Recap: HSMAI-South Florida Meeting at Lynn University-November 20,’08

So, what’s new in Revenue Management? Our presentation by Dr. Jim Downey who teaches the subject at Lynn University in Boca Raton provided a recap on a recent conference he attended. It seems that our Rooms Managers, who used to do our predictions manually, didn’t have a bad handle on knowing their properties and making rate projections. Even those of us still in the dark ages – that is, those still using Excel programs to forecast – are not doing that bad. The big “however” is that we need to be even more accurate in our predictions to beat our competition and have longer foresight to stay viable in the marketplace. Therefore, all pundits are telling us (even a 90-room Hampton Inn) that we MUST invest in the new computer programs for revenue management. And, the sooner the better.

Revenue Management has now become an intrinsic part of our entire companies. No longer is revenue management limited to just predicting what room rate we should charge next season. It has been integrated into all parts of hotel operations. The message to learn here is that even if revenue management is not your specific job, you should know how it will affect your responsibilities and how it fits into the overall goals of your hotel/company. Interested in knowing more? Don’t miss the resources section of national HSMAI’s website – there are many articles and items of information to assist you. Sign up for the Revenue Management Special Interest Group (SIG) and tap into useful tools and an online community of your peers. There’s even a certification program available.

Besides the evening’s program, our group was treated to a fantastic meal and a plethora of various wines – during the passed hors d’oeuvres and a different wine for each course of our meal – from the starter salad, middle course of lobster risotto, and to the main course of chicken francaise -- and ending with a Port wine and chocolate chip cookies. At each wine presentation, we were educated about the type of wine, its origins, its background, and why it was chosen to complement the food being served. How wonderful that Lynn University has a sommelier on their hospitality school staff to educate the students about wines and food.

We thank Mike Hampton, Dean of Lynn’s Hospitality School, along with all the rest of the staff – and the students, too – who went into making this an evening to savor and remember. Enjoyable AND educational, too!