What is the definition of Booking Pace in the hotel industry?
In most industries, swiftness is of the essence! Hospitality is no different. Pace – the amount at which reservations are made for a specific date – is important to control and also to monitor. Why? As if you can see a shape founding as reservations shape for a certain date, weekend, week or even a whole month each year, this can be hugely helpful when it comes to foretelling: trying to precisely foresee and compute expected demand and so revenue in upcoming years. A hotel can pre-empt a swell of interest (i.e. a noticeable rise in bookings) towards a specific forthcoming date, and manage their finances and other areas of business accordingly, with the ultimate aim of maximising revenue.
Also, Pace can determine aspects such as vital staffing echelons at sure times. For example, a hotel in Aberdeen (Scotland) that always involvements an increasing pick up of rapidity of specific and group bookings in the weeks earlier the world-famous Highland Games each June at Hazel head Park, can establish themselves perhaps otherwise to normal, to manage with the rise in pace, so as not to slip out on the potential extra revenue.