Revenue Optimization for Hospitality Sector

Overview

Hospitality managers are faced with the daily daunting task of making key decisions in setting the appropriate occupancy and rates in order to maximize and optimize the total revenue for their respective hotels. In this 2 days workshop, participants will be introduced to the revenue management methodologies, concepts, processes and most importantly, the practical applications of the tools and strategies discussed and learnt from the workshop.

Learning Objectives & Outcome

• Demonstrate a good understanding of hotel revenue management and describe its benefits
• Identify the challenges and shortfalls of using traditional methods and tools in measuring and managing revenue and performance.
• Describe the key components and conditions in hotel revenue management and the importance of a systematic revenue management process
• Define and calculate RevPar, as a key measurement in optimizing room revenue
• Create and applying key steps in forecasting based on a systematic revenue management methodology in measuring its accuracy
• Apply restriction controls in managing inventory and availability based on demand patterns
• Understand and apply effective pricing strategies to optimize revenue, including distribution channels.
• Implement effective selling strategies and tactics in hotel revenue management
• Understand the importance of market share and how to use revenue management to be competitive in optimizing performance
• Lead a hotel revenue management efforts in maximizing rooms and other revenue

What you will cover

Who Should Attend

General Managers, Revenue Managers, Sales and Marketing professionals, Front Office associates and other hospitality managers responsible for the financial performance of their hotels or organizations.