Revenue Management

🏨 From 2019 to 2023, U.S. hotel parking revenues surged by 23.1%, with CBRE's sample showing a profit margin of 61.3%. Hotels averaged 283 rooms, a 69.7% occupancy rate, and a $237.48 average daily rate. Resort hotels led parking revenue per-occupied-room (POR) at $14.85, while limited-service hotels recorded $8.35. The overall parking profit increase was 32.3%. 22.3% of CBRE-tracked hotels reported parking revenue in 2023, up from 17.0% in 2019, and 26.6% of U.S. hotels had EV charging stations as of 2022.

💾 STAAH SwiftBook's Smart Pricing feature enhances booking strategies by providing customized discounts aligning with guest booking behaviors to drive direct bookings and increase revenue. It offers six discount types, including Advance Purchase, Multi-Night, Device-Specific, Last-Minute, Pay Now, and Regional Discounts. These target early reservations, longer stays, mobile users, spontaneous bookers, advance payments, and international guests, thus maximizing occupancy and revenue. Users can find and set up Smart Pricing in the STAAH Max V2 dashboard under 'High Conversion Tools'.

💸 FinMont's survey, conducted in February to European consumers, reveals 47% abandon flight or holiday bookings online if the process is too complicated. A quarter (25%) prefer transparent cost disclosure upfront, and nearly a third (32%) plan to travel more in 2024. Inefficient payment processes risk millions in bookings as travelers may opt for competitors with better payment solutions. FinMont CEO Suby Valluri emphasizes the importance of customer-centric payment platforms in meeting growing consumer expectations for online travel bookings.

🏨 Following the severe impact of COVID-19, China's hotel industry was the first to show a rebound due to its zero-COVID policy. Marriott International saw its global revenue per available room (RevPAR) increase by 3-4% in 2021 despite a 4% decline in Mainland China. In the second quarter, Marriott's global RevPAR rose nearly 5%, with occupancy reaching 73%. Asia Pacific, excluding China, experienced a 13% RevPAR increase, with Japan up 21%. Marriott's group business comprised 24% of worldwide room nights, and leisure transient accounted for 43%, with a 2% RevPAR rise. Marriott's loyalty program Bonvoy reached over 210 million members. Marriott added 15,500 net rooms in the second quarter, reaching around 1.6 million rooms globally, and expects a 5.5% to 6% net room growth for the year. Conversions accounted for 37% of Marriott's openings and 32% of signings. The company plans to spend approximately $1.2 billion on technology and other investments in 2024.

📱 On Jul 25, 2024, Booking.com, Expedia, and Hotels.com offer up to 40% mobile-only discounts. A check showed 15/50 Booking.com listings cheaper on mobile, whereas for Hotels.com and Expedia, 5/10 and 4/10 'mobile exclusives' were identically priced on a laptop. Some mobile discounts were found to be overstated by Which?.

🏡 Marriott Hotels debuts in the all-inclusive market with Marriott Cancun, featuring 124 ocean view rooms, 38 suites, 13 dining venues, a water park, and a 5,000-square-foot kids' club in Mexico. More all-inclusive resorts to open in Puerto Vallarta, Mexico, and Djerba, Tunisia by 2025. The StandardX Melbourne launches on August 8 in Fitzroy with 125 rooms and three dining options; it's the first under the StandardX brand by Standard International. Preferred Hotels & Resorts adds 30 new properties, including the 30-key Boutique Hotel Stresa in Italy and the 80-suite Casa Velas Puerto Vallarta in Mexico. Coral Sands Hotel on Harbor Island, the Bahamas, undergoes renovations with a December reopening, managed by Chorten Wangyel and owned by AJ Capital Partners which has $5.3 billion in assets over 100 properties.