What is the definition of Hotel Market Share in the hotel industry?
In the Hospitality Industry, all hotels should struggle to incarcerate utmost revenue at all times. And, sometimes, comparing income levels with other hotels can offer a valuable insight. This can help to set up a hotel’s Market Share: the percentage of business it is receiving within the hotel market on the whole.
A hotel should try to find out how it is performing in assessment to other neighboring hotels, and even to quite a few hotels within a competitive set (or ‘comp set’), to gain a wider viewpoint. Based on this information, they can think how to perhaps regulate their commerce plan, to improve performance and work towards maximizing income more competently.
The key query a hotel’s income management team should ask, after studying and examining the findings collated and accumulated into a comp set research report.