real estate with the objective of generating income. Similarly to mutual funds, REITs combine the capital from multiple investors who earn dividends and avoid the risk associated with buying, managing and directly financing real estate assets on their own. These are good bets for investors who want a stable income stream.  However, REITs aren’t known for their capital appreciation, which is why they tend to show noticeably lower returns against index composites. For example, over the decade from 2009 to 2019, Apple Hospitality REIT Inc. returned 68% lower compared to the NYSE composite and during that same time period, Host Hotels & Resorts returned 40% lower than the NYSE composite index. Broadly speaking, a REIT’s 52-week high and low are more illustrative of the moderate risk they represent to investors.  You should keep in mind that the Pandemic has led to a trend where hotel assets are either being sold off to then be repurposed into other asset classes such as multifamily housing and senior living facilities or hotel owners and investors are themselves repurposing their hotel properties into other asset classes. REIT investors should be aware of this as the trend has the potential to change and even diminish the portfolios of hotel REITs. Like hotel stocks, there are a good number of hotel REITs to invest in, but these tend to be investor favorites because of their longevity and portfolios of reputable brands.  Apple Hospitality REIT, Inc. (NYSE: APLE) owns 233 hotels with more tan 29,800 rooms located in 88 markets throughout 25 U.S. states. The portfolio has a concentration of marquee names including Marriott-, Hilton- and Hyatt-branded hotels. Annual revenue for 2020 was $602 million and the median yearly earnings for 2021 are approximated at $0.54. In the 52 weeks ending on March 19, 2021, the highest price reached by the stock was 15.89. The lowest price was 5.36.A panel of eight analysts offered a collective price forecast with a median target of 17.00, a high estimate of 19.00 and a low estimate of 15.00.  Hersha Hospitality Trust (NYSE: HT) owns and operates 37 hotels totaling 5,845 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The company’s revenue for the full year 2020 total $529.96 million while 2020 EPS was -$0.46. In the 52 weeks ending March 19, 2021, the stock price peaked at 12.9 and saw a low of 2.41087.  The nine analysts offering 12-month price forecasts for Hersha Hospitality Trust have a median target of 10.00, with a high estimate of 21.00 and a low estimate of 8.00.  Host Hotels & Resorts (NASDAQ: HST) is the largest lodging REIT and renowned for its concentration of luxury and upper-upscale hotels with a focus on brands such as Marriot, Ritz-Carlton, Westin, Sheraton, W, St. Regis, The Luxury Collection, Hyatt, Fairmont, Hilton, Swissôtel, ibis and Novotel. The company owns 76 properties in the U.S. and five internationally, totally 46,800 rooms. Host additionally holds non-controlling interests in six domestic and one international joint venture. The company did $65 million in revenue for the full year 2020 when annual EPS total  -$1.04. The stock price hit a high of 18.42 during the 52 weeks ending on March 19, 2021 and fell to a low of 9.06. Eighteen analysts estimated a median target of 17.00 in a 12-month price forecast, with a high estimate of 21.00 and a low of 13.00.  Park Hotels & Resorts (NYSE: PK) is the second largest publicly traded lodging REIT with a portfolio of 60 premium-branded hotels and resorts that comprise more than 33,000 rooms in city center and resort locations. The company reported $852 million in 2020 revenue and annual EPS for 2020 was $0.94. In the 52 weeks ending on March 19, 2021, the highest price reached by Park Hotels & Resorts Inc stock was 24.6. The lowest price was 6.04. The 14 analysts offering 12-month price forecasts for Park Hotels & Resorts Inc have a median target of 22.50, with a high estimate of 28.00 and a low estimate of 15.00.  RLJ Lodging Trust (NYSE: RLJ) has a portfolio of 1010 premium-branded, focused service and compact full service hotels in 23 states and Washington D.C. along with an ownership interest in one unconsolidated hotel. This REITs hotels are consolidated in urban areas and other densely populated markets where the barriers to entry are significant, but RLJ’s investment strategy of focusing on hotels with limited food service offerings, limited meeting space and consequently fewer employees, represents greater potential on returns.   Index Funds & ETFs Index funds and ETFs or Exchange Traded Funds are good bets for investors who want to put money into hotel stocks and hotel REITs while minimizing their risk. The benefit to index funds is that they are passively managed because they only track stock indexes. So the fees and expenses incurred by investors are lower. However, the hotel industry is extremely sensitive to changes in the economy. So gains and losses made on these investments will be a function of the greater business climate.  Keep in mind that not all stock indexes are index funds. The Baird/STR Hotel Index is widely regarded by hotel investors as an accurate barometer of the hotel industry’s financial performance. However, this index is not actively managed, nor does it allow direct investment. The Baird/STR Hotel Stock Index and sub-indices are cobranded and were created by Robert W. Baird & Co. (Baird) and STR. The market-cap-weighted, price-only indices comprise 20 of the largest market-capitalization hotel companies publicly traded on a U.S. exchange and attempt to characterize the performance of hotel stocks. ETFs are also considered low-cost investments. They can also have the added benefit of being more diverse investments since they can also include exposure to other real estate investments beyond the hotel industry. So they may not be as sensitive to shifting economies. Additionally, ETFs can include or comprise an entire portfolio of REITs, which on their own are not considered “qualified dividends” as per the IRS.  In other words, earnings on REITS are taxed at a higher rate. Despite the fact that REITs qualify for the Tax Cuts and Jobs Act’s 20% pass-through deduction, they are still taxed at a higher rate than qualified dividends. ETF dividends can be taxed at the qualified rate provided the investor holds them for at least 60 days from the date of issue. Yet, there are ETF dividends that are not taxed at the qualified rate. So investors may want to confirm the tax rate before going in.  Also, keep in mind that the data by which you’re going to assess an ETF as an investment vehicle will differ from that used to assess any given hotel stock. These are not individual companies with annual revenues. Rather, an ETF is an investment vehicle comprising a portfolio of multiple companies and the portfolios are rebalanced, usually once a quarter. In turn, net assets change regularly. The revenue or other metrics for any single company within that portfolio is not an accurate representation of the ETFs’ performance as a whole.  In the meantime, here are a few ETFs worth considering: Nuveen Short-Term REIT ETF (BATS: NURE) This fund provides exposure to U.S. real estate investment trusts (REITs) with short-term lease agreements which may exhibit less price sensitivity to interest rate changes than REITs with longer-term lease agreements. The Fund seeks to track the investment results, before fees and expenses, of the Dow Jones U.S. Select Short-Term REIT Index, which is composed of U.S. exchange-traded equity REITs that concentrate their holdings in apartment buildings, hotels, self-storage facilities and manufactured home properties, which typically have shorter lease terms than REITs that invest in other sectors. The ETF was formed in December 2016; performance data for the last five years is not yet available. The fund has $26.02 million in net assets and the year-to-date daily total return was 12.11%. Its one-year monthly total return was 8.47% and its three-year monthly total return was 9.97%. The 52-week high was 31.22 and the low was 19.28. Wall Street analysts give this fund an N/A rating according to Marketbeat.com  Invesco S&P 500 Equal Weight Real Estate ETF (NYSE Arca: EWRE) The Invesco S&P 500® Equal Weight Real Estate ETF (Fund) is based on the S&P 500® Equal Weight Real Estate Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index equally weights stocks in the real estate sector of the S&P 500® Index. The Fund and the Index are rebalanced quarterly. The fund has net assets of $22.66 million. The year-to-date daily total return was 12.11%. Its one-year monthly total return was 11.52% and its three-year monthly total return was 11.33% and the five-year monthly total return was 9.01%. The 52-week high was 33.50 and the low was 21.60. Zacks gives this fund an ETF Rank of “Sell” at the time of this writing.  ETFMG Travel Tech ETF (NYSE Arca: AWAY) The ETFMG Travel Tech ETF is a portfolio of companies that are a subset of the global travel and tourism industry. These companies are engaged in the “Travel Technology Business” by providing technology via the Internet and internet-connected devices to facilitate travel bookings and reservations, ride sharing and hailing, travel price comparison, and travel advice. AWAY is an exchange traded fund (ETF) that seeks investment results that correspond generally to the price and yield, before fund fees and expenses, of the Prime Travel Technology Index. The fund has net assets of $261.77 million.  