16 Nov And the Beat Goes On…Raise Your Rates Now!
Yesterday, Glenn Haussman’s column in Hotel Interactive, “Why Experts Are Begging You to Raise Rates,” added to the rhythmic drumbeat being heard throughout our industry. I wrote an article on the same topic last week, citing research presented by hospitality heavy hitters from around the country. Thanks, Glenn, for keeping the pressure on those who are risk averse when it comes to raising rates. Revenue management principles remain the same yet many in our industry are too timid to move the rate quickly and efficiently when demand (both in the markets and at their hotels) supports the decision. I see this especially prevalent with group business. It’s time to stop emulating Jimmy Neutron (just because your friends are named Cliff, would you jump off them?) and become the leader in our comp set. Sure, we may make a few mistakes, but the revenue stream improvement when we are right will more than make up for it. Count me in!