HRAWI organizes seminar on Revenue Management for Hoteliers & Restaurateurs

MUMBAI: Hotel and Restaurant Association of Western India (HRAWI) had organized a seminar on revenue management for hotels and restaurants in the region to counter the declining revenue in the sector and maximize yields. The seminar was addressed by Tarun Joukani, marketing manager at Staah, Saurabh Tiwari, revenue manager at Trident Hotels and Abhishek Logani, director and business head at MakeMyTrip.

“Revenue management is the practice of maximizing a hotel’s revenue while selling the same amount of products or services... It employs a mix of pricing strategies and systems to maximize yield,” Bharat Malkani, president, HRAWI said in a press statement. "However a lot of hotels have not yet made the leap in driving their direct sales and bottom line profit. This is where the real challenge lies for revenue managers in the next few years."

Kamlesh Barot, past president, HRAWI says hotels take important decisions regarding what to sell, when to sell and for how much, especially in this constrained economy. "Revenue Management uses data-driven tactics and strategies to answer these questions in order to increase revenue."