Innovation

📌 The article discusses various topics such as overtourism, B2B influencers, AI in advertising, concert travel, and comparisons between hotel brands and CPG brands. A study in Europe found 49% of respondents willing to change travel times, and 39% reconsider destinations to avoid peak seasons. LinkedIn is becoming an entertainment platform for work, while Amazon launched a generative AI ad builder. Concerts by stars like Taylor Swift and Adele are driving hotel revenues. For example, Adele and Coldplay set a record for overnight stays in Munich since 1912, and Taylor Swift's concerts generated more hotel revenue than the Paris Olympics. The article also suggests that hotel brands are created for investors rather than consumers, unlike CPG brands that are designed to stand out and drive profits.

📖 Central Reservation Systems (CRS) are essential for hotel management, aiming to reduce overbooking and manage reservations effectively. The article from Hotelogix Blog, authored by Suniti Bahl, was updated on October 24, 2024, and provides insights into the advantages of using CRS in the hotel industry. It includes references to technological assets like web fonts from Google and CSS/JS assets for optimal website performance. No further content from the article is available to extract specific facts or statistical data.

🏨 In 2023, 31% of hospitality organizations experienced cyber-attacks with an average cost of $3.4 million per incident. Hotel technology must be cloud-native for security and management across properties. Automation and centralized operations streamline tasks, reducing human error. Automated rate management, using live and historic data, maximizes occupancy and revenue. Access to an integration marketplace allows custom tech stacks per property. Embracing sustainability can increase efficiency and attract eco-conscious travelers. Essential software for hotel groups includes PMS, RMS, POS, and space management systems.

💸 MGM Resorts International's Chief People, Inclusion, and Sustainability Officer, Jyoti Chopra, featured on an episode released on Oct. 24, 2024, discusses the integration of AI and technology in HR and learning at MGM. The resort is advancing careers using technology with insights from Microsoft, IBM, and Workday. The use of AI-driven tools for micro-courses and digital assistants was highlighted, showcasing the transformation and future plans for AI in HR. The focus is on keeping pace with technological advances in the hospitality sector.

📱 PPDS, the global Philips Professional Displays provider, will exhibit at The Hospitality Show from Oct 28-30, with Philips MediaSuite TVs and Hospitality TV 4000 Series, featuring Google Cast™, Netflix, and no additional costs for equipment or subscriptions. The Hospitality Show, at Henry B. Gonzalez Convention Center, San Antonio, TX, expects 400 exhibitors and 5,000 visitors. Philips Tableaux Advance Color ePaper displays will debut, showcasing energy-saving digital signage solutions for the hospitality industry. Philips MediaSuite offers voice control, app access, and remote management. Philips Tableaux displays are portable, energy-efficient, and can be managed remotely.

📱 Co-founders Zak Longo and Mayur Patil launched Travly, a travel platform, in 2022 aiming to revolutionize travel booking. Longo's European trip highlighted the reliance on social media for travel advice, especially among Gen Z. Travly merges user-generated content with bookings, offering transparency against "travel catfishing." With over 25 million followers and 1 billion monthly views, Travly's app and website feature "Dupes" for cost-effective booking. Since its OTA app launch, it has achieved 13,000 registrations and 500 video submissions. Hotels benefit from Travly’s 1000-influencer network, enhancing visibility and bookings. Through a partnership with Booking.com, Travly earns commissions, integrating monetization with user experience. A campaign with Omni Hotels & Resorts and Southwest Airlines generated nearly 7 million views and 500,000 likes.

🏨 Cloudbeds announced its ambition to create the first property management system (PMS) that unifies hotel operations on October 23 at the Passport User Conference. Cloudbeds Intelligence, a ‘smart hospitality engine’ leveraging causal and multimodal AI, aims to offer real-time insights and actionable recommendations, potentially increasing RevPAR by 15% and occupancy rates by 10%. CEO Adam Harris emphasizes the platform's ability to guide hoteliers in dynamic decision-making across revenue management, marketing, operations, and guest experience. Head of Machine Learning at Cloudbeds, Amit Popat, highlights the platform's advanced capabilities, including predicting marketing strategies to mitigate cancellations and personalizing guest experiences. Cloudbeds Intelligence will enable hotels to optimize rates, tailor marketing campaigns, and enhance guest satisfaction using comprehensive datasets.

📌 STR forecasts a 6 percent decline in U.S. hotels' real RevPAR for 2024 compared to 2019. Revenue management technology plays a crucial role in hotel budgeting, aiding in forecasting and strategic resource allocation. It enables "what-if" scenarios, testing business mix shifts and staffing needs, and informs decisions on rates and packages. Collaborative tech fosters a team-oriented approach, crucial for responding to market changes. Financial forecasting tools are essential for 2025 planning, influencing operations, staff scheduling, and profitability strategies, including potential property shutdowns for utility savings.