It has been a wild year for everyone, but I think the hospitality industry was hit the hardest with the lockdowns, restrictions on travel, and limited restaurant capacities. With the news of the vaccine being developed and released around the world, the light at the end of the tunnel is visible for us all now.
I wanted to write more to help everyone prepare for 2021, but during my preparations for writing this, I discovered a well written post by Xotels. With their post, Hotel Trends for 2021, they highlight a lot of items that I was going to mention. The major trend that I am seeing is a focus on local travel. Exploring regions within a few hours travel time, no flights required, while still willing to spend on travel.
Over at Ideas, Blake Madril writes:
Assumptions like typical seasonality, day-of-week pattern and segment behavior have all been jolted by the pandemic, but this shake-up allows for technology to find new indicators into the changing business. Historical occupancy, ADR or RevPAR will always provide valuable insight, but in today’s market, to adapt means to understand cancelations, new bookings, forecast trends in any direction, shifts in competitor pricing, optimal pricing restricted by manual controls and how these change over the most relevant intervals of time for your business.
It’s a great time to review the past year, look at what your competition is planning, and see how the market has shifted with rates and expectations for lodging. It’s also a good time to expand who you consider to be your competition by researching any larger AirBnBs in the area.
I also enjoyed this roundup of hotel experts around the world giving their thoughts on Do we need a new revenue management toolkit for 2021?
If you have other resources I should include here, please contact me and I will update the post.
Hotel Revenue Pickup Report – 2021
The pickup report spreadsheet has been updated for 2021. Because of how difficult this past year was for hospitality professionals, I am offering a discount on the pickup report for the next month. If you have not been using a pickup report, 2021 is a great time to get started with one to help you generate future success with your hotel(s).
Learn more about the revenue pickup report.