Hotels rebuild performance post-pandemic, top STR rankings
Mark Lloyd, Relationship Director Hotels & Leisure at NatWest, discusses in this article his interaction with the Hotel Cloud platform, particularly the impact that Hotel Cloud has had on his clients. He gives a unique account of how Hotel Cloud is not just revolutionary for the hotel, but also immensely helpful for banks and financial advisors to these hotels.
Navigating the hotel management landscape is highly complex, requiring numerous challenges to be completed successfully in unison in order to deliver the highest quality guest experience. For hotels to perform at their best, they need to constantly review where resources are being spent, and how they can be reallocated to better meet consumer demand. Post pandemic, the hotel industry is having to adapt to increasing difficult economic and market conditions. Many businesses today are experiencing heavy staff shortages and struggling to provide services that were commonplace before the pandemic. Further, businesses are being challenged by reduced economic activity, higher interest rates and inflation. In such unprecedented times, making business decisions to steer hotel business in a positive direction is challenging. Consequently the topic of conversation about how technology has a role to play in easing this burden and boosting hotels to reach new heights is elevated.
As a trusted advisor to hotel owners, I have seen first-hand the difficulties of managing a hotel in today’s times, especially revenue management. I work collaboratively and strategically to provide innovative and bespoke solutions, whether that’s around lending or managing surplus cash reserves, or helping mitigate key business risks.
Recently, I have seen several hotels combat today’s tough conditions using a hotel revenue management software called Hotel Cloud.
From the examples I have seen Hotel Cloud has the ability to provide a robust understanding of all revenue aspects of the hotel, in real-time. To navigate today’s difficult climate, it is essential to be able to react as quickly as possible to changes in the market, and Hotel Cloud can aid in this area. I have seen hotel clients use Hotel Cloud to monitor and analyse their entire market demand instantly. It reports across single hotels and portfolios of hotels with clarity, precision, and speed, so that managers can make the best-informed decisions.
Within my portfolio of clients, I have seen the usage of Hotel Cloud aid in rebuilding post pandemic, through intelligent, data-derived decisions. Correctly predicting the behaviour of consumer demand is challenging in today’s climate and Hotel Cloud’s AI features make that possible. From my personal experience, I have seen Hotel Cloud customers routinely top the STR rankings, supporting the abilities of the system by translating into greater success for the hotels.