The year-to-date daily total return was 20.07%. Its one-year monthly total return was 116.96%. No additional performance data is available as the ETF was launched in February 2020. The 52-week high was 34.54 and the low was 13.58. Based on WalletInvestor.com forecasts, a long-term increase is expected. The "AWAY" fund price prognosis for 2026-03-25 is 148.980 USD. With a five-year investment, the revenue is expected to be around +369.23%. Your current $100 investment may be up to $469.23 in 2026.   Hospitality and Travel Tech Stocks The travel industry is expected to benefit from pent-up demand. Despite this, many investors have exited their positions in asset-heavy stocks like hotels, airlines and cruise lines. But asset-light travel tech stock may appeal to investors who still want to cash in on an upcoming booking spree since these companies all play some role in the booking funnel.  Travel tech companies also have irons in just about every fire in the travel industry, from hotels and cruise lines to tour operators, airlines and restaurants. So they help investors spread their risk through diversified business interests within the travel and tourism sector.  But investors should also be cautioned that Wall Street is bearish on tech stocks right now. According to a survey from Bank of America, fund managers cut their tech weighting to the lowest overweight position since January 2009.  For investors who aren’t faint of heart, here are some stocks in the travel tech space that are worth considering right now:   Tech Plays: OTAs   Expedia (NASDAQ: EXPE) Expedia Group leverages platform and technology capabilities across an extensive portfolio of businesses and brands to orchestrate the movement of people and the delivery of travel experiences on both a local and global basis. 2020 annual revenue was $5.2 billion was 2020 annual EPS was -$19.00. Expedia Group Inc. returned 26% higher compared to the NASDAQ composite in the decade between 2009 and 2019. Twenty-seven analysts offering 12-month price forecasts for Expedia Group Inc. have a median target of 165.00, with a high estimate of 211.00 and a low estimate of 120.00.  Booking.com (NASDAQ: BKNG) Booking Holdings (BKNG) is a provider of online travel and related services, available to customers and partners in over 220 countries and territories through six primary consumer-facing brands - Booking.com, priceline, agoda.com, Rentalcars.com, KAYAK and OpenTable. The company’s annual revenue for 2020 was $6.79 billion while annual EPS for 2020 was $1.44. In the 10-year period from 2009 to 2019, Booking Holdings Inc. returned 13% higher compared to the NASDAQ composite. Twenty-five analysts offered a 12-month forecast that included a median target of 2,550.00, a high estimate of 3,000.00 and a low estimate of 1,890.00 Airbnb (NASDAQ: ABNB) Since its inception in 2007, Airbnb has grown to four million hosts who have welcomed over 800 million guests in almost every country worldwide. Annual revenue was $3.4 billion for 2020 when annual EPS was N/A. Airbnb shares began trading in December 2020. Therefore, no historical data is available. A 12-month price forecast from 26 analysts included a media target of 180.00, a high stimate of 240.00 and a low estimate of 130.00.  Trip.com (NASDAQ: TCOM) Trip.com Group Limited is a travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. The company report annual revenue of $2.8 billion for 2020 although annual EPS was N/A for 2020. Tripcom Group Limited returned 51 percent lower than the NASDAQ composite for the 10-year period between 2009 and 2019. In a 12-month price forecast provided by 34 analysts, a media target was set at 44.54, with a high estimate at 51.32 and a low approximated at 37.43.  Google (Alphabet Inc.) (NASDAQ: GOOG) Alphabet became the parent holding company of Google in October 2015. The company’s suite of products, through its subsidiaries, includes web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. The Internet’s annual revenue for 2020 came in at $180 billion. Annual EPS for 2020 was $58.61. However, Alphabet Inc. returned six percent lower than the NASDAQ composite for the 10 years from 2009 to 2019. Forty analysts offered a 12-month price forecast where the median target was 2,400.00 and the high estimate was 3,000.00. The forecast’s low estimate was 1,477.00   Tech Plays: Metasearch   Tripadvisor (NASDAQ: TRIP) Travelers across the globe use the Tripadvisor site and app to browse more than 860 million reviews and opinions of 8.7 million accommodations, restaurants, experiences, airlines and cruises. Travelers turn to Tripadvisor to compare low prices on hotels, flights and cruises, book tours and attractions, as well as to make restaurant reservations. Tripadvisor is available in 49 markets and 28 languages. The subsidiaries and affiliates of Tripadvisor, Inc. (NASDAQ:TRIP) own and operate a portfolio of websites and businesses, including many travel media brands: In 2020, the U.S.-based online travel company generated revenues of approximately $604 million and annual 2020 EPS was -$2.14. In the decade between 2009 and 2019, TripAdvisor returned 48% lower than the NASDAQ composite. According to a 12-month price forecast from 18 analysts, the median target is 38.50 and the high estimate is 62.00 while the low estimate is 20.00.   Trivago (NASDAQ: TRVG) Trivago is a global hotel and accommodation search platform used by travelers to search for and compare different types of accommodations, such as hotels, vacation rentals and apartments, while enabling advertisers to grow their businesses by providing them with access to a broad audience of travelers via its websites and apps. As of December 31, 2020, Trivago offered access to more than 5.0 million hotels and other types of accommodation in over 190 countries, including over 3.8 million units of alternative accommodation, such as vacation rentals and apartments.  The search platform can be accessed globally via 54 localized websites and apps available in 32 languages. Trivago’s annual revenue for 2020 was $284 million. However, 2020 EPS was -$0.8170. Trivago returned 156% lower from 2009 to 2019 compared to the NASDAQ composite. A price forecast offered by nine analyst for 12-months offered a median target of 2.67, a high estimate of 3.56 and a low of 1.27.    Tech Plays: Software & GDS Companies   Oracle (NYSE: ORCL) The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly- Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. Total revenue for 2020 was $39.1 billion and annual EPS was $3.08. Oracle Corporation (ORCL) has returned 58 percent higher compared to NYSE composite in the ten years from 2009 and 2019. Twenty-one analysts offering 12-month price forecasts for Oracle Corp have a median target of 73.00, with a high estimate of 93.00 and a low estimate of 57.00.  Amadeus (OTC: AMADY) Amadeus IT Holding S.A. is a Spain-based IT provider for the global travel and tourism industry. The company builds solutions for airlines and airports, hotels and railways, search engines, travel agencies, tour operators and other travel businesses through its global distribution system (GDS) and IT business. Amadeus provides search, pricing, booking, ticketing and other processing services in real-time to travel providers and travel agencies through its Amadeus CRS distribution business area. It also offers computer software that automates processes such as reservations, inventory management software and departure control systems. It services customers including airlines, hotels, tour operators, insurers, car rental and railway companies, ferry and cruise lines, travel agencies and individual travellers directly.  The company’s annual 2020 revenue were €2 billion and annual EPS was -$1.40. According to SeekingAlpha.com, “In the last decade Amadeus IT managed to grow its cash from operations every single year. The OCF-ratios on both a revenue and an equity level are exceptional. All the while management spends cash to grow the business via M&A and purchases of intangibles, but is also growing dividends each year for the shareholders. And as can be seen on both the balance sheets and cash flow statements, the company is managing its debt levels in a very prudent way. If there are no good businesses to buy, debt is retired.” SeekingAlpha also points out that the risk associated with investing in Amadeus is that most of its revenue is related to air travel.  In the 15 years or so prior to 2020, the growth has been robust, but Coronavirus has clearly changed that and the short- and median-term future of global air travel remain to be seen. Twenty-one analysts offering 12-month price forecasts for Amadeus IT Group SA have a median target of 66.76, with a high estimate of 88.06 and a low estimate of 49.16. Sabre Corporation (NASDAQ: SABR) Sabre’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management.  Sabre also operates a leading global travel marketplace, which processes more than $120 billion of global travel spend annually by connecting travel buyers and suppliers. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. In 2020, the corporation generated $1.33 billion in annual revenue and had an annual EPS of -$4.42. Sabre Corporation (SABR) has returned 98% lower compared to NASDAQ composite. Four analysts offered 12-month price forecasts with a median target of 16.00, a high estimate of 18.00 and a low estimate of 13.00.   Did we miss any great hotel stocks? Let us know via live chat!    

