Word: yesawich
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...option most are rejecting is reducing the overall room rates, because hotels feel they got burned doing that in 2001. "They found that the math doesn't work," says Yesawich; "you have to book too many more rooms to make up the lost revenue." What they are doing this time around is offering promotions and upgrades: Fairmont is offering third night free and $100 gift cards...
...hoteliers pretty much ended a year ago. But the industry went into a real dive this past fall with occupancy rates dropping 6.5% in October and another 10% to 12% in November, estimates Smith Travel Research. "It's like someone has taken the punch bowl away," says Peter Yesawich, CEO of Y Partnership, and a travel industry consultant...
Discreet discounts, on the other hand, are all the rage. Priceline, for example is expanding its roster of top-flight inns. "Hotels that we've wanted for a long time, like five-star hotels, are coming in," says Chris Soder, president of North American travel. Yesawich explains that hotels are taking a portion of their inventory, maybe 20 to 50 rooms, and selectively discounting them in this opaque way. "Even a modest rate is better than no rate...
...free Internet, views and self-service check-in/checkout. Gen Y may represent only 9% of business travelers at the moment, but it is 75 million strong. Change is coming. Fast. "The baby boomers are the segment that everyone has been chasing for the past 20 years," says Peter Yesawich, chairman of Y Partnership, who also consults for NYLO. "Gen Y is a market of comparable size. There's a big 'aha' when hotels discover that." The Gen X travelers, in their 30s, are also important. They earn on average $6,000 per capita less than boomers but travel more...
These new travelers are far more adventurous, far more curious and far more tech-focused than their parents. "They're interested in things that are a lot less traditional, things that have much greater personality and the experiences that are a little less predictable," says Yesawich, "which is why design has become the primary basis of differentiation for these lifestyle hotels. They don't want stuff that looks like it was all shipped out of the same warehouse in North Carolina...