Operating in a Post-COVID Environment.

The philosophy of revenue management is evolving, but so are the skills needed to execute these new strategies and leaders will need to give deep thought to the knowledge, skills, abilities, and other characteristics that will be required by hotel revenue practitioners of the future; as well as the technologies that will be needed to compete in a rapidly evolving environment.

Owners Must Understand the Need, Use of Tech Before Balking at Costs.

Decision makers — generally the ones writing the checks — need to accept that almost every department on a hotel’s profit-and-loss statement is going to require some type of technology. The plan should start with a review of all hotel departments and ask what technology does the department already have and what may be required in the future.

Micro- and Macro-Level Data a Necessity.

The fastest way to devalue a hotel is to compete on price alone, which can quickly commoditize any product, especially hotel rooms. Hoteliers have a choice to compete on price or reputation. Focusing on the latter can drive exponential returns.

Demand for Hotels in Rural Markets Won't Last.

When hotels started reopening in early summer after being closed for several months due to COVID-19, many rural properties noticed an immediate uptick in bookings. As the summer continued, these hotels were able to implement longer-term stay restrictions with the ability to continuously increase rates due to strong demand.