Revenue Management How Hotels Determine Rates What Can You Do to Help Find Per Diem Rates Factors that Effect Room Rates.

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Presentation transcript:

Revenue Management How Hotels Determine Rates What Can You Do to Help Find Per Diem Rates Factors that Effect Room Rates

Forecast Meeting Critique Meeting – STaR Report Review – Past Critique – ROM Report Setting Rates – Restrictions for the next 90 days – Forecast – Competition Pricing

What’s a STaR Report? Smith Travel Research – Independent research organization Compile market data on selected hotel comp set, on occupancy, room rate and market share in a confidential manner Evaluate performance relative to defined competitive set View property and market trends by day of week and seasonality

STaR Reports Market Share Reports compare property occupancy, ADR and RevPAR performance by day of week, over time and to previous year, Occupancy Index (Penetration Index) - measures hotel’s fair share of the market ADR Index (Rate Index) – Represents rate premium vs. their market competitive set RevPAR Index (Yield or Effective Index) - Measures hotels premium (over/under) of revenue share of their Market.

Restrictions – maximizing opportunity MSx = you must stay x nights if you arrive on this date and want this rate MXn = you much check out after n nights if you want this date/rate (think weekend) NMQ = no rooms allowed at this rate CTA – closed to arrival – if you arrive earlier you can get this rate but if you arrive today you get a different answer 3/1 = if you arrive this date, you can get the rate but only if you are not asking for a LOS in the middle (i.e. 2 nights)

How it Looks – ABCDEF $275$250$225$200$150$99 SUNMS31/2MX1 MONMS4CTANMQ TUE3/1MS3 NMQ WEDCTA NMQ THRMS2MS3NMQ FRIMX4 SAT2/4MX3 SUN1/3MX2 MON (h)MX1 TUENMQ WEDCTA NMQ

What’s a Per Diem Player to do? Book as a group with LOI Day of Week/Pattern In DC, book between conventions or on top of them for catering only groups aspx aspx Book around the Congressional Calendar ssFirstSession.pdf ssFirstSession.pdf

Are you Ready? ???????? WHO ARE YOU GOING TO TAKE ????????

THANK YOU! Mike Gadell Area Assistant Director of Sales & Marketing B.F. Saul Tysons Corner Hotels Courtyard by Marriott Tysons Corner Crowne Plaza Tysons Corner Tel: Cell: Fax: