In the past, revenue management was considered a niche function. It was a practice largely applied to guestroom strategies without influence or contributions from other hotel revenue streams.
Hotels have never operated in a more fragmented or competitive booking environment than they have today. Not only are hoteliers challenged to attract the right guest, at the right price, in markets that have seen large-scale hotel development over recent years, but they are also facing stiff competition from new players in the sharing economy. Led by Silicon Valley technology giant Airbnb, sharing economy accommodation platforms linking private citizens with vacant rooms or properties have grown dramatically in popularity over recent years.