Applying analytics to ancillary revenues opens up new revenue streams for hotels and resorts
The pandemic was a time of great hardship for the hospitality industry, but also a time of great innovation. Hotels and resorts became more creative than ever in delivering superlative guest experiences via new revenue streams. Over 500 hotels and resorts worldwide use RealTime Reservation to deliver new ways for guests to interact with onsite services via a seamless system. Guests easily reserve activities and amenities such as spa packages, parking, poolside seating, food and beverage, recreational activities. The result is increased incremental revenue and enhanced customer satisfaction and loyalty.
Taking this a step further RealTime Reservation is collaborating with SAS, the leader in analytics, to apply advanced analytics to the vast amounts of ancillary revenue data it collects from its pre-arrival hub. The resulting intelligence will help hoteliers develop informed ancillary revenue plans by answering such questions as; what is the optimal price for a cabana on different days and times? What add-on experiences resonate best in the market? Should a hotel focus on high occupancy or ancillary services when staffing is an issue? And when planning a new hotel, should space be devoted to spa services and poolside amenities, or developing co-working offices?
“SAS has done an extraordinary job of providing the hospitality industry with prescriptive analytics globally for decades,” says Shawn Tarter, CEO and founder of RealTime Reservation. “By working together we’ll tap into never-before-seen data on ancillary revenues, granting hoteliers full-scale reports on where they should focus to optimize revenues through their own amenities and activities.”
“RealTime Reservation and SAS will deliver benchmark reports on ancillary revenues to the market,” said Chris Knothe, Principal Industry Consultant at SAS. “Extracurricular services, including the amenities offered on site, and how they impact revenues are an important aspect of managing growth and maximizing profitability on the way towards ‘Total Revenue Management’. RealTime Reservation is a leader in this area and together we’ll be able to provide intelligence that hotels and resorts will find particularly useful and important when optimizing ancillary profit centers.”
The new service to be offered by RealTime Reservation and powered by SAS will be called ARROW (Ancillary Revenue Reporting Optimization Worldwide) and will officially be introduced at the Hospitality Industry Technology Exposition and Conference in Orlando. ARROW is expected to be available later this year. You can find RealTime Reservation at booth number 947 at HITEC.
About RealTime Reservation LLC
RealTime Reservation LLC is a New York-based organization that provides real-time inventory management reservation software to the hospitality/travel industry. RealTime Reservation LLC software maximizes ancillary revenues by allowing hotels, resorts, theme parks, and cruise lines, to accept pre-arrival reservations of cabanas, activities, amenities, excursions, events, day passes, and much more. Our web-based application allows for creative upselling of overnight and daytime visitors with add-ons and pre-planned packages. In addition, our unique centralized reservation inventory management software effectively eliminates double booking and lost reservations while enhancing revenues and the guest experience overall.
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