HRAWI ORGANIZES A ‘REVENUE MANAGEMENT’ SEMINAR FOR HOTELIERS & RESTAURATEURS

Maximizing Revenues For A Stagnating Hospitality Sector

Mumbai: As part of the initiatives taken for the benefit of hoteliers and restaurateurs, the Hotel and Restaurant Association of Western India (HRAWI) had organized a special seminar on Revenue Management for hotels to counter the revenue decline in the sector and maximize their yields. The seminar was organized recently at The Trident hotel, Mumbai. The session was addressed by Mr. Tarun Joukani, Marketing Manager, Staah, Mr. Saurabh Tiwari, Revenue Manager, Trident Hotels and Mr. Abhishek Logani, Director and Business Head, MakeMyTrip. The three speakers have varied experience in their respective domains and specialize in the revenue management matters.

“Revenue management is the practice of maximizing a hotel’s revenue while selling the same amount of products or services. Also called yield management, some consider it both an art and a science. It employs a mix of pricing strategies and systems to maximize yield. 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,” said Mr. Bharat Malkani, President, HRAWI.

Mr. Tiwari who has a rich experience in this field made a presentation on the Revenue Management aspect from the perspective of hotel operations. He highlighted and stressed on hotels optimizing the available resources and making the best of the available means to keep the business viable.

“The objective of Revenue Management is to sell the right product to the customer at the right time and for the right price. Hotels face 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,” said Mr. Kamlesh Barot, past president, HRAWI.

About Hotel & Restaurant Association Western India (HRAWI)

The Hotel and Restaurant Association (Western India) is a 65 years old Association of Hotels and Restaurants in Western India. Its members include smaller Hotels up to 5-Star Deluxe categories. The bulk of its members like any growth economy are made up of budget hotels. With around 1300 members across Western India, HRAWI covers Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Goa and the Union Territories of Daman, Diu & Silvassa, and is considered to be the voice of the Hotel Industry. The association is part of the national body of Federation of the Hotels & Restaurants Associations of India (FHRAI), located in New Delhi, which was originally founded in Mumbai in 1950 by the late Mr. J.R.D. Tata.