Check out the reads we've collected for you this week!
There's excitement in the air for the hospitality industry this week! AccorHotels has had a busy few years in terms of acquisitions (remember when they purchased Fairmont Raffles Hotels International in 2016 for $2.7 billion USD?). Most recently, the company has announced that they are purchasing the Swiss-based Mövenpick Group for $567 million USD. Not only does this acquisition allow Accor to add 84 hotels with a strong presence in Europe and the Middle East to its portfolio, but it also solidifies the company's move into the luxury sphere of hotels. AccorHotels clearly means business as they pursue a leading role in the luxury hospitality, which you can read about in our first read. In this world of big hospitality players and online travel platforms, you would think it's nearly impossible for smaller players to have a chance. In our second read, see how hotels, big or small, can go after opportunities in the niche markets in hospitality. There's something out there for everyone - think wizard-themed hotels and guitar room service. Last but not least, hotel technology continues to play a major role in the industry, particularly when it comes to property management systems. Without an up-to-date PMS, it's difficult for a hotel to compete with continuously changing technology and an evolving industry. The third article highlights five signs that it may be time for your hotel to switch its PMS option. Plus, then you can access amazing industry-leading applications like the ones listed on the SnapShot Marketplace if you're using one of the many integrated PMS versions! (hint, hint)
Accor Pushes Further Into Luxury With $567 Million Mövenpick Deal
AccorHotels has confirmed an all-cash deal to buy Mövenpick Hotels & Resorts for $567 million (€482 million) in a move to further expand its luxury portfolio. Mövenpick has 84 hotels in 27 countries with a particularly strong presence in Europe and the Middle East.
Exploring Niche Markets in Hospitality: Seizing Untapped Opportunities
Distribution challenges for the hotel industry include the rising cost of customer acquisition, the ownership of customer data, the lack of loyalty from customers, and the growing popularity of Airbnb. The hotel industry is already struggling to attract, convert, and retain customers. Without major investment in marketing, convincing customers to switch from paid channels to the hotels’ own channels is simply a mission impossible.
5 Signs It's Time to Change Your Hotel Property Management System
Your hotel property management system (PMS) is the beating heart of your hotel - responsible for streamlining operations, optimizing guest service and maximizing revenue. However, like most technology, it has a limited lifespan. As technology evolves, so will your property's (and guest's) unique needs and goals; resulting in the inevitable necessity to reevaluate your current PMS. Even a once-invaluable PMS can eventually outlive its suitability; at that point, replacing your PMS may be a more effective decision than reworking it. Unfortunately, hoteliers often delay the replacement of this essential technology to the detriment of their productivity and profits.