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The 5 Ingredients of High-Quality Business Intelligence Data

by
Katie Moro
3 months ago

Business intelligence is critical to a hotel’s success. It not only influences and informs revenue and growth strategies, but also sales, marketing, and operations as well. With COVID-19 continuing to disrupt travel around the world, it can be nearly impossible to predict what is happening in your local market without access to data. The highest quality of business intelligence available in the market not only provides historical data for reference but also forward-looking on-the-books data. With this information at hand, hoteliers can plan competitive pricing and promotions to shift share away from the competition. This data is incredibly useful for other teams on property as marketers can plan which booking channel and which segment of traveler to target with upcoming campaigns, sales can track when groups are shopping and proactively prospect business, and operations can ensure they have enough staff in the building to meet a potential surge or drop off in guest counts. Business intelligence can advise how to create the utmost efficiency for any property. With this in mind, analyzing historical data in 2021 should not take a “business as usual” approach. In a year of unprecedented closures and lockdowns due to COVID-19, the industry fluctuated in ways we’ve never seen. Although hoteliers are accustomed to using the “variance to last year” metric to inform their revenue strategies, that will need to change as 2020 data just isn’t viable as a frame of reference. Instead, hoteliers should look at pre-pandemic data from 2019 along with forward-looking on-the-books insight. This combination offers the most accurate picture of hotel performance to enable the most effective decision making. Since COVID-19 introduced a new layer of complexity into travel, there have been significant shifts to the average booking window (now just 0-7 days in most cases), evolving traveler preferences, and a number of other factors that can’t be captured by historical data, forecasts, or published reports. In order to understand these trends as they happen and pivot your business response accordingly, hoteliers need real-time data. For the most accurate look at what’s happening in your area, these five ingredients add up to the highest standard of business intelligence data available in the industry today. They are: 1.     On-the-books: Data that is a confirmed hotel reservation, not a forecast. 2.     Forward-looking: Data that shows information about business booked for future stay dates and not a projection or sentiment of what bookings may happen. 3.     Sanctioned: Data that is extracted in partnership with the provider. 4.     Segmented: Data that has significant depth levels of segmentation, market, and traveler attributes. 5.     Fresh: Data that is refreshed frequently, preferably daily. Not all data is created equally. The most comprehensive solutions can help you accurately plan out sales, marketing, and revenue optimization strategies and shift bookings to your property. Now is the time to hit the reset button on hotel operations and prepare for the unknown as the world takes steps towards rebuilding travel. To learn more about business intelligence solutions available in the hospitality industry and how to approach the shopping and purchasing process, download our new eBook for tips – “The Hotelier’s Guide to Buying Business Intelligence.”  

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The 9 Most Futuristic High Tech Hotels in the World

by
Hotel Tech Report
3 months ago

The pandemic accelerated technological transformation across the hospitality industry. Contactless has become a must-have, fitness centers have gone virtual, guest communications have moved to mobile, and self-service has become standard. While some hotels found themselves rapidly deploying new technologies, other hotels have been playing the tech-long game for years. Here are some of the world’s most notable high-tech hotels. We've covered the tech strategies of great hotel groups like Viceroy and Noble House who implement everything from contactless check-in to digital concierge but this article focuses on some more wacky tech implementations with a bit of focus on form over function.  This list features some pretty cool hi-tech gadgets and hotel room amenities that go above and beyond the typical flat-screen tv.  Some of the cutting-edge technology on this list may off-put more traditional travelers but will undoubtedly hit the spot for tech-savvy millennials. Rather than layer technology onto the operation, these properties embed technology into the fabric of the operation, making it a focal point and key feature. Some use it as an Instagrammable moment at a specific location while others structure their entire brand around the tech-enabled guest experience. Either way, technology is front-and-center at these hotels.   Henn Na Hotel, Japan “The Robot Hotel” Tokyo has become the marquee high-tech hotel. The brand concept is “commitment to evolution,” which appears across its operation in the form of robots. Lots of robots! The brand claims to be the world’s first hotel staffed by robots -- and there’s really no disputing that, as guests are greeted by robots at the front desk. At one property, the front desk is even staffed by dinosaur robots and iPad kiosks, which is quite the experience.     Other high-tech features at some locations include a robot barista frothing lattes, espressos and teas, as well as a 360-degree VR space for guests to immerse themselves in virtual reality experiences. The hotel is also fully enabled with Wifi powered facial recognition, which eliminates the need for a hotel key altogether. Guests can access the property, and their individual guest rooms, seamlessly using biometrics. Very futuristic, indeed!   YOTEL, New York City The YOTEL brand has been synonymous with technology since it opened its doors near  Times Square. The showstopper was a massive robot arm dominating the lobby, providing automated luggage storage for guests (as well as safety deposit boxes to store valuables). The YOBOT also provides self-service check-in, which puts the brand far ahead of today’s contactless guest experience.   The rooms -- called cabins -- may be small, but YOTEL uses technology to deliver its promise to “give you everything you need, and nothing you don’t.” This includes Smart TVs so that guests can connect their own devices and choose their own entertainment. The guest rooms also use motorized beds as space-savers and motion-activated sensors for lighting and AC to reduce carbon emissions. It’s all about efficiency, delivering an outsized guest experience in even the smallest spaces.   Blow Up Hall 5050, Poland The Blow Up Hall 50/50 is an impressive mix of form and function. Designed by BAFTA-award-winning artist Rafael Lozano-Hemmer, the hotel combines a restaurant, bar, gallery, and hotel into a unique vibe. There are several digital art installations, including a commentary on surveillance capitalism embedded right within the lobby.    The property eliminates the traditional touchstones of the hotel experience: there’s no front desk. The guest’s smartphone provides access to the property, from check-in to room keys to staff communications. The phone also acts as a room finder: after opening the app, the assigned room lights up and the door unlocks automatically. It’s these small tech flourishes that reinforce the property’s sense of mystery and intrigue.   Hotel Zetta, San Francisco At the center of Silicon Valley, the centerpiece of Hotel Zetta is most definitely its virtual reality room in the lobby. Designed by a local tech startup (naturally), the VR cube gives guests a fully-immersive opportunity to experience virtual reality. There are also Nintendo Switch consoles and Oculus VR headsets available so guests can experience next-generation technology in the comfort of their rooms.      Other tech touchstones include a vintage Atari Pong table in the Zetta Suite, which is modernized to include both the classic game and a Bluetooth speaker to play personal playlists. Each guest room is also equipped with Alexa-enabled voice control in every room. Guests can order a meal from room service, set an alarm or learn about on-property dining specials.    Kameha Grand, Zurich The Kameha Grand isn’t one of those kitschy places that you’re embarrassed to stay at. Quite the opposite: the high-end “lifestyle hotel” is part of Marriott’s Autograph collection. And, with rooms designed by Marcel Wenders, it’s got all of the trappings of a luxury property. Rooms     Our favorite rooms are, of course, the Space Suites. It’s the most futuristic room type on this list because it quite literally connects to space. The in-room TV features a live feed from NASA TV so that you can fuel those space dreams. The atmospheric vibes will contribute to that dreamy feel, with “outer space furnishings have been designed down to the smallest detail with a floating bed, pictures of galaxies, hovering astronauts and models of rockets.” Far out!   Virgin Hotels  The Virgin Hotel brand has always been tech-forward and guest-centric. Even prior to the pandemic, the brand empowered guests to control their own experiences right from the palm of their hand. Now, those features are dramatically expanded to be even more contactless.     Named Lucy, the app allows guests to skip check-in, using their phone to select rooms and unlock doors. Guests can also use the app to order room service, adjust room temperature, control entertainment (in-room streaming and Apple Music), plan their trip around the city, or even follow custom exercise routines by Fitbod. Following on smartly with its brand promise, the app also offers three preset lighting modes for guestrooms:  Get Lit for full brightness, Get in the Mood for dimmed relaxation, and Do Not Disturb for sleep. By putting all of these elements together into a single interface, Virgin Hotels puts the guest in control.    25hours Hotels Another brand that’s focused on high-tech without losing high-touch hospitality is 25hours. Thanks to an in-house multidisciplinary think tank, the Extra Hour Lab, the brand experiments with new ways of engaging with guests, both through digital and analog channels. That balance plays out in Cologne, where the record store greets guests alongside    Perhaps that’s one aspect that distinguishes the futuristic, high-tech hotels: those that understand how to inject storytelling into the experience alongside the latest technology.   Cityhub A hybrid between a comfortable hotel and a convivial hostel, Cityhub is futuristic in both its technology and its approach to hospitality. It’s part of a new wave of brands that blend categories and use technology to enable a more social experience. The Cityhub brand has an app but it also takes a cue from Disney and offers RFID wristbands. These bands are used not only for check-in and property access, but also  at the bar, cafe or vending machines, where guests can serve themselves and charge their rooms. Without having to constantly pull out their phones, there’s a more personal element to the experience.     Each “hub” has its own customizable lighting, temperature and audio streaming, so guests can control their vibe. There’s also an on-property social network, giving guests a digital lobby to meet and plan real-world adventures.   The Atari Hotel, Las Vegas (coming soon!) A notable mention is the upcoming Atari Hotel in Las Vegas.  This property will blur the boundaries between hotel and immersive experience, building on Las Vegas’ long history of blending entertainment with hospitality. The experience is straight out of Blade Runner: bright lights, massive marquees, and an “everywhere you look” focus on gaming.    The Atari Hotel points to a far-more futuristic vision of hotels than anything else on the market today. It very well could be the first hospitality experience built just as much for the virtual world as for the physical one. Guests can host friends in their rooms for gaming marathons, with consoles, batteries, and spare controllers available for delivery. The Atari Hotel may redefine the category and establish a new mainstream travel trend: the gamer circuit. -- What are your favorite high-tech hotel amenities? Let us know if we missed any key ones like hotels with crazy underwater speakers, air conditioning activated by motion sensors, cool touchscreen applications, and more!

