In the first two videos of this series we discussed how to apply basic revenue management principles, but how do you know if these are effective?
In this third and last video in our Revenue Management Principles series, in collaboration with Expedia Group, Monica Xuereb, Chief Revenue Officer at Loews Hotels & Co, and Chris Baniewicz, Senior Manager, Revenue Performance Solutions at Expedia Group, join André Baljeu to discuss their expertise on how to apply benchmarking to measure the efficiency of the hotel's revenue management strategy.
00:00 - Introduction
01:23 - What is Hotel Benchmarking?
02:47 - Why is Benchmarking important?
04:06 - Knowing it is time to adjust and adapt
07:50 - Key Benchmarking tips for Hotels
10:10 - How to anticipate Competitor rate strategies
13:48 - Different types of Hotel Benchmarking
15:43 - The importance of the Revenue Manager
18:42 - Conclusion
Monica Xuereb, Chief Revenue Officer at Loews Hotels & Co
In her role as Chief Revenue Officer at Loews Hotels, Monica Xuereb is responsible for guiding and supporting all sales and revenue processes; including leading the strategy for generating more efficient, predictable, and profitable revenue to support company growth and value.
Ms. Xuereb joined Loews Hotels in 2013 as Vice President of Revenue Management after successfully running her own consultancy for more than three years. Her company assisted with revenue management, pricing, and distribution strategies to independent hoteliers and small hotel groups such as Dorchester Collection, Small Luxury Hotels of the World, Rosewood Hotels & Resorts, Morgans Hotel Group, and Viceroy Hotels and Resorts.
She spent 17 years in total with The Ritz-Carlton Hotel Company and Marriott International, holding several senior Revenue Management positions at the Regional, Area, and Property levels, including Vice President of Revenue Management, International, where she oversaw the yield strategies of 34 Ritz-Carlton and Bvlgari Hotels in Europe, the Middle East and Asia.
Connect with Monica on LinkedIn.
About Loews Hotels
Headquartered in New York City, Loews Hotels owns and/or operates 27 hotels and resorts across the U.S. and Canada. Located in major city centers and resort destinations from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with exciting, approachable, and local travel experiences.
Chris Baniewicz, Senior Manager, Revenue Performance Solutions at Expedia Group
Chris Baniewicz is a Sr. Manager for the Revenue Performance Solutions team at Expedia Group. This team is driven by the mission to power revenue performance insights for everyone, everywhere. By leveraging Expedia Group data, technology, global reach, and machine learning capabilities, they aim to level the playing field for all lodging & vacation rental partners. They are focused on accelerating commercial outcomes for Expedia Group’s supply partners using immersive & intuitive products, APIs, and innovative data & technology partnerships. Chris is passionate about helping lodging partners be successful by adopting revenue performance technology and practices.
Before joining Expedia Group, Chris was a Director of Revenue with Accor Hotels. Chris completed his bachelor’s degree in Hotel, Restaurant, and Institutional Management from The Pennsylvania State University. In addition, he holds a Certificate in Hotel Revenue Management from The School of Hotel Administration, Cornell University.
Connect with Chris on Linkedin.
About Expedia Group
Expedia Group, Inc. companies power travel for everyone, everywhere, through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success while facilitating memorable experiences for travelers. The Expedia Group family of brands includes Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, Expedia Local Expert®, CarRentals.com™, and Expedia Cruises™.
Expedia Group is a Founding Member at techtalk.travel
Also make sure to find these supporting content elements of the editorial Adopting Revenue Management Principles - Hotel Benchmarking:
- ARTICLE l Measuring the Efficiency of Your Revenue Management Strategy by Vikram Singh, and Chris Baniewicz (Expedia Group)
- INFOGRAPHIC l Adopting Revenue Management Principles - Benchmarking
- PODCAST l The Basic Principles of Revenue Management - Benchmarking
And also find the first and second editorial of this series discussing Revenue Performance Principles:
- The first Editorial discussing Revenue Performance Principles for Independent Hotels
- The second Editorial discussing Monitoring Demand for Effective Forecasting
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