With an improving global economic outlook and decline in the Australian dollar has helped contribute to the solid growth of International visitor arrivals and the attractiveness of domestic travel within Australia.
According to Deloitte the future Hotel Performance is one of demand growing at nearly twice the pace of supply over the next three years and occupancy rates being propelled further into record territory as a result.
However although the future is exciting with a strong demand base as this is when our best revenue management skills can come into play it is important that we grow rate not at the expense of too much occupancy. BALANCE is still the key. We need to make sure we are capitalising on the demand for our peaks and using it to fill the gaps in our weekly occupancy patterns. This still may mean for example pushing longer stay bookings through the peaks and taking a rate hit for revenue growth over the week. Don’t just protect the peaks with a rate focus and block occupancy and revenue over the week. We need to protect the peaks and fill the troughs in the weekly occupancy patterns by restricting rate values based on demand.
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So with stronger demand forecasted we may be able to adjust our rates higher with the correct analysis to determine optimal price points however to maximise revenue we need to have a Revenue focus with a balanced approach between occupancy and average rate.
Nationally, the average occupancy rate is projected to climb from 66.8% to 68.9% over the three years to calendar 2016.
• The longer term investment pipeline remains strong – considerably up on that of two years ago, but broadly stable in net terms over the last 12 months,
with 66 projects identified
• There is, however, considerable variation across markets, with no near term supply growth forecast across several key markets and relatively significant
additions across others
• Nationally, room rates and RevPAR are forecast to continue to grow at above trend rates, at 3.4% p.a. and 4.5% p.a. to December 2016
• Performance will be led by Hobart and Sydney, with projected RevPAR growth of 5.0% and 4.9% p.a., respectively.