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Revenue Management Category Press Releases

Boutique Italian Hotel Partners with IDeaS to Enhance Profitability and Increase Efficiency

IDeaS
4 months ago

IDeaS, a SAS company, the world's leading provider of hotel revenue management software and services, announced today that Casa Angelina, a luxury, boutique hotel on the Amalfi Coast, has selected IDeaS G3 Revenue Management System (RMS) and enlisted the IDeaS Advisory Services team. IDeaS will provide strategic support to help Casa Angelina capitalise on a projected short but busy season and position the property for long-term success. Casa Angelina knew it was time to move away from its manual processes for revenue management and took advantage of the hotel's downtime following a short season in 2020. After looking at several solutions, the general manager and his team selected IDeaS not only for its best-in-class technology, but also for its dedicated consulting expertise, client services and support personnel. Customisation for a boutique hotel - When bookings dropped by 80 percent in 2020, Casa Angelina knew it could use the downtime to implement a new strategy for revenue management. They also knew it would require a partner who could tailor the solution to fit their niche property. Leveraging IDeaS Advisory Services - One of the key drivers in their decision-making process, beyond the power of the analytics G3 RMS provides, was to partner with industry experts to drive the development of commercial and revenue strategies, which combined with G3 RMS, deliver new levels of performance. Competing in a crowded space - The Amalfi Coast is a prime tourist destination, particularly for Americans. Within 25km of the hotel are many competing properties, and while Casa Angelina anticipates a later season in 2021, they knew they would need to integrate an automated RMS with expert guidance in order to better determine rate structure, forecasting and reporting. Domenico De Simone, general manager, Casa Angelina Hotel, said: "We realised pretty quickly in 2020 that our regular season would be shortened. With more than 80 percent of our bookings cancelled, we determined that this would be the best time to for us to begin the journey to implementing an automated RMS. After careful consideration, we determined IDeaS would be the best partner for us because their industry experts best understood our needs. IDeaS Advisory Services played a pivotal role in instilling a strategic revenue management culture and positioning Casa Angelina for future commercial success. We are very excited to use the system as we look forward to a healthier 2021 season." Cheryl Hawksworth, managing director, EMEA, IDeaS, said: "We are proud Casa Angelina selected IDeaS to optimize their revenue, profit, and productivity. Their investment in sophisticated automation, as well as industry experts to guide them through their RMS journey, will give them a leading edge when demand returns to the Amalfi Coast. We look forward to assisting the team to help them leverage all aspects of the system and gain the positive results they expect."   About Casa Angelina Hotel Sitting on the high cliffs of the Amalfi Coast, Casa Angelina offers a sublime slice of modern minimalism on the Mediterranean, with an emphasis on elegant simplicity and first-rate food. An airy refuge, our boutique 42-room hotel is a place where guests can rediscover the forgotten rhythms of long, drawn-out days and easy, lingering evenings.  

