Industry leaders discussed how hoteliers should prepare for the next economic downturn at HSMAI’s Revenue Optimization Summit in June. Here’s what they had to say.
“Implement the right marketing, the right outreach, to acquire the demand and the guests that are willing to pay the rate that the market will bear, and don’t race to the bottom with that rate.”
—Denise Broussard, SVP, Revenue Management and eCommerce, Interstate Hotels & Resorts
“[What is] really important to consider is price discrimination or segmentation. Those of you who do that well are going to be able to maintain your rates… and be able to capture revenues that your competitors won’t see.”
—Tom Buoy, CRME, EVP Pricing & Revenue Optimization, Extended Stay Hotels
“The key is to acknowledge the fact that the business is actually going down and embrace techniques that can actually drive that business during the downtime.”
—Kurien Jacob, SVP Revenue & Distribution, Highgate Hotels New York