Holy Hotels! – Revisited

Lodging rates are a moving target right now. To get your aim right, look to Phat Data
In the July 2018 issue of Business Travel Executive, Phat Data took a deep dive into the new and upcoming data opportunities for the hotel space. We called it “Holy Hotels!” Since that issue we have been through two years of pandemic, hotel rate rollovers, new approaches to the hotel RFP process and an increase in dynamic and chainwide rate agreements. As travel patterns have changed, buyers are becoming more focused on negotiating rates only in key markets and expanding their hotel footprint with dynamic rates. This approach brings to the buyer some unique opportunities on the data front. And honestly, it brings up more questions than answers.

Measuring the value of the managed travel program and specifically the hotel program is an important metric to most buyers. It also provides travelers with safe and consistent product that enhances their experience, removes doubt and ensures their safety and security. Everybody wins! But what do we really know about our hotel programs?

As we get back to business travel and start to think through the future of the managed travel program, buyers should consider looking into three areas for their hotel program: Negotiated rate compliance and assurance, validation of dynamic or chainwide discounts, and what’s booked vs. what was negotiated.

Negotiating What, Exactly?
Let’s start with what seems like – and often is – the never-ending hotel sourcing process. We spend hours upon hours analyzing past spend and determining target markets and rates, and then go through multiple rounds of negotiating, and, viola!, we make it to rate loading. Intense for sure, but we got it done, right? Now we think the magic happens when the rates are loaded, but the fact is, more often than not travelers do not book the negotiated rate or even understand the rates that are presented to them in the booking process.

Categories: Special ReportData ManagementLodging

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