The Upsides for Independent Hotels Today
This week, at a panel during the Independent Lodging Executive Summit, leading management executives sat down to discuss the upsides and downsides of being in the independent hotel business today. They emphasize the importance of having a smart, strategic plan from the outset, and getting creative on the financing side.
The independent today is much more secure than in the past, they say. As consumers are turning to the internet, there’s a more equal playing field. The “internet is such a compelling conduit now for business in general and marketing”, and more people are seeking a boutique experience, as they are more readily available, the panel said.
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A handful of hotel owner and operators with varying portions of their portfolios represented by independent properties convened for a panel during the recent ILES (Independent Lodging Executive Summit) in Las Vegas and assessed the current market for non-branded assets.
A new study commissioned by Expedia Media Solutions explores the motives and behaviors of British, French and German travelers across multiple generations as they research, plan and book trips online.
On average, Europeans take 3.7 trips per year, including leisure and business travel, and their last vacation was 9.3 days in duration. French travelers took the most total trips (3.9), for the longest duration (10.2 days) compared to British and Germans. The majority (65 percent) of Europeans travel outside their country on holiday, especially Germans (72 percent), and about 60 percent travel by plane and stay in a hotel.
Upselling and cross-selling tend to be used interchangeably. Up selling is selling a more expensive version of the product or service the guest is already buying, e.g. a room upgrade. While cross-selling is selling a supplementary product or service to complement the existing product or service the guest is already purchasing, e.g. tours or activities. Both result in your customer getting more value from your property, and in return your property earning more loyalty and revenue.
The increasing incidence of intermediaries selling hotel rooms and other services is a major topic of discussion among U.S. hotel owners and operators. From online travel agents to convention housing companies, third-parties are placing themselves in between hotels and their guests during the sales process. Of course these intermediaries want to get paid, and therefore this has become a rising expense for hoteliers.
But how much are hotels paying, and which types are paying the most?