Total hotel revenue management? Scratch that! Call it revenue optimization! | By Sherry Marek

Synopsis

The exciting evolution of revenue management continues to develop in the hospitality industry. Initiatives in revenue management by hotel groups and hospitality vendors started in the 1980s, focused mostly on room revenue. Over the last few years, the official evolution path in revenue management has grown to include virtually every revenue stream, affecting colleagues throughout the property, writes Datavision’s Sherry Marek. A significant amount of data is now available to the team at the property level or at the corporate level to assist in the decision making/tracking process, she says. Many properties use the term “revenue optimization” to encompass the process, and use the title in the job description.