Propelled by the driving force of the University of Alabama and the automotive manufacturing industry, Tuscaloosa’s lodging market quickly rebounded post-pandemic and trended upward through 2023. The outlook for area hotels remains positive, and interest in new hotel development is thriving in the greater market.
Loyalty is hard to gain, but easy to lose - Consumers are buying experiences, not products - Speed, convenience, and relevancy are now more important than cost savings.
The same topic arises at the start of each new year, 'Is email marketing still viable?' The answer is still a resounding YES. Not only will email users top 4.5 billion in 2024, but hotels that use email effectively typically see it as one of the top converting marketing channels. The question then becomes, 'How do I use email marketing effectively for my hotel?' You're in luck, that's what we're going to cover right now.
The hospitality industry is continually reshaped by transformative trends and innovations. The HSMAI Foundation Special Report: The State of Hotel Sales, Marketing, and Revenue Optimization Talent 2023-2024, , offers a roadmap for navigating these changes. This year's report is more than findings and forecasts. It offers best practices, case studies, and suggested actions to improve talent outcomes across the commercial functions.
This year, we anticipate a surge in intimate affairs, a celebration of vibrant colors, and an emphasis on experiences that transcend the traditional wedding mold. From interactive food stations to personalized touches, here are the top 2024 wedding trends making waves.
Do you remember back in school when you learned about homographs? You remember, of course, those are words that have the same spelling as another word but have a different sound and meaning. What does this have to do with operational benchmarking? Is spelling important? Well, yes and no, spelling is always important, but when implementing operational benchmarking as part of the finance culture of the organization, it is important to understand what is significant in terms of your operation.
For most U.S. hotel owners and operators, one of the major challenges in 2023 has been the need to control expenses amidst slowing revenue growth. Through September of 2023, the properties in CBRE's monthly survey of hotel operating statements have seen their total operating revenues increase by 7.4% year-over-year, while total operating expenses grew by 10.0% during the same period. The net result was a decline in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of 0.2%.
Creating visual representations, including ones for traveling, is no longer proper for artists or advertisement experts but is within the reach of anyone with a social media account and smartphone. Thus, we have witnessed in the past years a democratization of visual representation creators in travel, a trend that will keep unfolding in the coming years.
The hospitality industry is all about relationships. Relationships between co-workers, guests, those in positions of prominence, and those cementing their place are of paramount concern. Without the relationships that are the bedrock of our industry, we would be nothing more than those who work in a building where people sleep in rooms.
RevPar is no longer only tied to room revenue at your property - it's the total square footage. This is not groundbreaking news, but ask yourself this question. What are you doing to drive revenue separately from your room rate strategy? It is time to invest energy into thinking beyond the room and amenity packages that will lead you to discover ways to drive revenue beyond nightly stay and food and beverage.