The traditional revenue-management best practices have failed, leading processes to change from a static to nimble approach, according to panelists on a webinar hosted by the Hospitality Sales and Marketing Association International University, Hotel News Now and STR, HNN’s parent company.
Panelists said revenue managers can sometimes focus too much on historical data, concentrating on the past instead of looking toward future pace and trends. “We’re showing graph after graph, trying to justify what we’re doing,” Kapur said.
Tom Botts, executive VP and chief customer officer for Denihan Hospitality Group, said historical data can often bear little resemblance to the market. For instance, some markets, such as New York, experience drastic changes, which then makes the historical data a poor representation of the current reality.