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Hotel Revenue Management - Essay Example

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In the paper “Hotel Revenue Management” the author focuses on evaluation strategy, which enhances acceptability of the changes and has the potential of improving a quality of services. Hotel revenue management is fundamental to success in the competitive hospitality industry…
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Hotel Revenue Management
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Hotel Revenue Management

Download file to see previous pages... The assessment should be done from different perspectives, which include customers, organisation, and from the human resource point of view. Evaluation strategy enhances acceptability of the changes and has the potential of improving a quality of services offered.
Hotel revenue management is fundamental to success in the competitive hospitality industry. Hotels revenue management implies selling the appropriate room to the best client at the most competitive price on the right supply channel. Hotel rooms are considered as perishable products owing to their limited number. Hence, the satisfaction of customer needs and settling for the right price are the main variables to be considered. Revenue management will strive to achieve equilibrium of demand and capacity by predicting and setting prices that ably maximise the utility of all the resources in the hotel (Legohérel, Poutier and Fyall 2013: 96)
Emphasis has to be placed on two very important concepts in hotel revenue management. These are rooms’ revenue per available room (RevPAR) and gross operating profit per available room (GOPPAR). RevPAR is used in analysis as a reflection of revenue accrued per available room. The parameter is got from dividing the net revenue collected from a hotel room and the total number of rooms present in the particular hotel. Besides, the value can be arrived at by multiplication of the daily average room rate (ADR) the occupancy of the room. It is, therefore, able to monitor the performance of the system inventory management of the hotel room. Maximisation of RevPAR is the main objective of hotel managements, thus the trade-off between average rate and occupancy. It is very evident that revenue collected from rooms in the hotel constitutes a large portion of the overall revenue generated. Thus, more emphasis should be placed on revenue management in regards to rooms. ...Download file to see next pagesRead More
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