Hostel Revenue Management By HostelStats HostelStats@gmail.com
The Potential "Revenue management has contributed millions to the bottom line, and it has educated our people to manage their business more effectively. When you focus on the bottom line, your company grows." Bill Marriott Jr. Chairman & CEO Marriott International
Our Track Record Over an 18 month period a three star city centre hotel increased occupancy by 14%, the ARR increased by 11% and RevPAR by 25%. This resulted in an increase in room revenue of £336,000 in a shrinking market. Over in Northern Ireland, we helped a group of hotels of different brands and star grading to achieve the following over 11 months: 4 star – Occupancy up 2%, ARR up £7, RevPAR up £7.89 on previous year. Resulting in room revenue up by £147,000; 3 star – occupancy up 1%, ARR up £4, RevPAR up £5 on previous year. Resulting in room revenue up by £87,000; 3 star – occupancy up 5%, ARR up £2, RevPAR up £7 on previous year. Resulting in room revenue up by £242,000.
Also, In the Republic of Ireland, in a period of 6 months increased room revenue by €50,000 through improved use of distribution channels.
What is Hostel Revenue Management? It is selling the right dorm/room or bedto the right customer, at the right time, for the right price by using the correct distribution channel.
Our goal: We want our clients to maximise revenue across all sources and grow their business. How do we help our clients to achieve this goal? Comprehensive revenue management audit; Development of strategic revenue management plan; Customised revenue management programme.
Revenue Management AuditWe provide a thorough assessment of your current Revenue Management processes. This includes understanding: Your hostel identity and brand values Product positioning Review of all possible revenue sources Sales and marketing strategies Current Market conditions Competitive environment Market segmentation Business mix options Current pricing structure Strategic pricing initiatives Competitor Benchmarking Reservation source management Electronic distribution sources Forecasting methodologies Consumer generated content (social media) Your reservations and guest management processes Technology assessment
Our audit will provide detailed recommendations to help you take advantage of all revenue opportunities Analysis of your current revenue position through existing data analysis and staff interviews; An evaluation of the Revenue Management practices currently in place; Business process evaluation to determine the processes which need to be introduced to achieve future growth; Culminating in a detailed report on the current situation with recommendations on how Revenue Management could improve revenue from all possible sources.
Implementation of strategic hotel revenue management plans Once the research has been done and a detailed report of findings is compiled including specific recommendations for improvement, I can help you to execute the plan. If you are interested in a customised quotation please contact me on email HostelStats@gmail.com