HSMAI held a Chief Hotel Management Company Revenue Officer Executive Roundtable in New Orleans recently to discuss the biggest issues they face and challenges for the industry.
Trends, questions and concerns voiced by the group:
- Today's outlook is "Hope for the best. Plan for the worst." We all need to look at our stress tests and contingency plans.
- How useful are models when things are so fluid today? This leads to the question, "What are the next tools?"
- People seem in the mood to panic…and the littlest bit of fuel gets them wound up (e.g., tiny ripples of new supply are causing great concern in market).
- It has been surprisingly difficult to replace employees…and surprising to see how much companies are paying to draw people to revenue management jobs.
- With people being pulled away for higher salaries, it is increasingly important to explain the need for increased salaries to owners.
- It is very exciting to hear how many CROs are overseeing both sales & revenue…and it’s not sales getting revenue, but revenue getting sales.
- The brands are taking back more control through book-direct campaigns.
- The rate of cancellations has grown (and continues to grow) quickly.
- Many are observing tension between brands and OTAs based on new booking direct strategies.
- Uncertainty is the new normal.
The session was sponsored by Booking.com, Rainmaker, and Tambourine. Hotel companies represented at the Roundtable included Atrium Hospitality, Commonwealth Hotels, Concord Hospitality Enterprises, Crescent Hotels & Resorts, Evolution Hospitality, HHM (Hersha Hospitality Management), Highgate Hotels, HRI Lodging, HVMG, Interstate Hotels & Resorts, John Q, Hammons Hotels, KSL Resorts, Marcus Hotels & Resorts, Midas Hospitality, LLC, Pacific Hospitality Group, SBE, Shaner Hotel Group, Stonebridge Companies, TPG Hospitality, Vail Resorts, Inc, Venetian, Palazzo & Sands Expo Center, Viceroy Hotel Group, White Lodging, and Windsor Capital Group, Inc.
HSMAI Executive Roundtables provide senior executives access to experts and an opportunity to interact with their peers. HSMAI brings together Chief Marketing Officers, Chief Digital Marketing Officers, Chief Sales Officers, Chief Revenue Officers, and Hotel Management Company Sales & Marketing Executives through the year.
Visit www.hsmaifoundation.org for findings from other recent HSMAI Executive Roundatbles via HSMAI Foundation Leadership Insights.