March April 2018

18 CALIFORNIA LODGING NEWS www.calodging.com WHETHER FOR BUSINESS OR PLEASURE, events can be big money makers for hotels, provided hotels have the right tools in place. The year is chock full of special events. One market’s special event can be another market’s slow period. It is critical for your hotel staff to be aware of important events in the local market, so they can make the most of those events by attracting guests and optimizing room rates to drive RevPAR. It is also a great opportunity for you to think beyond rates and focus on smart packaging too. How can your staff ensure they are aware of all of these event opportunities? Start by procuring schedules of all local sporting events, concerts, and conferences. A simple online search will direct you to resources for event schedules, including municipal government sites, chambers of commerce, and online schedules on your local venues’ websites. Examples of events to keep in mind include: • Professional sporting events (NBA, NHL, MLB, PGA, NASCAR, etc.) • College sporting events that draw large crowds like homecoming and tournaments • Youth leagues holding tournaments in your community • Concerts, circuses, comedy shows or other performances Those schedules provide vital insight into which nights will be most in demand and allow you to prepare accordingly, well in advance. Be sure to reach out to organizers about securing rooms at your hotel for out of town guests. It is essential for your staff to understanding regionally relevant special events—especially annual ones—so that your team can properly configure those event dates in your Property Management System (PMS). The modern PMS should have the flexibility to attach a rate for each demand type your hotel will experience any given year. This helps you maximize rate and occupancy potential during both peak periods or slower times. Once you have that in place, you are ready to leverage those events to maximize your hotel’s revenue. Here are some tips to get you started. Packages Packages are a great way to maximize rates. When rates are bundled as part of a package, people are often less price sensitive. It is especially true when people want to attend a specific event in a particular location. Another great example: music festivals. People want to attend these events, and you have the ability to set a multiple night expectation as part of a package during a certain date range. With a modern PMS, hoteliers can set restrictions such as Minimum Length of Stay, Closed to Arrival, and special event rates. This functionality helps revenue specialists ensure rooms are not left empty because someone only booked a room the night prior to the event and not the night of the event. Now you can sell rooms only to people desiring to stay the entire event. Additionally, the package can be defined with special rooms such as a suite or include a fun amenity, like a snack basket. One creative offering could be a music festival field kit, which includes water, sunscreen, and a venue map. This is a smart way to charge premium pricing for individual components, which are bundled into a single price around each event. Market larger rooms and suites, specifically for those looking to enjoy more social time in the room before the event. For sporting events, include elements like event memorabilia, drinks at the bar, or perhaps a game day snack pack or tailgate lunch. Automatic Rate Setting Setting and resetting rates as demand increases for specific nights is a time- consuming process. So, modern PMS products include automatic rate setting functionality. This helps ensure you are securing the best rate on all distribution channels. Simply define rate alert triggers with minimum and maximum dates from date of stay. Then your modern PMS automatically adapts Best Available Rate (BAR) levels based on changes in actual occupancy or number of rooms sold. In conjunction, these two powerful, yet simple-to-use tools, can help guide the hotel to increased profitability. Tip! Create ‘local only’ rates available exclusively by calling or visiting the property, or special rates designed for Online Travel Agencies (OTA) or other channels. Other simple to complete tasks include transferring rates from one bucket to another, setting up specific policies, and rate plan restrictions. On the Move Functionality Finally, a cloud-based property management system should offer mobile-optimized hotel management. So, if the owner or manager is off premise, say at a sporting event, he or she can change rates that are shared throughout all distribution channels while enjoying the big game. With easy to enact rate setting solutions, you may find yourself spending less time in the back-office and more time front-of- house connecting with your customers. That personal touch can make the difference for a successful hotel, any time of year. And with demand still outpacing supply in many markets, you have a chance to capture great rates all summer long. For those with the right PMS, summer event season has the potential to be more profitable than even before.  How to Target Special Events to Maximize Your Hotel’s Revenue Start by procuring schedules of all local sporting events, concerts, and conferences.