Friday, December 3, 2021
HomeTravel StartupsNotable Travel StartupsAn Introduction to Hotel Benchmarking | By Julia Pedrol – Hospitality Net

An Introduction to Hotel Benchmarking | By Julia Pedrol – Hospitality Net

Perhaps you’ve heard about hotel benchmarking but are not quite sure where to start. How do you define a compset? What kind of metrics can you compare? How should you go about interpreting the results? We’re going to dig a little deeper into all of these points but first, let’s think about why benchmarking your hotel’s performance makes a lot of sense.

We live in a fast-paced world and as a result, many business decisions have shifted from action to reaction, leading to sometimes questionable decision-making. However, thanks to the new software and advanced data analytics available today, it’s now much easier to assess situations in more detail without compromising on time.

This is particularly true in the hospitality industry. Whether your hotel brand has five-star luxury properties or serviced apartments, having accurate and reliable data, and knowing how to effectively use it, is key to developing a successful hotel revenue strategy. And benchmarking tools provide…

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