To replace RevPAR and occupancy rates the hospitality industry should shift to a ‘total profit’ or ‘revenue-per-available-guest’ (RevPAG) concept that looks at the full lifecycle of the traveller journey and explores new non-room revenue streams.
This could include co-working spaces, enhanced digital services or subscriptions, selling of in-destination activities, and use of retail spaces – on top of enhancing room service, boosting restaurant use, expanding bars / night club spaces, providing spa & wellness experiences, and activities beyond the hotel property within the destination.
At the same time hospitality companies should explore sustainability as a driver of profitability, matching the desires, needs, demands and opportunities presented by environmentally conscious travellers.
This involves no longer viewing such changes and services as a cost-base but rather a generator of revenues for guests willing to pay a premium for zero-mile food, sustainably sourced products and properties powered by renewable energy. Additionally, guests are also keen to engage in sustainable initiatives throughout the guest journey, including pre-arrival and off-the-property in destination.
To reflect this new mission and the evolution of the company and its 10th anniversary celebration, Beonprice has evolved its brand to become ‘BEONx’ and create a new visual identity that will be accompanied by a new website – all reflecting the focus on sustainable profitability, something the founders and team are firmly invested in.
In order to drive this revolution in how hotels manage revenues BEONx is evolving to a proprietary ‘Total Profitability Platform’ that runs on an artificial intelligence and machine-learning tech (TPP) and uses automation techniques.
Alex Barros, Chief Marketing and Innovation Officer from BEONx comments: “As an industry we really must abandon the dependence on RevPAR and occupancy rates metrics in order to thrive – the future of hospitality is about so much more than rooms.
“Instead we should focus on building a path to total profitability and empower hotels to unlock totally new non-room revenue streams – co-working spaces, bars that draw people in, events, spa & wellness products, retail outlets and so much more – we will help hotels to unlock sustainable profitability opportunities.
Rubén Sanchez and Emílio Galan, Founders and CEO & CTO respectively of BEONx, add: “To make unlocking sustainable profitability opportunities our mission we have decided to rebrand as BEONx and launched our ‘Total Profitability Platform’. This coincides with our 10th anniversary and we want to thank all our staff for their hard work and customers for their loyalty over the last ten years – and say how very excited we are about the next ten as we seek to redefine hospitality from within. Watch this space.”
Since it was created in 2012 BEONx has grown to become one of the world’s leading revenue management providers to the hospitality sector with over 2,000 customers in more than 30 countries.
Leading international hotel brands working with BEONx include Leading Hotels of the World, Barcelo, Catalonia Hotels, Iberostar, RIU, Labranda Hotels & Resorts, HM Resorts, Holiday Club Resorts, Dreamplace, Hospes, Room Mate and many others.
Tags: Beonprice
