The majority of 2014 has come and gone, so many hoteliers are now focusing their attention and efforts on preparing for the opportunities the new year will bring. However, before getting too far ahead in planning for 2015, it’s important for operators to remain on-course, review their year-to-date progress and establish goals to ensure their hotel’s annual performance finishes strongly.
In the most recent forecast released by STR and Tourism Economics, the U.S. hotel industry as a whole is predicted to finish 2014 on a very high note:
• A 3.7% rise will place occupancy at 64.4% for 2014, a level not seen since 1996.
• Average daily rate (ADR) is predicted to grow 4.6% to $115.53, an all-time record.
• Revenue Per Available Room (RevPAR) is forecasted to rise 8.5% and finish at $74.42, the highest rate since STR began tracking data in 1987.
• Demand is expected to achieve a 4.5% increase, the largest increase since 2011.
• Supply is expected to grow by 0.8% for the year.
And while 2014’s predicted year-end figures look extremely positive, 2015 is expected to be even more promising:
• Occupancy is predicted to rise 1.1% to 65.1%
• ADR is slated to increase 5.0% to $121.37
• RevPAR is expected to grow 6.2% to $79.06
• Demand is anticipated to increase 2.4%
• Supply is likely to increase 1.3%
From a macro perspective, the predictions above point to a very prosperous end of 2014 and a very successful 2015 for the entire U.S. hotel industry. However, on a micro level, individual properties will only achieve these results if they are prepared with the proper systems to manage an increase in reservations and revenue, as well as the responsibility of delivering exceptional hospitality to every guest staying on-property.
To position independent hoteliers for short- and long-term success, innRoad provides the industry’s leading cloud-based property management system (PMS). An all-in-one, fully integrated hotel operations solution, innRoad includes four advanced technologies designed specifically to maximize performance and profitability for independent hotels:
Property Manager: innRoad’s Property Manager provides hotel operators with the tools needed to manage the complete on-property guest experience. With easy-to-use functions and intuitive features, our cloud-based property management system allows front desk team members to quickly pull up reservations, assign rooms, track requests and process billing with just a few clicks. Additionally, back office features, such as reporting, booking channel tracking and account management, are quickly and easily accessible so operators remain in total control of their hotel.
Booking Engine: By enhancing existing hotel websites with our cloud-based property management system’s Booking Engine, hoteliers are able to create new, revenue-driving booking channels that capture direct, commission-free reservations. And with our premium add-on Mobile Booking Engine, operators can provide travelers with a mobile-optimized channel for booking reservations on-the-go.
Global Distribution: Global distribution is the key to increasing reservations and attracting new guests. innRoad’s cloud-based property management system provides hoteliers with connectivity to a global distribution system, which opens the doors to popular online travel agents (OTAs), such as Expedia, Travelocity and Booking.com. And with seamless integration, rates, inventory and special offers are automatically updated across all connected OTA with just a few clicks.
Revenue Manager: With increased reservations and revenue, hoteliers must ensure performance growth is managed efficiently. innRoad’s Revenue Manager put operators in control of performance by hosting a hotel’s most important metrics and data, like RevPAR and ADR, within one system for quick analysis. With innRoad’s Access Anywhere platform, operators can access our cloud-based property management system from anywhere with an internet connection.
We understand that transitioning to a new hotel operating system is a big decision for independent hoteliers, but if a property is not meeting expectations, a change must be made before another year of lost opportunities and profits passes by.
Register today to experience innRoad’s cloud-based property management system with a free, 14-day trial. Let innRoad position your hotel to exceed expectations and realize its full potential for performance and profitability.