A dollar is a dollar; a euro is a euro; a quid is a quid; a yuan is a yuan; and, for the crypto crowd, a bitcoin is a bitcoin—right?
It’s a theme that was championed at a recent IHG Owners Association summit I attended. (I even took a photo of the slide as evidence.) It’s also one of the most pressing issues that has hamstrung the collective hotel industry’s ability to own its own business.
Despite its best efforts, hotels bookings aren’t always made directly with the hotel. In fact, online travel agencies—third-party booking sites, such as Expedia or Priceline—account for approximately half of all U.S. hotel bookings and they don’t come cheap. OTAs charge hotels per booking and that charge can be between 15% and 30%. Sell a room for $100, receive $85—and that’s before factoring in the costs…