Revenue Management Services

Revenue management is an essential component to maximizing the value of hotel properties. Seasonal fluctuations, market demands, and the moves of your competitors all influence your occupancy rate and the value to your customers. Our services leverage our expertise and established systems to optimize revenue at all times, creating a long-term foundation for success. It’s equal parts art and science, using data and a deep understanding of hotel brands, the hospitality industry as a whole, and the local market.

We take a long-term, holistic approach when evaluating our properties’ performance and productivity, and fine-tune for balance among revenue growth, bottom line profits, and guest and associate satisfaction.

Our keenly skilled revenue management team and systems strive for maximum RevPAR and other key performance indicators tied to daily, weekly and monthly sales goals.

Through data analysis of marketing demand and specific location and destination trends, we develop a predictable revenue plan for each of our properties.

We measure success by annual market share growth, as well as achieving and surpassing RevPAR milestones. Our approach is consistent yet nimble, keenly applying best practices for knowing our customers and price points – at the right times.

 

Revenue Management

Prospera Hospitality focuses on revenue growth and bottom line profits for a balanced approach. Our skilled revenue management tea works closely with the properties to achieve key performance indicators for our clients.

Our experience with all of the major hotel brands in the U.S. market provides us with the background necessary to implement best practices for each unique brand. We set measurable goals and track the data to ensure that our revenue management services are meeting expectations and improving the hotel’s financial health. We also have experience with independent hotels and have repositioned hotels to optimize their revenue performance.

 

Customized Hotel Revenue Management Services

Prospera uses a consistent yet nimble approach that is customized to each property’s needs. Many factors go into the right strategy to maximize RevPAR. Our long-term approach sets up hotels with sustainable best practices to keep revenue growth steady. Each customized plan balances bottom line profits, guest satisfaction, and associate satisfaction to create a memorable and lasting hotel.

 

Revenue Management Strategies for Branded and Independent Hotels

Maximizing revenue means being the right choice for the guest at just the right time. Everything from the length of stays available, the room types, prices, booking channels, and other components must be perfectly aligned with the guests’ requirements.

Our experienced revenue management team assists our clients with getting everything just right to maximize the long-term value of each guest. We have a fully transparent revenue management, corporate finance, and accounting team that goes on-site at each property to ensure that everything is perfectly matched for the market.

 

Key Performance Indicators for Hotel Revenue Management

Prospera has perfected the metrics it tracks over decades of managing hotels in North America. A few of the key performance indicators that we track include RevPAR, sales goals, market demand, and annual market share growth.

Our revenue management strategies use this data to fine-tune their approaches over time. As the market changes with new competitors, investment in the area, and changing guest expectations, the revenue management approach adapts with it. This flexible and comprehensive revenue management plan delivers a predictable path for long-term revenue growth.

We apply the best hospitality revenue management practices throughout this process to ensure that our clients are receiving the best service and the highest possible value for their hotel investments.

 

Benefits of Revenue Management Services in the Hospitality Industry

Partnering with a hotel revenue management services provider offers many benefits for branded hotels, independent hotels, resorts, restaurants, lifestyle centers, and other hospitality businesses.

 

Predict Booking Trends

Gain a deeper understanding of when and why seasonal shifts occur, the guest and associate expectations throughout the year, the best performing room types, average length of stay, and other invaluable data.

 

Manage Multiple Booking Channels

Guests want to book in the manner that’s most convenient to them. In many cases, they go through third-party booking websites rather than going directly through the hotel. Managing these booking channels can be overwhelming, and a lack of distribution damages a hotel’s revenue opportunities. Revenue management services can handle these channels for hotels and hospitality businesses.

 

Avoid Missed Revenue Opportunities

Missed revenue opportunities can result in major problems for a hotel’s bottom line. Our revenue management services keep an eye out for potential chances to increase revenue throughout the year.

 

Implement Expertly Designed Pricing Strategies

Our pricing strategies are tried and tested over decades of experience with branded and independent hotels. From limited service to full-service properties, we help our clients match the best room rates to maximize potential revenue and increase the bottom line.

 

Develop Forecasts and Budgets

Our forecasts and budgets provide hotels with a future-forward view of their financial health, and what they can expect to see over the coming weeks and months. This information is valuable for day-to-day operations, renovation projects, and other investments in the property.

 

Provide Monthly Performance Reports

We equip our clients with monthly reports that show them how their hotel is doing, areas that they could improve, and other important information. These reports drive decision-making processes and help position the hotels for continued success.

 

Streamline Time Consuming Revenue Management Tasks

Some hotels don’t have the resources or systems available to decrease the time spent on time-consuming revenue management tasks. Our established systems maximize the productivity of the team and allow them to utilize their talents to the fullest.

 

Access Decades of Hotel Revenue Management Expertise

Hotel revenue management is as much an art as it is a science. Having access to a wide range of data offers an excellent basis for tracking growth and making predictions, but having the backing of decades of expertise allows us to apply the best practices that have worked across many established properties.

Are you ready to maximize your hotel’s revenue potential? Contact us today to discuss your revenue management requirements with our team.

To learn more about how Prospera Hospitality can help you with revenue management, contact us today.

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