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In 2022 our industry was very lucky. The post-pandemic travel demand, fueled by sheer lockdown-induced restlessness, accumulated consumer savings to the tune of trillions of dollars plus government handouts to many trillions of dollars, has fueled the 2022 travel rush.
For as long as most hoteliers can remember, RevPAR has widely been accepted as the most critical hotel performance KPI. Taking both occupancy and average rate into consideration, RevPAR indicates how successful the hotel has been filling its perishable inventory AND the overall caliber of business that it was able to fill it with. Back then, more RevPAR simply meant more profit.
Expedia Group CEO Peter Kern believes that 2023 will be the year that we stop predicting a travel recovery and actually start enjoying it. In an interview with Bloomberg, he said further: "Summer 2022 will be the busiest travel season ever." But after two years of little to no demand, many hoteliers have started to look beyond traditional room revenue and warmed up to the opportunity which lies in non-room revenue. With a possible record summer ahead, will the idea of total revenue (and total revenue management) remain a focus for the industry or will we revert back to business as (pre-pand...