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In recent years, wellness tourism has emerged as a powerhouse in the global travel industry, with the market expected to reach a staggering USD 2.1 trillion by 2030. In response to the experiences during the pandemic that stressed the value of wellness, travel habits have now led towards seeking destinations that support physical and psychological health. Around the globe, renowned hotel brands now consider wellness as a key element in their offerings. Insights shared by Skift about the Wellness Real Estate Report 2023, released by RLA Global, claim that multiple brands, including Hilton and IHG, are expanding their services into the realm of wellness.
Throughout 2022 The Revenue Optimization panel addressed a number of interesting topics including emerging decision making technologies, moving beyond RevPAR to focus on profitability, driving ancillary revenue, the evolving role of the Revenue Manager, and even how to avoid the fine line between data-driven decision making and analysis paralysis.
As most of us have already heard, 90% of the world s data was created in the last ten years, and the amount of data created grows at a faster rate every year. The hotel industry is far from immune, with the various sources of business intelligence available today having exploded from the days when a few large Excel files and a weekly STR report was enough to get every Revenue Manager labeled a nerd.
For as long as most hoteliers can remember, RevPAR has widely been accepted as the most critical hotel performance KPI. Taking both occupancy and average rate into consideration, RevPAR indicates how successful the hotel has been filling its perishable inventory AND the overall caliber of business that it was able to fill it with. Back then, more RevPAR simply meant more profit.