The Future of Hotel Revenue Management
A? survey of nearly 500 revenue management professionals in the hotel and related industries forecasts that the application of revenue management (RM) will become more strategic and will be supported by increasingly sophisticated technology as it includes more of hotels? income streams. In particular, RM will likely be applied to function space, and may also include such revenue streams as spas, restaurants, and golf courses. As a consequence, the revenue management function will become more central to hotel operations, and will quite likely be a separate department that is under the general manager?s supervision. The central, strategic role of RM will require upgraded measurement techniques. Rather than revenue per available room (RevPAR), future revenue management may have a profit-oriented metric, such as gross operating profit per available room (GOPPAR) or total revenue per available room or per available unit of area. Future revenue managers will principally need analytical skills, leadership skills, and communication skills. A formal RM education and negotiation skills would also be useful. This report was supported by IDeaS, and the SAS Singapore office, which assisted by analyzing the data using SAS? Text Analytics.
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