How hotels can adapt to shifting market sentiment

Strategic responses for hoteliers

1) Don’t cut rates, add value

When demand softens, the temptation is to drop prices. But that approach rarely pays off. In fact, Skift found that after the 2008 crisis, it took four years for them to recover to 2007 levels. 

Instead, look for opportunities to add value. Guests will be looking for ways to make their dollars go further. Use real-time rate intelligence to stay competitive without racing to the bottom. Look for opportunities to add tangible…