Hotel revenue management is a strategic approach to predicting customer demand, optimizing room rates and inventory, and maximizing hotel revenue. It involves analyzing market trends, booking patterns, and competitor pricing to make informed pricing decisions.
Seasonality significantly impacts demand and pricing strategies. During peak seasons, hotels can charge higher rates due to increased demand, whereas in off-peak times, they might reduce rates or offer promotions to attract guests.
Key metrics include Occupancy Rate, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Gross Operating Profit Per Available Room (GOPPAR). These indicators help in understanding performance and making strategic decisions.