Latest News from Hospitality Industry – W2, August 2022

Here is your weekly industry news round-up. Check out the short snippets here and follow below for more details.

  • What compels a guest to book a hotel? The revenue management strategy needs to consider price elasticity of demand, market rates, room availability, forecasted demand, target segment and social value. Read in the first news article about new metric to take into consideration is Total Revenue Per Available Room (TRevPAR)
  • Global travel prices to continue to increase according to CWT’s 2023 Global Business Travel Forecast
  • Learn about how the hotel owners are adjusting to changes and restrategizing the digital advertisements to run ads and reach the right traveler from 2024- the year Google finally bids farewell to third-party cookies.
  • Trivago would consider adding free links on Trivago to supplement paid links from advertisers
  • Europe’s hotels are now back to pre-pandemic profit levels, with gross operating profit per available room (GOPPAR) hitting €95.28 in June 2022
  • Two-thirds of bookings in Q2 generated from traffic that came directly to Expedia
  • Booking Slumps in Another Sign of Moderating Growth in Travel

Reach out to us for discussions regarding connectivity, direct booking, rate intelligence, website design and digital marketing requirements – we are happy to explore new possibilities with you for your property  – contact us today.

Enjoy the read!

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Revenue Management In The Post-Pandemic Travel Landscape – By Andrew Morsi Founder President eRevMax

As revenue management moves from top line revenue to net profitability, focus has shifted from room revenue on a per-available-room basis to optimizing profits across all revenue streams, including food and beverage, spa, golf and club among other services. The new metric to take into consideration is Total Revenue Per Available Room (TRevPAR). This has led to attribute based selling that is now becoming popular with hotels. In this guest article, eRevMax Founder President Andrew Morsi shares his thoughts on Hotel Revenue Management in today’s travel landscape – https://www.hotelnewsresource.com/article122084.html

Business travelers set to see hotel rates rise by 8.2% in 2023

Hotel prices have already eclipsed 2019 levels in some areas such as Europe, the Middle East & Africa and North America and are expected do so globally by 2023.

https://www.prnewswire.com/news-releases/business-travelers-set-to-see-air-fares-rise-by-8-4-hotel-rates-by-8-2-and-car-rental-charges-by-6-8-in-2023–301602082.html

Future of Online Hotel Marketing Without Third-party Cookies

Have you started to consider adjusting and modifying your cookie policies? With Google planning to bid farewell to third-party cookies in 2023, here is all that you need to know about it. Read on to see how marketers can deal with the Cookie Withdrawal and make it work to your advantage as a hotelier – https://ratetiger.com/future-of-online-hotel-marketing-without-third-party-cookies/

Trivago considers adding free hotel links

In a Skift interview, the company said it would consider adding free links on Trivago to supplement paid links from advertisers.

https://skift.com/2022/08/10/trivago-considers-adding-free-links-like-google-did/

European hotel profit tops 2019 levels

Gross operating profit per available room was €95.28 in June 2022, slightly higher than the same month in 2019, according to the latest data from HotStats.

https://www.hotstats.com/hotel-industry-trends/european-hotel-profit-tops-2019-levels?hsLang=en

Expedia to focus on longer-term sustainable growth

Travel remains a top spending area for consumers even as other parts of the economy are slowing, giving executives at Expedia Group confidence in the future of travel.

https://www.costar.com/article/1180235670/expedia-group-targets-high-lifetime-value-customers

Booking forecasts record sales, confirming strength in travel

Booking reported total sales that nearly doubled to $4.29 billion in the second quarter, casting away doubts about weak consumer sentiment impeding travel plans.

https://www.bloomberg.com/news/articles/2022-08-03/booking-forecasts-record-sales-confirming-strength-in-travel?utm_source=google&utm_medium=bd&cmpId=google

 

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