As said by leaders at Hong Kong’s first Revenue Strategy Forum
The forum, hosted by Hotel ICON and Duetto, brought together hotel executives and entrepreneurs to discuss how revenue strategy is key to hotel profitability in today’s volatile market
HONG KONG and NEW YORK, Oct. 22, 2015 /PRNewswire/ -- As hotels continue to face challenges from the growth of third-party intermediaries and further commoditization of the hospitality industry, over 100 leading professionals from revenue management, marketing, sales, and distribution gathered at Hotel ICON in Hong Kong for a one-day event filled with lively discussions and networking, focusing on how the hotel industry can create value in a rapidly evolving market.
Revenue Strategy Summit hosted by Duetto and Hotel ICON Hong Kong
This event marked the inaugural Revenue Strategy Forum, a thought leadership education conference jointly organized by Hotel ICON and Duetto, the market leader in hotel revenue optimization technology.
Participants discussed how hotel owners and operators can define and manage their revenue strategies to optimize channel distribution for each property in this ever-changing, challenging digital environment, thereby achieving greater profitability and maintaining or growing market share.
Topics discussed during the one-day conference included:
From Revenue Management to Revenue Strategy
Moderator: Patrick Bosworth, CEO and Co-founder of Duetto
Panelists: Philip Schaetz, Senior Vice President of Sales & Marketing at Dorsett Hospitality International
Jeannette Ho, Vice President of Revenue Management at Fairmont Raffles Hotels International
Stefan Wolf, Senior Vice President of Revenue & Distribution Strategy at Onyx Hospitality Group
Dr. Basak Denizci, Associate Professor in the Department of Finance and Revenue Management at The Hong Kong Polytechnic University
The session focused on how hotel owners and operators should develop comprehensive revenue strategies that integrate revenue management, sales & marketing, distribution, loyalty, and other revenue-generating functions to drive market share growth.
2020 Hospitality Industry Transformation: The Digital Marketplace
Moderator: Sean Seah, CEO of APD Greater China
Panelists: Bernard Quek, CEO of GHS
Sally Osbourne, Strategy & Business Development Director at Hotel ICON
Raphael Cohen, Co-founder and Chief Strategy Officer of HotelQuickly
Frederick "Fritz" Demopoulos, Founder of Queens Road Capital
The discussion centered on how to become a major driving force in the digital economy, analyzing the impact of factors such as pricing, transparency, and one-stop shopping. It also explored how innovative companies can become the “winners” of the new era by delivering consistent value, premium experiences, and maintaining loyalty and customer relationships.
In addition to thought leadership discussions, the day offered valuable networking opportunities and an unforgettable closing reception.
Richard Hatter, General Manager of Hotel ICON, said: “Competition in Asia’s hotel market is becoming increasingly fierce, with a proliferation of international brands and growing price pressure from outside the industry. As an educational hotel, Hotel ICON is delighted to collaborate with Duetto to host the region’s first-ever Revenue Strategy Forum. It brought together thought leaders from the region to discuss how this emerging discipline can help hotel operators improve profitability, performance, and ultimately enhance the guest experience, while maximizing the value of our best asset — our hotels.”
Opened in 2011 for The Hong Kong Polytechnic University’s School of Hotel and Tourism Management, Hotel ICON’s mission is to nurture a new generation of hospitality management elites. By being exposed to best practices, students gain firsthand insight into the business realities of the hotel industry. Managed as a five-star hotel under the highest standards to maximize profits, the earnings are reinvested into education.
Patrick Bosworth, CEO and Founder of Duetto, said: “We are honored to collaborate with Hotel ICON and The Hong Kong Polytechnic University to launch the Revenue Strategy Forum, which exceeded all expectations. By focusing on industry disruptions and how hotels are adapting, we learned that change is accelerating rapidly and industry leaders are becoming more open to confronting challenges and adopting new solutions inspired by this emerging discipline of revenue strategy.”
For more information about Duetto and its global industry education programs, please visit www.duettoresearch.com.
Photo - http://photos.prnasia.com/prnh/20151021/8521507078