Introduction to Hotel Revenue Management

An introduction to revenue management as a systematic process designed to increase revenue by leveraging tools designed to manage length-of-stay and apply effective pricing strategies. Implementing a revenue management strategy can be one of the most important revenue-generating initiatives available to a hotel, significantly increasing room revenue and profits. This course provides an overview of revenue management applications to the hotel industry designed to inspire a strategic shift to managing revenue per available room (RevPAR).

Revenue management is a systematic process designed to increase revenue by selling the right room to the right person at the right time for the right price. In addition to evaluating different pricing models and applying duration-management strategies, this course provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, pricing strategy, and application of revenue management techniques to other hospitality-related industries including spas and athletic facilities. Participants who complete this course will be able to...

• Describe hotel revenue management and its benefits to the organization
• Discuss the strategic levers of hotel revenue management and how they can be manipulated to increase revenue
• Describe hotel revenue management in terms of its component parts and critical considerations
• Recommend non-traditional ways in which revenue management techniques can be applied to increase revenue in the hospitality industry

CONTENT

- What is Hotel Revenue Management?

  An Overview of Hotel Revenue Management

  Necessary Conditions for Revenue Management

- Measuring Success with RevPAR

  RevPAR-Measuring Revenue

  Calculate RevPAR

- Managing Duration

Reducing Duration Uncertainty

Tips for Managing Duration

- Controlling Price

Variable Pricing

Best Available Rate

Leverage Price

- Implementing Revenue Management

  Component Parts of Implementation

- Revenue Management Everywhere

  Managing Revenue in Other Industries

FOR WHOM:

This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.