Hospitality innovation is the key to future success, say leaders at Hong Kong's first Revenue Strategy Forum

HONG KONG and NEW YORK - With hotels increasingly challenged by the growth of third-party intermediaries and the further commoditization of the hospitality industry, 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 spirited 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, the market leader in hotel profit optimization technology.

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.

Topics discussed at the day-long conference included:

From Revenue Management to Revenue Strategy
Moderator: Patrick Bosworth, CEO & Co-Founder, Duetto

Panelists: Philip Schaetz, SVP of Sales and Marketing, Dorsett Hospitality International
Jeannette Ho, VP Revenue Management, Fairmont Raffles Hotels International
Stefan Wolf, Senior Vice President Revenue & Distribution Strategy, Onyx Hospitality Group
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
Moderator: Sean Seah, CEO, APD Greater China

Panelists: Bernard Quek, CEO GHS
Sally Osbourne, Director of Strategy and Business Development, Hotel ICON
Raphael Cohen, Co-Founder and CSO, HotelQuickly
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. It also looked at how innovative companies have become "winners" in the new era by delivering consistent value, great experiences and maintaining loyalty and extending customer relationships.

The day's thought leadership discussions were complemented by valuable networking opportunities and a memorable closing reception.

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."

Opened in 2011 for the School of Hotel and Tourism Management of The Hong Kong Polytechnic University, Hotel ICON's mission is to train and develop the next generation of elite hotel managers. Through exposure to best practice, students gain a first-hand insight into the commercial realities in hospitality. Hotel ICON — with five-star finishes – is managed to the highest standards of good governance to maximize profits, which are invested in education.

"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 Patrick Bosworth, Duetto's Chief Executive and Founder. "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."

sourced:traveldailynews.asia