Duetto Achieves Level III Global Support Certification

Hotel Tech Report
7 months ago

This week, Duetto earned Hotel Tech Report’s Level III Global Customer Support Certification (GCSC) for its investments into tools, processes and strategies to ensure the ongoing success of its customers across four of the key pillars of the GCSC Rubric including: pre-emptive support, reactive support, coaching, and customer validation. The Hotel Tech Report GCSC certification program analyzes software vendors along critical dimensions of customer support infrastructure in order to help hoteliers minimize risk and maximize positive outcomes when selecting technology partners.  In order to become certified, companies must open their internal systems to Hotel Tech Report for assessment along HTR’s rigorous 34-point GCSC Rubric. “Carl Lytikainen, Brent Bunker, and their team have built out a robust support and success operation that is built on the foundation of the Duetto Resource Hub and is constantly evolving to meet customer needs. Given the breadth of functionality in Gamechanger and the mission-critical nature of the Revenue Management function for hoteliers, Duetto’s investment in self-service, including video tutorials, in-app guided tours and useful tooltips, helps ensure their customers get maximum value from their investment in an RMS. In addition to providing all of the resources users need to leverage the product successfully, the team also provides white glove services ranging from in-depth business reviews to managed revenue management services, seamlessly blending product and service to ensure that customers realize successful outcomes.” - Hotel Tech Report co-founder Adam Hollander. "Duetto's strong customer relationships are the key to our success. Our multi-tiered approach to serving our customers with dedicated teams for Customer Onboarding and Training, Customer Success, and Customer Support, enable us to diligently focus on our mission to empower hoteliers with modern, cloud-native technology that brings together powerful analytics and controlled automation to maximize critical revenue opportunities. Our Support/Services teams have deep revenue management expertise; we deliver fast response times and speedy resolutions, but more importantly, Customer Success ensures our customers get real value out of the Duetto platform." Duetto CEO David Woolenberg.    The below GCSC assessment outlines the verified systems and processes that Duetto has in place to educate, train, retain and support customers. Duetto's GCSC Assessment Summary  Rubric Score: 24/34 Certification Level: Level III Customer Orientation: Customer Centric Recommendation: Strongly Recommend Support Team Size: 35 Support Team Leaders: Carl Lytikainen, SVP Customer Success and Brent Bunker, Sr. Director Customer Support Certification Period: December 1, 2020 - December 1, 2021 Support Stack: Salesforce, Google Docs, Pendo, Autopilot, Gainsight, Simple Survey, Site24x7   GCSC Support Rubric Section I: Pre-Emptive Support  The Pre-Emptive support pillar of the GSCG Scoring Rubric audits the tools and processes the vendor has in place to provide customers with easy access to self-help resources.  These self-help resources serve as a basis to offer easy troubleshooting as well as to preempt answers to product related questions before they arise providing a more intuitive and seamless experience for clients.  The following are the rubric items that Hotel Tech Report has verified that Duetto has in place for clients: 1.1 Online knowledge base/help center: Vendor offers a searchable help center for customers to easily find answers to common customer questions. 2.1 Online training videos: Vendor offers pre-recorded videos that clients can access 24/7 for self-teaching and deeper product knowledge. 3.1 In-app guided tours: Vendor offers in-app guided tours that are embedded within their interface to provide coaching and education for users to organically discover and easily access while using the product. 3.2 Tooltips: Vendor offers helpful tips and hints presented when users hover over buttons and UI elements in the interface. (min of 10 in-app tooltips) GCSC Support Rubric Section II: Reactive Support  The Reactive Support Pillar assesses the company's responsiveness to clients and their ability to resolve issues quickly when they arise ensuring prompt response and service to clients.  The following are the rubric items that Hotel Tech Report has verified that Duetto has in place for clients: 1.2 Transparent process: Vendor has opened up their systems to Hotel Tech Report via screen share to verify their tools and processes in place to deliver customer support. 1.3 Email support or phone support: Vendor at least one of the traditional methods of customer support channels, email or phone support (additional channels: phone, chat, email) 1.4 Multi-lingual support: Vendor offers support in the languages where they have active clients (English, French, German, Italian, Korean, Portuguese, and Spanish) 1.5 Purpose built support and ticket management tool: Vendor utilizes professional customer support software that has functionality to effectively manage support tickets, followup, escalations and analytics. 2.2 Live Chat support: Vendor offers website or in-app live chat as an alternative customer support channel. 3.3 Contract SLAs: Vendor has service level agreement (SLA) terms in place in client contracts to guarantee that service levels are upheld. 3.5 Feature request tracking: Vendor offers the ability for clients to easily submit feature requests and has a methodology in place for escalating high priority features.   GCSC Support Rubric Section III: Customer Success & Coaching While keeping customers happy is commonly thought of by software companies as the top priority, keeping them well informed is of equal importance. The third pillar of the GCSC Rubric identifies the key ways that vendors inform, educate and train their customers to realize successful outcomes with their products.  The following are the rubric items that Hotel Tech Report has verified that Duetto has in place for clients: 1.7 Customer satisfaction monitoring (ex. NPS surveys, CSAT): Vendor has processes in place to regularly monitor customer satisfaction. 2.3 Product updates/changes (release notes/changelog): Vendor offers easily accessible robust documentation of feature updates and product improvements to educate clients on new ways to maximize usage of the product. 2.4 Quarterly success check ins: Vendor offers [at least] quarterly customer success check ins to review progress, share best practices and ensure that clients are successful and happy with the product or service. 3.6 Performance reporting: Vendor offers reporting and analytics to show clients the value of the product or service. 3.4 Managed Services: Vendor offers additional consulting and managed services to help clients maximize their usage of the product. GCSC Support Rubric Section IV: Customer Validation The GCSC’s 34-point rubric and Hotel Tech Report’s verification of internal tools and processes validate the vendor's systems in place; however, the validation of the success of these tools and processes can most significantly be validated by the unbiased perspectives of real hotelier customers.  This pillar looks at unbiased verified client reviews and satisfaction scores to validate that the processes in place are working in the eyes of customers based on their satisfaction ratings.  The following are the rubric items that Hotel Tech Report has verified that Duetto has in place for clients: 4.11 Public Feedback Validation: Vendor shows exemplary client relationships and is a top performer on Hotel Tech Report with more than 100 verified client reviews. 4.12 4.5-star+ avg. customer support rating: Vendor has outstanding customer support ratings averaging more than 4.5/5 across all client reviews.   About the Hotel Tech Report Global Customer Support Certification (GCSC) Support is one of the most critical aspects of the vendor selection process and yet historically there has never been a way to know the quality of a company’s support, until now. Using Hotel Tech Report’s proprietary framework, companies are assessed along four key dimensions: pre-emptive support, reactive support, coaching/success and client validation to provide hoteliers unprecedented levels of transparency to more easily identify top technology partners.  

Beonprice Achieves Level I Global Support Certification

Hotel Tech Report
10 months ago

This week, Beonprice earned Hotel Tech Report’s level I Global Customer Support Certification (GCSC) for its investments into tools, processes and strategies to ensure the ongoing success of its customers across the four of the key pillars of the GCSC Rubric including: pre-emptive support, reactive support, coaching and customer validation. The Hotel Tech Report GCSC certification program analyzes software vendors along critical dimensions of customer support infrastructure in order to help hoteliers minimize risk and maximize positive outcomes when selecting technology partners.  In order to become certified, companies must open their internal systems to Hotel Tech Report for assessment along HTR’s rigorous 34-point GCSC Rubric. “Beonprice has taken a really integrated approach to support where instead of a traditional knowledge base that customers have to search through, relevant content is embedded in a slide out modal throughout the application serving as a useful sidekick for users.  Customers can then reach the team within that same view with embedded context meaning their customers, product and support team are always in sync.,” Hotel Tech Report co-founder Adam Hollander. "In Beonprice we do not just want to provide world leading technology to hotels, but offer long term partnership with our customers. We are only happy if our customers are also happy." Ruben Sanchez, CEO @ Beonprice The below GCSC assessment outlines the verified systems and processes that Beonprice has in place to educate, train, retain and support customers. Beonprice's GCSC Assessment Summary  Rubric Score: 24/34 Certification Level: I Customer Orientation: Customer Minded Recommendation: Recommended Support Team Size: 10 Support Team Leaders: Neville Isaac - Chief Customer Officer Certification Period: September 7, 2020-September 7, 2021 Support Stack: Odoo, Google Drive, Thinkific   GCSC Support Rubric Section I: Pre-Emptive Support  The Pre-Emptive support pillar of the GSCG Scoring Rubric audits the tools and processes the vendor has in place to provide customers with easy access to self-help resources.  These self-help resources serve as a basis to offer easy troubleshooting as well as to preempt answers to product related questions before they arise providing a more intuitive and seamless experience for clients.  The following are the rubric items that Hotel Tech Report has verified that Beonprice has in place for clients: 1.1 Online knowledge base/help center: Vendor offers a searchable help center for customers to easily find answers to common customer questions. 2.1 Online training videos: Vendor offers pre-recorded videos that clients can access 24/7 for self-teaching and deeper product knowledge. 3.2 Tooltips: Vendor offers helpful tips and hints presented when users hover over buttons and UI elements in the interface. (min of 10 in-app tooltips) 4.1 Implementation documentation/roadmap: Vendor offers clients a visual map of the steps, processes and stakeholders upon onboarding to ensure that all stakeholders are aligned to make the implementation process more seamless. 4.2 Proprietary data recommendations: Vendor aggregates product usage data across clients to benchmark performance and provide recommendations to their users to help them learn about best practices, make better decisions and maximize product utilization. GCSC Support Rubric Section II: Reactive Support  The Reactive Support Pillar assesses the company's responsiveness to clients and their ability to resolve issues quickly when they arise ensuring prompt response and service to clients.  The following are the rubric items that Hotel Tech Report has verified that Beonprice has in place for clients: 1.2 Transparent process: Vendor has opened up their systems to Hotel Tech Report via screen share to verify their tools and processes in place to deliver customer support. 1.3 Email support or phone support: Vendor at least one of the traditional methods of customer support channels, email or phone support (additional channels: phone, chat, email) 1.4 Multi-lingual support: Vendor offers support in the languages where they have active clients (English and Spanish) 1.5 Purpose built support and ticket management tool: Vendor utilizes professional customer support software that has functionality to effectively manage support tickets, followup, escalations and analytics. 3.3 Contract SLAs: Vendor has service level agreement (SLA) terms in place in client contracts to guarantee that service levels are upheld. 4.4 24/7 support availability: Vendor offers 24/7 support to clients for around the clock assistance. 4.5 Verified Contract SLA monitoring: Vendor has SLA terms fully integrated into their customer support software that has automatic notifications ensuring that SLA's are monitored and upheld.   GCSC Support Rubric Section III: Customer Success & Coaching While keeping customers happy is commonly thought of by software companies as the top priority, keeping them well informed is of equal importance. The third pillar of the GCSC Rubric identifies the key ways that vendors inform, educate and train their customers to realize successful outcomes with their products.  The following are the rubric items that Hotel Tech Report has verified that Beonprice has in place for clients: 1.7 Customer satisfaction monitoring (ex. NPS surveys, CSAT): Vendor has processes in place to regularly monitor customer satisfaction. 2.4 Quarterly success check ins: Vendor offers [at least] quarterly customer success check ins to review progress, share best practices and ensure that clients are successful and happy with the product or service. 3.6 Performance reporting: Vendor offers reporting and analytics to show clients the value of the product or service. 3.4 Managed Services: Vendor offers additional consulting and managed services to help clients maximize their usage of the product. 4.6 Learning Management System (LMS): Vendo has a Learning Management System in place that offers videos, guided training and assessments for customers to be able to expand product knowledge in a structured way over time. 4.7 Product certifications: Vendor offers certifications which allow users to have a structured path to becoming a product expert which can be leveraged in their career to strengthen their resume. 4.8 Online community: Vendor offers an online community for customers that allows users to engage with each other as well as targeted content in a contextualized setting to enable self-service discovery and problem solving. 4.9 Dedicated customer success monitoring software: Vendor utilizes dedicated customer success software to monitor product usage and coach users to succeed with the product. 4.10 Customer conference: Vendor produces an in-person or online user conference to build a community, share product updates and educate users on best practices. GCSC Support Rubric Section IV: Customer Validation The GCSC’s 34-point rubric and Hotel Tech Report’s verification of internal tools and processes validate the vendor's systems in place; however, the validation of the success of these tools and processes can most significantly be validated by the unbiased perspectives of real hotelier customers.  This pillar looks at unbiased verified client reviews and satisfaction scores to validate that the processes in place are working in the eyes of customers based on their satisfaction ratings.  The following are the rubric items that Hotel Tech Report has verified that Beonprice has in place for clients: 2.6 Public Feedback Validation: Vendor shows exemplary client relationships and is a top performer on Hotel Tech Report with more than 28 verified client reviews. 4.12 4.9 avg. customer support rating: Vendor has outstanding customer support ratings averaging more than 4.9/5 across all client reviews. 4.13 Vendor Confidence: The vendor has revealed their private internal customer satisfaction scores to Hotel Tech Report showing high degrees of confidence in their support infrastructure and outcomes which can be a strong indicator of transparency and positive vendor-client relationships.   About the Hotel Tech Report Global Customer Support Certification (GCSC) Support is one of the most critical aspects of the vendor selection process and yet historically there has never been a way to know the quality of a company’s support, until now. Using Hotel Tech Report’s proprietary framework, companies are assessed along four key dimensions: pre-emptive support, reactive support, coaching/success and client validation to provide hoteliers unprecedented levels of transparency to more easily identify top technology partners.   For more information please visit: https://partners.hoteltechreport.com/global-support-certification/

