Participants agreed that with hotels increasingly challenged by the growth of third-party intermediaries and the further commoditization of the hospitality industry, hotels must develop a holistic approach to Revenue Strategy – one that optimizes channel mix to achieve greater profitability and retain and create market share.
LONDON – As the international travel community gathered at the World Travel Market just a few miles away, hospitality innovators and brand executives from companies such as Starwood Capital, Wyndham and IHG met at Shoreditch’s Ace Hotel for a spirited discussion and networking focused on how hotels can create value in a rapidly evolving marketplace.
The occasion was Europe’s first Revenue Strategy Forum, a thought leadership event organized by Duetto, the market leader in hotel profit optimization technology. Participants agreed that with hotels increasingly challenged by the growth of third-party intermediaries and the further commoditization of the hospitality industry, hotels must develop a holistic approach to Revenue Strategy – one that optimizes channel mix to achieve greater profitability and retain and create market share.
Cindy Estis Green, Co-Founder and CEO of Kalibri Labs, delivered the keynote address and spoke about hoteliers’ quest to find new methods and techniques to measure and overcome rising distribution costs. Meanwhile, as online travel agencies like Expedia and Agoda continue to grow, non-traditional room retailers such as TripAdvisor and Google are becoming more involved in selling rooms and disruptors like Airbnb are emerging, threatening to steal even more market share.
“In this dynamic and challenging digital marketplace, it’s critical that hotel owners, and asset managers learn how to operate more profitably by deploying the emerging discipline of Revenue Strategy to optimize each property’s channel mix,” said Estis Green. “Europe’s first Revenue Strategy Forum was an important occasion for putting Revenue Strategy on the map and laying out the core issues for industry leaders.”
Topics discussed at the conference included:
From Revenue Management to Revenue Strategy: Why this has to be a board-level initiative.
Panelists:
- Cody Bradshaw, SVP, Starwood Capital
- Simone Truscello, Director of Revenue Management, Ace Hotels
- Todd Shallan, Portfolio Manager, KSL Capital Partners
- Jonathon Liu – VP Pricing & Revenue Management, Accor UK & Ireland
The session focused on how hotel owners and operators must formulate a holistic Revenue Strategy bringing together revenue management, sales and marketing, distribution, loyalty and other revenue-generating functions to drive market-share gains.
Disruption 2020: The Digital Marketplace
Panelists:
- Michael Levie, Partner and Operations, CitizenM
- Apurva Pratap, VP Distribution & Commercial Marketing Europe, IHG
- Barry Goldstein, Chief Digital & Distribution Officer, Wyndham Hotel Group
The session focused on how content has become the primary driver in the digital economy, analyzing the impact of factors such as pricing, transparency and one-stop shopping. It also looked at how innovative companies have become “winners” in the new era by delivering consistent value, great experiences and maintaining loyalty and extending customer relationships.
The day’s thought leadership discussions were complemented by valuable networking opportunities and a memorable closing reception.
Patrick Bosworth, co-founder and CEO of Duetto and moderator of the discussions, said, “The hotel market in Europe is becoming increasingly competitive, with a crowded field of international brands and pricing pressures from outside the industry. We were proud to bring together leaders to discuss how the emerging discipline of Revenue Strategy can help hoteliers enhance profit, performance, and ultimately, improve our guests’ hotel experience – as we maximize the value of our hotels’ best assets. Special thanks to Shoreditch’s Ace Hotel for hosting the event in a dynamic, stimulating and enjoyable setting.”
Photo caption: Vibrant Revenue Strategy Discussion Led by Duetto – London.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
