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 […]
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 […]
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 […]
The Integration of Artificial Intelligence in Hospitality
As long as there has been technology, the hospitality industry has evolved along with it, and it’s no different with the latest and most significant advancement: Artificial Intelligence (AI). As predicted by hospitality industry trends, AI is continuously being adopted into different sectors across the hospitality industry as it improves. This largely comes from its cost-effectiveness, user-friendliness, […]
Exploring Hotel Conversion Opportunities: A Guide for Hoteliers
The landscape of real estate and property development is continuously evolving, presenting new opportunities for investors and property owners. One such innovative approach is hotel conversions, where existing hotels are transformed into student housing, apartments, shelters, etc. This guide will delve into how you can determine if your hotel holds potential for such a conversion, […]
Navigating the Rising Costs of Hotel Insurance
In the complex world of hospitality, hotel insurance stands as a crucial but often burdensome expense. With a variety of risks ranging from natural disasters to liability claims, understanding and managing the costs of hotel insurance is vital for hotel owners and operators. This article delves into the intricacies of hotel insurance coverage, the challenges […]
Why Dropping Your Hotel Rates Will Not Create Additional Demand
In the competitive realm of hospitality, hoteliers are in a perpetual quest for strategies that boost occupancy and revenue. A frequently adopted tactic involves decreasing hotel rates, due to the assumption that cheaper rates will lure more guests. However, this strategy is often rooted in misconceptions and overlooks the complexities of demand generation in the […]