HONG KONG—More than 100 of the industry’s leading practitioners from the fields of revenue management, marketing, sales and distribution came together at Hong Kong’s Hotel ICON for a day of discussion and networking focused on how hotels can create value in a rapidly evolving marketplace.
The occasion was the first Revenue Strategy Forum, a thought leadership educational meeting jointly organized by Hotel ICON and Duetto. Participants discussed how owners and operators can identify and manage their revenue strategy to optimize each hotel’s channel mix in this dynamic and challenging digital landscape, to achieve greater profitability and retain and create market share.
A session titled “From Revenue Management to Revenue Strategy” was moderated by Patrick Bosworth, CEO & cofounder, Duetto. Panelists included Philip Schaetz, SVP of sales and marketing, Dorsett Hospitality International; Jeannette Ho, VP revenue management, Fairmont Raffles Hotels International; Stefan Wolf, SVP revenue & distribution strategy, Onyx Hospitality Group; and Dr. Basak Denizci, associate professor of financial & revenue management, The Hong Kong Polytechnic University. The session focused on how hotel owners and operators must formulate a holistic revenue strategy bringing together revenue management, sales and marketing, distribution, loyalty and other revenue-generating functions to drive market-share gains.
“Disruption 2020: The Digital Marketplace” was moderated by Sean Seah, CEO, APD Greater China. Panelists included Bernard Quek, CEO GHS; Sally Osbourne, director of strategy and business development, Hotel ICON; Raphael Cohen, cofounder and CSO, HotelQuickly; and Frederick “Fritz” Demopoulos, founder, Queens Road Capital. The session focused on how content has become the primary driver in the digital economy, analyzing the impact of factors such as pricing, transparency and one-stop shopping.
Richard Hatter, general manager of Hotel ICON, said, “The hotel market in Asia is becoming increasingly competitive, with a crowded field of international brands and pricing pressures from outside the industry. As a teaching hotel, Hotel ICON was very excited to partner with Duetto to host the region’s first ever Revenue Strategy Forum. It brought together thought leaders from throughout the region to discuss how the emerging discipline of revenue strategy can help hoteliers enhance profit, performance, and ultimately, improve our guests’ hotel experience — as we maximize the value of our hotels’ best assets.”
“We were proud to partner with Hotel ICON and Hong Kong Polytechnic University to launch the Revenue Strategy Forum, an event that exceeded all expectations,” said Bosworth. “Focusing on industry disruption and how hotels can adapt, we learned both that the change is accelerating exponentially—and that industry leaders are becoming increasingly open to tackling the challenges head on, embracing a wide range of new solutions inspired by the emerging discipline of revenue strategy.”