IDeaS Hospitality Revenue Summit 2022 brought together over 150 revenue, commercial, finance and technology leaders from IDeaS clients around the world. Attendees discovered bold new possibilities as they connected with industry peers at Lotte New York Palace, an iconic NYC landmark.
Key areas of focus included strategies to deliver a connected commercial organization and harness advanced analytics. A significant theme that emerged from the event was examining an owner’s viewpoint and exploring the link between revenue optimization and asset valuation. Select IDeaS clients shared their own unique success stories about how they have leveraged IDeaS to build more powerful revenue strategies.
IDeaS was also delighted to share our latest product updates and innovation roadmap as we converged to continue to shape the future of hospitality—together.
Welcome Reception & Client Awards
Attendees stepped back in time for A Gilded New York welcome reception and experienced an evening as New York’s high society. At the event, IDeaS announced the winners of its 2022 Client Awards. Read more >>
The Changing Face of Commercial Success
Tyler Morse, Chairman and CEO of MCR Development, which owns and operates over 150 hotels throughout the USA and was named Fast Company’s Most Innovative Travel Company, was this year’s keynote speaker. Morse shared a message that simple is better, revealing his thought-provoking approach to digital marketing, distribution, ancillary revenue, and taking risks. Sharing examples from his passion project and landmark property, TWA Hotel at NYC’s JFK Airport, where MCR stitched together 65 software systems, Morse revealed how technology is facilitating the industry’s rapid change.
The Power of Advanced Analytics: How the Best Price is Determined
Recent research revealed that a 3% increase in forecast accuracy can result in a 2% increase in profit. IDeaS’ President, Co-founder and Chief Scientist, Dr. Ravi Mehrotra, explained the science behind IDeaS’ forecasting solutions with the help of Strategic Account Area Manager, Laura McNally. Diving deep into the math behind the decisions, this session illustrated the process IDeaS’ solutions use to determine optimal pricing.
IDeaS and AAHOA: An Industry Viewpoint
AAHOA Chairman, Neal Patel, and IDeaS founders discussed what technology has to offer the hotel industry and the barriers preventing technology integration. With varying perspectives on technology education, marketing strategy, and industry readiness, the panel analyzed the steps hoteliers must take in embracing technology for success.
The Asian American Hotel Owners Association (AAHOA) focuses on helping hoteliers protect their business interests through industry leadership and professional development. Acting as an advocate for their members, AAHOA frequently partners with IDeaS to lead discussions about hotel technology and how IDeaS solutions can benefit their hotels.
Learning Focus and Best Practices: Optimizing Multi-Unit RM Performance
According to a 2021 survey by Forrester, twice as many organizations are adopting a centralized revenue operations model than just two years prior. The role of a revenue manager is changing, and companies are adopting a leaner, data-driven operating model to drive efficient and predictable revenue. David Wilker, Director of Product Management at IDeaS, shared the advantages of centralization and demonstrated in a step-by-step process, how to centralize your revenue management approach by examining team structure, culture, and revenue management best practices.
The Power of Advanced Forecasting Beyond Rooms to Unlock Growth
What pays the rent—revenue or profit? F&B and other income account for up to 35% of global hotel revenues, and while rooms have long been the focus of revenue management, advanced forecasting must go beyond rooms to unlock growth. At the same time the focus is shifting from RevPAR to TRevPAR (Total Revenue Per Available Room) and ultimately GOPPAR (Gross Operating Profit Per Available Room.) This session revealed how optimizing the entire trio of revenue streams drives profit improvement and provided guidance on the cultural shift required to get there.
IDeaS Client Perspectives: RevPlan
What if you could leverage automation to consolidate and optimize your forecasting and budgeting process, improve forecast accuracy and boost your profit margins? IDeaS Client panelists, Derek Brewster of Lotte New York Palace, Matthieu Lafaurie of Radisson Hotel Group, Shawn Jereb of Montage International, Albane Colmenares of Hard Rock, Mehernosh “MJ” Jehangir of Loews Hotels & Resorts, and Scott Muety of Viceroy Hotel Group shared their unique perspectives on implementing IDeaS RevPlan to optimize each piece of the revenue pie.
Owner View: The Impact of Revenue Optimization on Asset Value
Did you know that an additional $1 in ADR can mean nearly $2M in incremental value? Revenue management systems, the foundation of the modern hotel tech stack, not only optimize revenues but strengthen your financial position. Charles Macon, CFO at BRE Hotels & Resorts, a Blackstone fund owned hospitality platform with over 140 hotels, revealed the pivotal role data analytics and automation play in meeting the critical ownership objective of enhancing asset value.
New Times Call for New Tools: Optix for G3 RMS
Less than half a revenue manager’s time is dedicated to revenue generating activities, with data collection and reporting being some of the most time-consuming tasks. But what if you could drive efficiencies by easily uncovering insights that would transform each revenue strategy meeting into a decision-making session? Attendees heard testimonials from Paula Mullaney and Emma Buckley of Staycity Aparthotels, Zach Plutzik of the Betsy Hotel and Veli-Petteri Korpi of Sokos Hotels who shared their perspectives how they have turned data insights from IDeaS Optix into smart, actionable strategies and got back hours every week of their time.
The Breaking News: How to Drive Opportunities with your IDeaS Products
IDeaS product leaders revealed the latest features that enable clients to improve their pricing power by capitalizing on the return of group business and driving incremental revenue by using linked and independent rates. IDeaS continues to make investments in data-visualization tools that help our clients build confidence, stay informed and drive more insightful decision-making—delivering not just better revenue, but better profits. Whether you’re looking to optimize your distribution strategy or manage your total revenue performance, IDeaS uncovered the latest in its scientific solutions that focus on improving forecasts, empowering revenue management at scale and increasing your bottom line.
Want to learn more about the product innovations presented at IDeaS Converge 2022?
