TOP NEWS - 10 Minutes News for Hoteliers - Page 172

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How OTAs comply with California’s junk fee law

📌 In California, as of the week of July 4, 2024, Booking.com, Airbnb, and Expedia/Vrbo are adhering to a new law mandating upfront total price display, excluding taxes. Expedia.com stands out by showing the complete cost, including fees and taxes, while Airbnb, Booking.com, and Vrbo only show the full rate and fees, not taxes, for California-based shoppers. The law applies to travel sellers and aims at junk-fee transparency.

The smarter way to spend $1,000 a night on a hotel room

According to a Virtuoso report, luxury hotel prices have surged by 85% since the summer of 2019, making $1,000 nightly rates commonplace for basic rooms in major cities and popular destinations like the Amalfi Coast and the South of France. To get better value, travelers should consider boutique hotels that offer luxury at lower costs, with the option of larger suites that can enhance the feeling of luxury even further. Article published on July 4, 2024.

7 min

Hospitality Technology Trends: How AI Is Revolutionizing Hotel Revenue Management

The hospitality industry is increasingly utilizing AI and machine learning technologies to enhance guest experiences, revenue optimization, and overall operations. The evolution of revenue management systems (RMS) has enabled automated, data-driven strategies that are transforming hotel operations, with sophisticated tools like G3 RMS proving successful in achieving significant year-over-year revenue increases.

2 min

Off to a Slow Start: U.S. Hotel Transactions at Lowest First-Quarter Dollar Volume Since 2010

🏡 In the U.S., the hotel industry recorded 800 transactions in Q1 2024, with an undisclosed dollar volume approximately $4 billion, the lowest since Q1 2010. Disclosed transactions amounted to $3.4 billion. The Ritz-Carlton Key Biscayne, Miami's two-thirds ownership sold for $400 million, marking both the highest sale price and the highest price per key at $1.43 million for the quarter. New York City had eight hotel deals totaling $236 million. Atlanta and Denver saw 13 and 10 transactions, respectively. Los Angeles hotel transactions dropped by 75% post-April 2023's "Mansion Tax" implementation. The Residence Inn Los Angeles LAX Manhattan Beach sold for $68 million, over 80% of the Q1 2024 volume in L.A. Optimism remains for the rest of the year among brokers, lenders, and owners.

1 min

Latest threats and best practices for securing guest data

A new Shiji white paper released on July 3, 2024, examines the heightened cybersecurity risks in the hospitality industry due to increased technology use, emphasizing the need to safeguard guest data and adapt to complex business models. It outlines key challenges such as legacy system vulnerabilities, cloud migration, securing payment data, and the intricacies of cybersecurity training and oversight.

Hotels, OTAs and DMA

HOTREC's 2024 Hotel Distribution Study shows an increase in the OTA market share in the European hotel sector from 19.7% in 2013 to 29.6% in 2023, with Booking Holdings, Expedia Group, and HRS dominating 90% of the market. The study, published on July 3, 2024, highlights the need for the Digital Markets Act to ensure fair treatment of hoteliers and reports that OTAs affect pricing and availability for 40% and 44% of hotels, respectively.

Paris hotels face low demand as Olympics approach

Paris hotels are experiencing a 25% drop in occupancy rates ahead of the Summer Olympic Games, with Ze Hotel in Montmartre at 50% capacity versus the usual 80%, attributed to costly conditions related to the Olympics. While tourists await last-minute price drops, "Paris je t'aime" anticipates most Olympic visitors between July 26 and August 11 will be from France.

How to diversify hotel revenue

On July 3, 2024, guidance on diversifying hotel revenue was published, providing strategies to reduce business risks by not relying solely on room income. Key strategies include capturing blended travel, considering space as a resource, building a community, investing in food and beverage, maximizing upsells, offering unique experiences, and using hotel technology like Open APIs, security and payments systems, and data and AI.

2 min

Data-Driven Hospitality: Shaping the Future of Guest Experiences

📈 The hospitality industry's evolution into the digital age emphasizes data-driven customization for improved guest experiences. Restaurants leveraging customer data can tailor services, menus, and marketing, fostering loyalty and repeat business. Ethical data use and robust cybersecurity are critical for customer trust. Advanced digital tools, including AI and machine learning, analyze data from bookings, surveys, and social media to personalize the entire customer journey, offering unique experiences across hotels and restaurants.

7 min

5 Revenue Management Tips for Beach, City, Mountain, or Countryside Hotels

The article provides specialized revenue management strategies for different types of hotels, such as city, beach, mountain, or countryside hotels, emphasizing online visibility, dynamic pricing, review management, and seasonal adjustments. It details various approaches like adjusting corporate rates, optimizing cancellation policies, and strategically managing room inventory, based on data and experience from the Franco Grasso Revenue Team. The article also promotes a free ebook offering 20 practical tips for enhancing hotel revenue management.

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