The Plaza hotel is an independent city centre property with 122 rooms. The past month performance has
Question:
The Plaza hotel is an independent city centre property with 122 rooms. The past month performance has been quieter than expected and the hotel is now moving into a key business period.
There are several events happening over this period which will drive demand in the area, some repeating from last year and some new.
The General Manager has asked you to complete a forecast for the next calendar month, to identify any periods of low or high demand to ensure all revenue opportunities are maximized.
The hotel works with 5 market segments:
· Corporate Individual
· Groups
· Transient Non Negotiated
· Transient FIT
· Other
Using one or both of the two forecasting methods in the Revenue Management module:
1) Make a forecast for one month by market segment using the # pace model, % pace model or a combination of both. You should review figures and manually override the forecast where necessary. Give justifications for your final figures.
2) From your completed forecast, identify two periods when demand is forecasted to be over 100%. What inventory restrictions would you recommend putting in place to maximize these opportunities? Be specific by market segment as necessary.
3) Identify two periods of forecasted occupancy of below 65%. Which market segments would you recommend to target over these periods and why?