RoomKeyPMS is excited to be included in Business in Vancouver 2014 Top 100 Fastest Growing Companies list. This is the first time that RoomKeyPMS has been on the list and we ranked in the top 50 at #49!
This Business in Vancouver list recognizes companies in BC with the greatest percentage change in revenue over the past five fiscal years. The list was compiled by the editorial research team at Business in Vancouver.
To celebrate this achievement, join RoomKeyPMS at the Top 100 Fastest Growing Reception on October 16th, 2014 at Telus World of Science. For more details and special promo code contact email@example.com.
RoomKeyPMS and GuestDriven have announced today a partnership between the two companies, which will provide hotels with a powerful mobile guest engagement platform integrated with the industry’s leading property management software.
September 25, Vancouver, BC: RoomKeyPMS, the leading cloud-based property management software for the global hospitality industry, is pleased to announce a new partnership with GuestDriven, the groundbreaking hospitality mobile solution provider that enables hotel brands to personalize their customer experience through its Mobile Guest Engagement platform.
GuestDriven provides hotels with a client-facing mobile app and a hotel-facing marketing and communication dashboard, providing them with the ability to offer their guests a frictionless experience at every stage of travel — before, during, and after. Through the mobile engagement platform, GuestDriven gives hotels guest data that can be leveraged to create unforgettably personalized experiences and highly targeted marketing campaigns. (more…)
Part 1: The basic concept
There are three most popular indexes that are currently used in the Revenue Management science:
Occupancy: percentage of all rental units in the hotel that are occupied at a given time.
ADR (average daily rate): average rental income per occupied room in a given time period.
Sometimes a hotel’s productivity is evaluated based on one of those (more often – occupancy). Many hoteliers still view increasing occupancy as the operational target, disregarding all other aspects of Revenue Management. In reality, higher occupancy in many cases leads to lower profits, when the increased number of rental units doesn’t offset the loss in ADR (see article 3 myths about Occupancy). (more…)
When looking for a new PMS for any hospitality property can be an overwhelming task. Many questions need to be asked to ensure that you are getting all the features and functionality of your property needs will be covered by the new PMS.
We have developed an easy to follow infographic to feature the 5 Must Haves in a new PMS, or is it a GMS that you are looking for — ask RoomKeyPMS why GMS is the new PMS.
June 2014 is reported the best month of June this century by STR. The US hotel industry posted an impression gains in all three hotel key performance metrics for June 2014:
- Occupancy at an impressive 71.7%, the best June prior being in 2007 at 71.1%
- ADR was up 3.9% at $112
- RevPAR grew by 6.4% to $71
This increase for June 2014 is in line with the newly released Q2 STR report where the industry posted increases in:
- Occupancy showed steady growth of 3.6% to 68.1%
- ADR increased 4.4% to $115.46 USD
- RevPAR grew an amazing 8.2% to $78.59 USD
In our continuing Revenue Management series, RoomKeyPMS partner iRates explains why following your competitors’ price is not an ideal pricing strategy.
Another misconception that is still prevalent among hotels of all sizes and star ratings is that in order to be priced accurately, one needs to follow their competitors’ rates. Unfortunately, this point of view is also shared by large hotel management companies, hotel chains and even some Revenue Management companies. This is a habit that has been very heavily ingrained in the Hospitality industry, and breaking this norm is going to take a lot of reinforcement. (more…)
RoomKeyPMS Release Notes:Version 8.5 (Build 0.18)
RoomKey is excited to launch a 1-way integration with iRates, a powerful yet easy to use Revenue Management system. The iRates interface will allow your hotel to:
- Interface historical data from RoomKey to iRates
- Interface ongoing details about your properties with iRates including:
- Property Information
- Key Statistics (ADR, Occupancy)
Occupancy is one of the three main indexes used in the science of Revenue Management (along with ADR and RevPAR). It is the percentage of all rental units in the hotel that are occupied at a given time.
Occupancy is calculated as: number of occupied rooms/number of total available rooms, and is expressed as a percentage.
The three main misconceptions about occupancy that are still prevailing in the hotel industry are:
- Occupancy should be the target for maximization
- Occupancy should be forecasted
- Occupancy should be the indicator and trigger for price adjustments
2014 has been an exciting year so far for all of us at RoomKeyPMS. In April we moved our office from North Vancouver to trendy Gastown.
Our new office location is:
#402 – 134 Abbott Street
Vancouver, BC V6K 2K4
We have added several new people to the team over the last 2 months, welcoming: (more…)
We’re excited to announce that we’re expanding our services to include TripConnect™ – a powerful new tool from TripAdvisor that can help you generate remarkable direct booking opportunities.
TripConnect, which is available now to TripAdvisor Business Listings subscribers, gives you an exciting new way to compete for bookings by sharing your direct rates and availability on the world’s largest travel site:
- Drive travelers straight to your website’s booking page — and make direct booking fast and easy for potential guests
- Increase revenues — travelers book directly on your website, where it’s easier to upsell to higher-priced rooms
- Reduce costs — when you generate more direct bookings, you reduce your acquisition costs