Juyo Analytics Achieves Level II Global Support Certification

Hotel Tech Report
10 months ago

This week, Juyo Analytics earned Hotel Tech Report’s level II Global Customer Support Certification (GCSC) for its investments into tools, processes and strategies to ensure the ongoing success of its customers across the four of the key pillars of the GCSC Rubric including: pre-emptive support, reactive support, coaching and customer validation. The Hotel Tech Report GCSC certification program analyzes software vendors along critical dimensions of customer support infrastructure in order to help hoteliers minimize risk and maximize positive outcomes when selecting technology partners.  In order to become certified, companies must open their internal systems to Hotel Tech Report for assessment along HTR’s rigorous 34-point GCSC Rubric. “What’s really unique about Juyo’s infrastructure to help customers succeed is having an online community for users to interact with the Juyo team as well as each other to answer questions, share best practices and give product tips. The team is also hyper focused not just product training but also ongoing education to help their clients grow into their roles via continuing education through video content and strategy calls for clients.” Hotel Tech Report co-founder Adam Hollander. "Our approach in customer support is deeply rooted in empathy. At the very core the team of Juyo is hoteliers. We all deeply understand the hotelier’s day to day life, and we act as a sparring partner to accompany them in their success.." Vassilis Syropoulos, CEO @ Juyo Analytics The below GCSC assessment outlines the verified systems and processes that Juyo Analytics has in place to educate, train, retain and support customers.   Juyo Analytics's GCSC Assessment Summary  Rubric Score: 26/34 Certification Level: II Customer Orientation: Customer Focused Recommendation: Recommended Support Team Size: 4 Support Team Leaders: Karin van Rhee, VP of Customer Success Certification Period: August 2020-August 2021 Support Stack: Freshdesk, Squarespace, Trello, Google Drive     GCSC Support Rubric Section I: Pre-Emptive Support  The Pre-Emptive support pillar of the GSCG Scoring Rubric audits the tools and processes the vendor has in place to provide customers with easy access to self-help resources.  These self-help resources serve as a basis to offer easy troubleshooting as well as to preempt answers to product related questions before they arise providing a more intuitive and seamless experience for clients.  The following are the rubric items that Hotel Tech Report has verified that Juyo Analytics has in place for clients: 1.1 Online knowledge base/help center: Vendor offers a searchable help center for customers to easily find answers to common customer questions. 2.1 Online training videos: Vendor offers pre-recorded videos that clients can access 24/7 for self-teaching and deeper product knowledge. 3.2 Tooltips: Vendor offers helpful tips and hints presented when users hover over buttons and UI elements in the interface. (min of 10 in-app tooltips) 4.1 Implementation documentation/roadmap: Vendor offers clients a visual map of the steps, processes and stakeholders upon onboarding to ensure that all stakeholders are aligned to make the implementation process more seamless.   GCSC Support Rubric Section II: Reactive Support  The Reactive Support Pillar assesses the company's responsiveness to clients and their ability to resolve issues quickly when they arise ensuring prompt response and service to clients.  The following are the rubric items that Hotel Tech Report has verified that Juyo Analytics has in place for clients: 1.2 Transparent process: Vendor has opened up their systems to Hotel Tech Report via screen share to verify their tools and processes in place to deliver customer support. 1.3 Email support or phone support: Vendor at least one of the traditional methods of customer support channels, email or phone support (additional channels: phone, chat, email) 1.4 Multi-lingual support: Vendor offers support in the languages where they have active clients (English, French, Dutch, German, Romanian, Spanish)  1.5 Purpose built support and ticket management tool: Vendor utilizes professional customer support software that has functionality to effectively manage support tickets, followup, escalations and analytics. 2.2 Live Chat support: Vendor offers website or in-app live chat as an alternative customer support channel. 3.3 Contract SLAs: Vendor has service level agreement (SLA) terms in place in client contracts to guarantee that service levels are upheld. 3.5 Feature request tracking: Vendor offers the ability for clients to easily submit feature requests and has a methodology in place for escalating high priority features. 4.5 Verified Contract SLA monitoring: Vendor has SLA terms fully integrated into their customer support software that has automatic notifications ensuring that SLA's are monitored and upheld.   GCSC Support Rubric Section III: Customer Success & Coaching While keeping customers happy is commonly thought of by software companies as the top priority, keeping them well informed is of equal importance. The third pillar of the GCSC Rubric identifies the key ways that vendors inform, educate and train their customers to realize successful outcomes with their products.  The following are the rubric items that Hotel Tech Report has verified that Juyo Analytics has in place for clients: 1.7 Customer satisfaction monitoring (ex. NPS surveys, CSAT): Vendor has processes in place to regularly monitor customer satisfaction. 2.3 Product updates/changes (release notes/changelog): Vendor offers easily accessible robust documentation of feature updates and product improvements to educate clients on new ways to maximize usage of the product. 2.4 Quarterly success check ins: Vendor offers [at least] quarterly customer success check ins to review progress, share best practices and ensure that clients are successful and happy with the product or service. 3.6 Performance reporting: Vendor offers reporting and analytics to show clients the value of the product or service. 3.4 Managed Services: Vendor offers additional consulting and managed services to help clients maximize their usage of the product. 4.8 Online community: Vendor offers and online community for customers that allows users to engage with each other as well as targeted content in a contextualized setting to enable self-service discovery and problem solving.   GCSC Support Rubric Section IV: Customer Validation The GCSC’s 34-point rubric and Hotel Tech Report’s verification of internal tools and processes validate the vendor's systems in place; however, the validation of the success of these tools and processes can most significantly be validated by the unbiased perspectives of real hotelier customers.  This pillar looks at unbiased verified client reviews and satisfaction scores to validate that the processes in place are working in the eyes of customers based on their satisfaction ratings.  The following are the rubric items that Hotel Tech Report has verified that Juyo Analytics has in place for clients: 2.6 Public Feedback Validation: Vendor shows strong client relationships on Hotel Tech Report with more than 26 verified client reviews. 4.12 4.5+ avg. customer support rating: Vendor has outstanding customer support ratings averaging more than 4.5/5 across all client reviews. 4.13 Vendor Confidence: The vendor has revealed their private internal customer satisfaction scores to Hotel Tech Report showing high degrees of confidence in their support infrastructure and outcomes which can be a strong indicator of transparency and positive vendor-client relationships.   About the Hotel Tech Report Global Customer Support Certification (GCSC) Support is one of the most critical aspects of the vendor selection process and yet historically there has never been a way to know the quality of a company’s support, until now. Using Hotel Tech Report’s proprietary framework, companies are assessed along four key dimensions: pre-emptive support, reactive support, coaching/success and client validation to provide hoteliers unprecedented levels of transparency to more easily identify top technology partners. For more information please visit: https://partners.hoteltechreport.com/global-support-certification/

