The Banogue house hotel is a 200 bedroom hotel based in the south of Ireland. The hotel has just been taken over by new owners. The new owners are interested in employing revenue management to attempt to optimise revenue. As a member of the management team you have been tasked with writing a fully referenced report on the following for your new hotel management team. (2000-2500 words)
STRATEGIC REVENUE MANAGEMENT & DISTRIBUTION
Assessment 2 (2000-2500 words)
The Banogue house hotel is a 200 bedroom hotel based in the south of Ireland. The hotel has just been taken over by new owners. The new owners are interested in employing revenue management to attempt to optimise revenue. As a member of the management team you have been tasked with writing a fully referenced report on the following for your new hotel management team.
The hotel has a modern property management system (PMS) system and management are interested in using the historical data along with the forward booking data from this system to develop occupancy forecasts. To this end you report should include a section outlining the following:
- A review of data forecasting for revenue management discussing what data forecasting is and how it can benefit a hotel such as yours.
- A detailed outline of how to use hotel data to generate an occupancy forecast.
From the data that the new management team have analysed to date they have realised that in the summer months the hotel is often running at 100% occupancy but also seems to have a lot of no shows and late cancellations. As a result management are also interested in gaining further knowledge on the concept of overbooking. Therefore you have been asked to report on the following as part of your work:
- A detailed overview of overbooking, describing what it is, and its advantages and disadvantages as reported from your research.
- A thorough detailing of the steps involved in developing an overbooking system for use with hotel data.
New Management have also realised that large group bookings are rather common place in the hotel and are interested in the implementation of a displacement analysis system to allow for the analysis to ensure that the accepting such group business always makes financial sense. Therefore as part of the report you have been instructed to investigate the following:
- A detailed overview of what displacement analysis is and how it is applied in the hotel industry.
- A detailed outline of the steps /processes involved in the implementation of a displacement analysis approach as a strategy for a hotel.
Revenue Management Supports
Finally the new owners are interested in the myriad of Revenue Management Systems (RMSs) and companies offering benchmarking and data analytics to support revenue management in the hotel industry:
- To that end have been instructed to investigate any two of these systems or services with a view to describing each system in detail, its usage, potential benefits and drawbacks to your hotel.
You should write this assignment in the form of a fully referenced report. To this end assume that you are writing to the Manager within the hotel and that you are writing on each of the topics listed above and are covering in detail all of the necessary points requested.
For all sections in the above brief evidence of extensive research should be given, sources can include but are not limited to, journal articles, conference articles, trade publications, online material, vendor material, vendor websites, etc.) NOTE! All sources have to be properly cited/referenced as per the reference handbook.