Innovative Hospitality Revenue Management Solutions
Implementing a hotel revenue management strategy can be one of the most important revenue-generating initiatives available to a hotel, significantly increasing revenues and profits. Ledgestone Hospitality uses a variety of systematic methods designed to increase room revenue by selling the right room - to the right person - at the right time - for the right price. While we deploy cutting-edge revenue optimization systems, our position is that philosophy is also equal to or greater than the tools deployed. We have developed our philosophies over the past three decades and offer vast experience in leading results.
Ledgestone Hospitality executives have adopted a strong philosophy that opposes discounting and instead employs professional hospitality revenue management techniques that result in maximizing sales and profits alike. Discounting doesn’t work. As a general rule, we do not believe that lowering rate increases demand or occupancy. We are very hands-on from a corporate revenue management perspective assuring ownership of expert involvement and implementation of best practice revenue optimization. We want to deliver the best results possible for our ownership and understand what it takes to make a commercial mortgage payment while delivering successful returns for the assets in our hotel management portfolio.
Our revenue management solutions start with training the staff how to professionally sell a guest room by utilizing our "Reservation Sales Training Program," customized for your location. We also have available a "Reservations Mystery Shopper Program," which is utilized to provide ongoing training and accountability.
The following items are all part of our proprietary revenue management program:
- Positioning the property competitively
- Ongoing competition call around
- Pricing and Distribution Strategies
- Develop and manage length of stay restrictions
- Special event management
- Develop effective rate fences
- Demand Calendars
- Group Contract Management
- Employ channel management techniques
- Yield Management Strategies
- Third Party Intermediary shopping
- Accurately reading and understanding historical revenue data
- Utilizing a proper Forecast
- Competitive Positioning Online
- Inventory Management
- Understanding and Management of the Reservations Booking Pace
One of the most important issues in operating a hotel is maximizing revenue while sustaining year over year growth. Ledgestone Hospitality utilizes state-of-the-art revenue management practices in the hotels it manages.