SiteMinder Achieves Level III Global Support Certification

Hotel Tech Report
7 months ago

This week, SiteMinder earned Hotel Tech Report’s level III Global Customer Support Certification (GCSC) for its investments into tools, processes and strategies to ensure the ongoing success of its customers across the four of the key pillars of the GCSC Rubric including: pre-emptive support, reactive support, coaching and customer validation. The Hotel Tech Report GCSC certification program analyzes software vendors along critical dimensions of customer support infrastructure in order to help hoteliers minimize risk and maximize positive outcomes when selecting technology partners. In order to become certified, companies must open their internal systems to Hotel Tech Report for assessment along HTR’s rigorous 34-point GCSC Rubric. “What’s really unique about SiteMinder’s support organization is their ability to not just provide their product, but also their expertise, data and market knowledge to help clients succeed. Their sheer scale allows them to collect mounds and mounds of market data that they skillfully leverage and turn into insights that they package and deliver to clients through things like bespoke ‘recommendation packs’ and local market updates to help clients get the most value out of being a SiteMinder client which is something that very few companies have the wherewithal or scale to deliver,” says Hotel Tech Report co-founder Adam Hollander. "Your technology will only carry you so far. It’s the service that you provide to customers that keeps a business strong. Knowing this, SiteMinder has had an unrelenting commitment to customer service from day one, and our responsive and global approach is something that we are proud of. Our teams are dispersed throughout the world. We cover phone support in each of the 11 languages that we operate in and make our products available in eight of those languages, so that despite being a global business, we are also a truly local player to our hotel customers," says Sankar Narayan, CEO at SiteMinder. The below GCSC assessment outlines the verified systems and processes that SiteMinder has in place to educate, train, retain and support customers.   SiteMinder's GCSC Assessment Summary  Rubric Score: 27/34 Certification Level:III Customer Orientation: Customer Focused Recommendation: Highly recommended Support Team Size: 145 Support Team Leaders: Vinnie Panicker VP, Global Support Certification Period: February 15, 2020 - February 15, 2021 Support Stack: ProductBoard, Intercom, Google Slides, Wistia, Atlassian, GetFeedback, alteryx, Tableau, Salesforce     GCSC Support Rubric Section I: Pre-Emptive Support  The Pre-Emptive support pillar of the GSCG Scoring Rubric audits the tools and processes the vendor has in place to provide customers with easy access to self-help resources.  These self-help resources serve as a basis to offer easy troubleshooting as well as to preempt answers to product related questions before they arise providing a more intuitive and seamless experience for clients.  The following are the rubric items that Hotel Tech Report has verified that SiteMinder has in place for clients: 1.1 Online knowledge base/help center: Vendor offers a searchable help center for customers to easily find answers to common customer questions. 2.1 Online training videos: Vendor offers pre-recorded videos that clients can access 24/7 for self-teaching and deeper product knowledge. 3.1 In-app guided tours: Vendor offers in-app guided tours that are embedded within their interface to provide coaching and education for users to organically discover and easily access while using the product. 3.2 Tooltips: Vendor offers helpful tips and hints presented when users hover over buttons and UI elements in the interface. (min of 10 in-app tooltips) 4.2 Proprietary data recommendations: Vendor aggregates product usage data across clients to benchmark performance and provide recommendations to their users to help them learn about best practices, make better decisions and maximize product utilization. GCSC Support Rubric Section II: Reactive Support  The Reactive Support Pillar assesses the company's responsiveness to clients and their ability to resolve issues quickly when they arise ensuring prompt response and service to clients.  The following are the rubric items that Hotel Tech Report has verified that SiteMinder has in place for clients: 1.2 Transparent process: Vendor has opened up their systems to Hotel Tech Report via screen share to verify their tools and processes in place to deliver customer support. 1.3 Email support or phone support: Vendor at least one of the traditional methods of customer support channels, email or phone support (additional channels: phone, chat, email) 1.4 Multi-lingual support: Vendor offers support in the languages where they have active clients 1.5 Purpose built support and ticket management tool: Vendor utilizes professional customer support software that has functionality to effectively manage support tickets, followup, escalations and analytics. 2.2 Live Chat support: Vendor offers website or in-app live chat as an alternative customer support channel. 3.3 Contract SLAs: Vendor has service level agreement (SLA) terms in place in client contracts to guarantee that service levels are upheld. 3.5 Feature request tracking: Vendor offers the ability for clients to easily submit feature requests and has a methodology in place for escalating high priority features. 4.5 Verified Contract SLA monitoring: Vendor has SLA terms fully integrated into their customer support software that has automatic notifications ensuring that SLA's are monitored and upheld.   GCSC Support Rubric Section III: Customer Success & Coaching While keeping customers happy is commonly thought of by software companies as the top priority, keeping them well informed is of equal importance. The third pillar of the GCSC Rubric identifies the key ways that vendors inform, educate and train their customers to realize successful outcomes with their products.  The following are the rubric items that Hotel Tech Report has verified that SiteMinder has in place for clients: 1.7 Customer satisfaction monitoring (ex. NPS surveys, CSAT): Vendor has processes in place to regularly monitor customer satisfaction. 2.3 Product updates/changes (release notes/changelog): Vendor offers easily accessible robust documentation of feature updates and product improvements to educate clients on new ways to maximize usage of the product. 2.4 Quarterly success check ins: Vendor offers [at least] quarterly customer success check ins to review progress, share best practices and ensure that clients are successful and happy with the product or service. 3.6 Performance reporting: Vendor offers reporting and analytics to show clients the value of the product or service. 3.4 Managed Services: Vendor offers additional consulting and managed services to help clients maximize their usage of the product. 4.9 Dedicated customer success monitoring software: Vendor utilizes dedicated customer success software to monitor product usage and coach users to succeed with the product. GCSC Support Rubric Section IV: Customer Validation The GCSC’s 34-point rubric and Hotel Tech Report’s verification of internal tools and processes validate the vendor's systems in place; however, the validation of the success of these tools and processes can most significantly be validated by the unbiased perspectives of real hotelier customers.  This pillar looks at unbiased verified client reviews and satisfaction scores to validate that the processes in place are working in the eyes of customers based on their satisfaction ratings.  The following are the rubric items that Hotel Tech Report has verified that SiteMinder has in place for clients: 4.11 Public Feedback Validation: Vendor shows exemplary client relationships and is a top performer on Hotel Tech Report with more than 100 verified client reviews. 2.5 4-star avg. customer support rating: Vendor has outstanding customer support ratings averaging more than 4.0/5 across all client reviews.   About the Hotel Tech Report Global Customer Support Certification (GCSC) Support is one of the most critical aspects of the vendor selection process and yet historically there has never been a way to know the quality of a company’s support, until now. Using Hotel Tech Report’s proprietary framework, companies are assessed along four key dimensions: pre-emptive support, reactive support, coaching/success and client validation to provide hoteliers unprecedented levels of transparency to more easily identify top technology partners.

