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Understanding your base business has been a fundamental starting block for preparing a hotel budget and forecast. But as we look back on 2021 and 2020 it’s easy to see that this base business may not be as reliable as in previous years. Group bookings that are on the books or anticipated may not ultimately materialize. As such, as you prepare your forecast for 2022 there are many more factors to consider bringing into the mix.
[This blog is an extract from our latest Special Report, Strategy Before Forecast: Open Up Your Revenue. Discover Revenue Strategy top tips from industry leaders from CBRE, ProfitSword, EY, Accenture, and more, as you plan for 2022 and beyond. Download today: https://www.duettocloud.com/special-reports/strategy-before-forecast]
Here are six elements to consider when finalizing your budget this year.
How is 2021/2022 shaping up?
Our most recent Pulse Report on key hotel metrics shows that the next few months will remain relatively flat. Moving into the end of this year, and certainly kicking off the beginning of next year, we expect a drop in demand.
Leisure travel will continue to be a focus and the data shows us a continuation of shorter-term booking windows. We expect this to continue through to at least the middle of 2022. Cancellation rates will remain high.
However, some markets did enjoy record ADR performance in this past year. Looking ahead to next year, it's going to be difficult to replicate some of that ADR performance, specifically year on year. Be realistic on your ADR growth expectations.
Download your copy of Strategy Before Forecast: Open Up Your Revenue. Discover Revenue Strategy for free here: https://www.duettocloud.com/special-reports/strategy-before-forecast
The Duetto Pulse Report is a free, data-driven analysis of information that matters most, updated and distributed on bi-weekly basis. Test
Staying agile, focusing on local and exploiting your database, these experts share their tips for what could boost your revenue in the year ahead.
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