A comparison of forecasting methods for hotel revenue management

A Comparison of Forecasting Methods for Hotel Revenue Management

The arrivals forecast is one of the key inputs for a successful hotel revenue management system, but no research on the best forecasting method has been conducted. In this research, we used data from Choice Hotels and Marriott Hotels to test a variety of forecasting methods and to determine the most accurate method. Preliminary results using the Choice Hotel data show that pickup methods and re...

A Discrete Stochastic Approach to Hotel Revenue Management

  A linear programming model has been presented for finding an appropriate planning in order to maximize hotel revenue. In this model, a special planning horizon has been considered that includes several busy days of a year. There are several reservation periods that may start a few months earlier. Each period of reservation may have different prices and so result different incomes. Hotel custo...

A proposed Decision Support Model for Hotel Revenue Management

Revenue Management (RM) is a technique that applies economic principles to system variables in order to maximize revenue. The focus of hotel RM, as perceived by most hospitality practitioners and researchers, is room revenue maximization. Available software products do not use any high level information and do not use sophisticated prediction models. In this paper we propose a conceptual RM mod...

Intelligent System to Support Judgmental Business Forecasting: The Case of Hotel Room Demand in Hotel Revenue Management System

In this paper a new hotel revenue management model is proposed to provide hotel managers with a flexible and efficient decision support tool for room revenue maximization. The proposed system is composed of an advanced room demand forecast model and an optimization model that takes group reservations into account. The system also allows for expert intervention to update system parameters and ou...

Hotel revenue management: Investigating the interaction of information technology and judgmental forecasting