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REVENUE MANAGEMENT Category Overview

Revenue management has made great strides in recent years. The transition to cloud-based systems built flexibility into the software development process, accelerating the pace of new features. The shorter cycles allow the software to more accurately meet the evolving needs of hoteliers. This is a relief to many hoteliers with less-than-pleasant memories of the shackles of frozen legacy technology.

A review of today’s revenue management technology highlights just how far the industry has come in fulfilling a vision of connected revenue management systems that use data to dynamically price room inventory. Real-time, data-driven intelligence now comes standard in the industry-leading tools.  

An agile approach to releasing new features is also a requirement. As the industry experiments with new ways to sell its inventory, such as attribute-based selling, the best revenue management software anticipate change, test features, and deliver on the promise of true revenue optimization.

Even so, only 1 in 10 hotels deploys some level of revenue management software, due largely to the complexity of practicing proper revenue management. A comprehensive approach to revenue management generally includes a solution from each of the following categories: CRS, RMS, rate shopper, and business intelligence. Some solutions offer more of a one-stop-shop, while others overlap.

Whether you choose to stick with one multi-purpose solution or craft a bespoke tech stack, be sure to prioritize agility, flexibility, and extensibility. You want a vendor that keeps ahead of the trends, while also offering a flexible product that can be customized to your needs through flexible implementation and extensible integrations.

With that in mind, here are some of the key categories that you should be leveraging to optimize revenue management at your hotel.


Revenue management software automates the process of using analytics -- mainly supply and demand -- to determine the right price for hotel rooms to maximize revenue and profitability. The primary goal is to sell the right product to the right customer at the right time for the right price on the right channel. Revenue management software ingests historical and market data, combines this with forward-looking demand signals and recommends a rate for each segment and room type at your hotel, specific for each channel on which you are selling. Recently, modern software has moved from on-premise to cloud-based applications that are delivered as Software-as-a-Service, meaning multiple users can login to the applications from anywhere they have an Internet connection.

Key Features:
  • Integrations - It’s important that your RMS integrates with your PMS, CRS, CRM and booking engine with a reliable, two-way connection so that the systems can share the right data.
  • Open Pricing - Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.
  • Cloud technology - An RMS that runs on multi-tenant cloud architecture allows your systems to integrate and share data more seamlessly, and allows developers to push updates to your software in real time. No more purchasing new versions of software just to get the latest features.  
  • Intelligent reporting - It’s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.
  • Data Visualization - A good RMS not only presents your data in tabular reports, but allows you to visual your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data.

Key Players:

Market intelligence tools help hoteliers make more informed decisions on pricing and revenue strategies. Previously manual processes, such as monitoring competitors’ rates, managing your own property’s (or properties’) rate parity across multiple channels, predicting your competitors’ demand, pulling local event and weather data, etc. are now fully automated. For those who operate a broader portfolio, the time savings is multiplied for each property under management.

Key Players:

A central reservation system (CRS) is a platform used by hotels to centrally manage and distribute room inventory, rates, and reservations. The CRS typically receives inventory from the PMS, then distributes rates and availability in real-time to direct and third-party channels, including the hotel’s own website booking engine and call center (direct channels), as well as channel managers, OTAs, GDS, and metasearch (third-party channels). Reservations from these channels are sent back to the CRS and subsequently synced into the PMS for room allocation. Hotel revenue managers and marketing/e-commerce managers use the CRS to create various promotions and offers through rate plans for different channels and to adjust pricing quickly to be updated across all channels. Reservation agents also work in the CRS to manage reservations.

Key Features:
  • Integrations and distribution: channels The CRS should integrate seamlessly with your existing PMS and allow your hotel to distribute rates and availability through a wide network of channels, including direct channels (website, call center) and third-party channels (OTAs, GDS, metasearch). 
  • Pricing capabilities and flexibility: Every good revenue manager needs a good toolset. Your CRS partner should offer dynamic pricing tools that will give your hotel enormous flexibility when it comes to executing complex revenue strategies. Also consider whether integrations between your revenue management, merchandising, and CRM platforms with the CRS would help to increase operational efficiency (e.g. being able to automate pricing from an RMS, being able to enter rates only once within a backend, etc.) 
  • Booking engine / e-commerce platform: A huge deciding factor for many hotels is the quality of the CRS’s booking engine, which should offer conversion optimization features to encourage direct bookings. Key features include the ability to showcase strikethrough pricing, social proof, scarcity messaging, and incremental pricing, among others. 
  • Support and account management: A good CRS partner should not only provide round-the-clock technical support, but should also have active account management focused on customer success. Client services should include performance reviews with detailed analytics and reporting, as well as advice on revenue and pricing strategies. 
  • Innovation: Your CRS partner should always be seeking to enhance features, support the latest technology trends, and evolve the platform to fit the needs of today’s hotel.

Key Players:

Business Intelligence tools are designed exclusively for analysis; to provide fast and widespread access to accurate information and insight. Through dashboards, reports and analytics. users can explore their business – both historical performance and future activity. BI automates reporting, turning report producers into information consumers who can in turn analyze and apply their findings to influence business results. Business Intelligence is about gathering data from a variety of sources and then utilizing technology to serve information to decision-makers in ways that help them to understand where opportunities exist within their business.

Key Features:
  • Cloud Infrastructure: Ease of access to BI across devices. No expensive, lengthy implementation or physical on-site installation. 
  • Depth of Information: Ability to not only view statistics/figures, but to dive deeper into the data and understand what’s impacting those results. 
  • Data Management: Ability to manage & clean data to maintain data & reporting quality and accuracy. 
  • Forecast & Budget Support: Forecasting/Budgeting at the most granular level allows hotels to measure their performance on an ongoing basis to achieve their goals. 
  • Enterprise Level Reporting: Allowing users to view performance of multiple hotels using unified standards makes for easier reporting at an area or portfolio level.

Key Players:

A channel manager is a technology that allows a hotel to expand its reach and visibility online, as well as more easily manage its rates, availability, and reservations. With a channel manager, hotels can access hundreds of online distribution channels and connect to as many as they like at the same time. Hotels can list all of their rooms and availability on all channels and the channel manager will update these automatically and in real-time when a booking is made, thanks to a pooled inventory model. This allows the hotel to maximize occupancy and reservations with minimal risk of being overbooked.

Key Features:
  • Supports your existing booking sites and has a large network: Hoteliers will want to make sure their preferred channels are supported by the channel manager they plan to invest in. Additionally, it’s important the hotel has the opportunity to connect with many new booking sites, in new markets, to grow business and revenue. It’s important the hotel can have the opportunity to connect with many new booking sites, in new markets, to grow business and revenue. 
  • Deep system integrations: The channel manager should be able to integrate with existing systems such as the PMS, RMS, and CRS, and ensure seamless, two-way reservation delivery. 
  • Simple and effective reporting: To manage revenue properly, the channel manager needs to provide the hotelier with a clear view on channel performance for as many channels as the hotel is connected to. 
  • Pooled inventory: It’s vital that the channel manager operates on a pooled inventory model, to minimize overbooking and maximize the room sales. 
  • Real-time channel management: Manage room inventory, availability and rate plans across all channels through a simple user interface, in real-time.

Key Players: