26 May 2020
London, Dallas & Singapore, May 26, 2020 - To help the hospitality industry better understand the dynamic trends and impact of COVID-19 on major markets’ hotel open rates and pricing, OTA Insight, the cloud-based data intelligence platform for the hospitality industry has issued its Weekly Global Hotel Market Rate Trends - a free resource to support hoteliers in their recovery efforts.
The impact of COVID-19 on the hotel industry is unprecedented. In the face of travel bans, closures and shifting consumer behaviours, hoteliers around the world are searching for strategic solutions to position their businesses now and into the future.
To succeed as demand picks back up, companies will now need new solutions, insights and data to understand what is happening, and how markets are reacting beyond their own compset. OTA Insight has data for markets across all regions and has proactively made them available to assist hoteliers. OTA Insight has developed datasets for more than 100 cities globally, tracking pricing trends across samples of 100+ 3/4/5 star properties in each of these cities, available weekly here.
In many markets selling rooms will require a renewed focus, as the type of demand and customers are shifting. Faced with volatile market forces, hoteliers need rate information more than ever to understand current and future dynamics in their market.
Given the unprecedented situation, revenue management solutions will now be hard pushed to shift focus from irrelevant historical comparisons to more short term and future forward looking data. The domino effect will push hoteliers to re-invent revenue management with innovative solutions more equipped to face the future of the hospitality industry - solutions that show not only present pricing changes - but indicators of intent to travel that can be converted to demand pick-up.
“Our purpose at OTA Insight has always been to help the hospitality industry visualise and leverage data. In today’s circumstances, we wanted to support hoteliers by providing access to our data and insights on how the markets are behaving globally”, says Sean Fitzpatrick, CEO at OTA Insight.
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