Duetto, a leader in cloud-based hotel revenue strategy solutions, caught up with revenue leaders from around the world to find out what they think are the trends and challenges for 2024. Here, we recap a few of those conversations.
The Standard
US lifestyle brand, The Standard, has been a Duetto customer since 2014 and currently has 16 hotels using its solutions globally. The company has been expanding rapidly and has two new hotels set to open in 2024 in APAC – The Standard, Singapore, and The Standard, Melbourne.
Sameer Mehra is Standard International’s Vice-President of Revenue Management for Asia & Middle East. Top of the list for Mehra is adapting to technological changes. He says, “Staying current with the latest technologies, such as contactless services, artificial intelligence for personalized experiences, and efficient energy management systems, can be costly but necessary to remain competitive.”
Another challenge Mehra is predicting is the change in consumer expectations. He says that guests today are increasingly seeking unique, personalized experiences and hotels need to offer more than just a place to stay. They need to focus on creating memorable experiences, which may require innovative service models and amenities.
Capsis Hotels
Capsis Hotels in Greece continues to focus on corporate accounts and congresses after seeing revenue success with these segments in 2023.
“We’re trying to combine contracted group rates and dynamic group rates, to optimize our rate performance and assure our guests’ satisfaction,” says Anatoli Kapnidou, Director of Sales & Revenue, Capsis Hotels.
The small collection of four- and five-star hotels is aiming to automate more revenue management processes this year, to free up more time to be strategic.
Capsis Hotels will continue to work on its dynamic pricing strategy. Kapnidou believes that finding the rate sensitivity of the clients and optimizing rates accordingly will push revenues up in 2024.
“We want to prioritize those willing to pay our prices,” she says.
Dusit International
Revenue needs to become an even more commercial discipline, according to Jeongwuk SUH (Jeong), Assistant Vice President, Revenue Optimisation and Business Intelligence, Dusit International.
“The role of revenue management is evolving to connect with all commercial disciplines and will be the core of our advanced analytics and decision-making,” he said.
To achieve this, SUH believes there needs to be further digitalization of the hospitality industry.
“It’s about cultivating an innovation culture, embracing and adopting the technology to enhance guest experience, optimize operations, and drive revenues,” he explains. “Leadership’s commitment to an adapting strategy in evolving digitalization is crucial.”
Dusit International partnered with Duetto in 2021. The company uses Duetto’s innovative Revenue Strategy Platform for 23 hotels, totaling 6,000 rooms, in the Middle East and Asia Pacific.
Learn more about what hotel revenue leaders see as the biggest opportunities of 2024 in Duetto’s latest eBook, Trends & Predictions to Advance Your Hotel Revenue Strategy in 2024.
