NEW YORK— While strong demand has raised ADR and RevPAR growth in many markets, the “21st Century Revenue Management” seminar, a highlight of the final day of the International Hotel/Motel & Restaurant Show here, reminded hotels they still need to focus on this area of marketing to ensure theyre not only maximizinmg revenue but profits. “Strategic pricing, which deals with a propertys long-term pricing, is only one aspect of sophisticated revenue management today,” speaker Victoria Edwards, VP, strategic development, for Seattle-based Buckhiester Management, Ltd., told the audience. Edwards cited channel management and forecasting as two other critical components of effective revenue management. Moving beyond revenue and profits generated by sleeping rooms, Minneapolis-based Ideas Revenue Optimization works with its clients on two additional fronts: maximizing the revenue and profitability of catering sales and meeting rooms/function space. “These revenue streams too often are overlooked, even amonmg sophisticated directors of revenue management,” noted speaker James Ruttley, Ideas VP, client services.
