Hotel revenue managers prioritize ancillary revenues
Considering that RevPAR is currently below levels from 2019, hotels should prioritize maximizing ancillary revenue streams
Experts in revenue management believe that increasing ancillary income, reorienting the discipline's emphasis to total revenue rather than revenue per available room, and developing technology are just a few approaches to advance the field and boost hotel profitability.
Key takeaways
Revenue managers have been obliged to focus on generating additional income elsewhere due to the narrowing of margins during the previous few years;
An organization where workers compete with competitors, not colleagues, is essential to enabling revenue-management teams to perform at their best.
Having the confidence to take a risk is vital, and so is learning from it when it doesn’t work out.
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