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Hotel Management with Foreign Collaboration. A Comparative Revenue Analysis
Of Hotel Yield Management Heuristics By Timothy Kevin ...
... Coordination and collaboration between key stakeholders also appear to be crucial
for ... in Phuket: A comparison of Thai and foreign hotel management style, ASAIHL ...
... to funds from the comfort of home, offices and hotel. ... the key to success in the area
of wealth management. ... a network benefiting both local and foreign consumers ...
... which aims to attract foreign capital through ... operating companies", took aver the
hotel operations and one, Beachcomber Ltd., called "management company" took ...
... hotel industry began, almost everything in the hotel needed to ... training should focus
on marketing, financial management, literacy and foreign languages ...
Submitted by navaneedan on June 6, 2006
Category: Business
Words: 9544 | Pages: 39
Views: 371
Popularity Rank: 23,814
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A Comparative Revenue Analysis Of
Hotel Yield Management Heuristics
By
Timothy Kevin Baker
Bass Hotels and Resorts, Inc.
Three Ravinia Drive, Suite 2900
Atlanta, GA 30346-2149
E-mail: baker.tim@hiw.com
and
David A. Collier
The Ohio State University
1775 College Road
Columbus, OH 43210
E-mail: collier.4@osu.edu
A Comparative Revenue Analysis Of
Hotel Yield Management Heuristics
ABSTRACT
Yield management is the dynamic pricing, overbooking, and allocation of perishable assets across market segments in an effort to maximize short-term revenues for the firm. Numerous optimization heuristics for allocation and overbooking exist for the airline industry, whose perishable asset is the airline seat. When an airline departs, no revenue is gained from the empty seat(s). In the hotel industry, the perishable asset is the hotel room—once a room is left empty for a night, that night’s revenue cannot be recaptured. The literature on yield management heuristics for the hotel industry is sparse. For the hotel operating environment, no research has adequately (1) integrated overbooking with allocation, (2) modeled the phenomenon of hotel patrons extending or contracting their stay at a moment\'s notice, or (3) performed a realistic performance comparison of alternative heuristics.
This research develops (1) two hotel-specific algorithms that both integrate overbooking with the allocation decisions, (2) a simulation model to model realistic hotel operating environments, and compares (3) the performance of five heuristics under 36 realistic hotel operating environments. Seven conclusions are reached with regard to which heuristic(s) perform best in specific operating environments. Generally, heuristic selection is very...
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