The role of supply and demand in the hotel industry
Every market in the world is ruled by the law of supply and demand. Prices are set based on the inverse ratio between the two. When supply is low or demand is high, prices are high. When supply is high or demand is low, prices are low. Greater demand leads to growth, and meeting that […]
How Can Hotel Owners Use AI to Improve Hotel Operations?
Artificial intelligence (AI) is the technology advancement seemingly on the tip of everyone’s tongue across all industries. Yet, hospitality depends heavily on human interaction and personalized services. As customer expectations steadily rise, the demands of providing exemplary hotel services from every touchpoint are taking their toll on overworked staff members. Over two-thirds of hotels continue […]
Is It Worth Converting Your Hotel to a Bigger Brand?
Big hotel brands are often ideally positioned to capture traffic and improve customer service options. They have larger budgets for marketing, guest support, and more. As a result, many smaller, independent hotels are considering moving under the umbrella of those larger corporations, providing them with the support they need to stay afloat. Is converting your […]
Trouble With Your Property Taxes?
Falling behind on property taxes can be a stressful situation. However, there are steps you can take to address the issue and prevent further consequences with your hotel property. Here’s a guide to help you navigate this situation: 1. Understand the Consequences: Tax Liens: If you don’t pay your property taxes, the government can place […]
Boutique Hotels: A Fad, or Here to Stay?
Boutique hotels are a unique lodging option. Unlike many hotel chains, which may have hundreds or even thousands of rooms, boutiques are usually smaller, with between 10 and 100 guest rooms, and offer a specialized experience. They may offer specific themes, including quirky options that focus on trends, fandoms, or personal interests. Increasingly, many travelers […]
Hotel Loyalty Programs in 2024: Are Customers Still Committed?
Guest expectations are constantly evolving in the hospitality industry, and the competition is fierce. In the past, hotel loyalty programs have been a cornerstone of customer retention strategies. In 2024, a critical question arises: Are customers still loyal to hotel loyalty programs? As the industry shifts, hotels must adapt to new customer values and options […]
Hotel Industry’s EBITDA declined since COVID-19
The impacts of the COVID-19 pandemic cut across industries and sectors. However, the hotel industry bore the greatest brunt of the pandemic. From travel restrictions to misconceptions about the spread of the virus, hotel managers had to grapple with unprecedented business downturns. But how did these events impact the EBITDA of hotels? EBITDA and its […]
Should You Build an Extended Stay Hotel?
In the hospitality market, extended-stay hotel construction is booming. Lodgings Econometrics reports that over 1/3 of all hospitality constructions in Q1 of 2024 were extended stay hotels and an increasing number of hotel brands are branching out into extended stay in addition to their full-service hotel and resort properties. Future Market Insights reports that extended-stay […]
How To Elevate Food and Beverage Trends in the Hotel Industry
With the summer months approaching, hotels everywhere are looking to accommodate guests properly during the rising temperatures. Food and beverage trends in the hotel industry are shifting, so guests staying with the hotel decide to keep their dining experiences closer to their rooms and have more time for activities in the area. This is vital […]
What Are Some Summer Trends For Your Hotel?
As a hotel owner or manager, your goal is to attract more travelers and improve your occupancy rate. Each year, guests seek new and unique experiences. Of course, you try to start current and provide what guests want, but you need to know more about these summer trends for your hotel. There are some trends […]