Ira -Central Reservations
Review of weekly reports at RevMax. Any updates to Denials and Regrets?
We discussed how our new rate strategies are increasing our Denials.
We have gone from 1 to 2 a day to 4 to 5.
We will keep watching this closely.
Forecast
-June came in over LW by $6,000 and is under budget by $301,087.
-July came in over LW by $13,000 and is under budget by $92,345.
We addressed restrictions in June just as we have for August when we are pacing to sell out.
-August came over last week by $ 6,000. We are forecasting over budget by $44,329.
The IRS group valued at $260,000 changed the forecast dramatically for August.
We are restricting the following for August -
- Friends and Family
- Comps
- Trades
- Employee rates
- Industry rates
GRC
June
- Increased by $ 7,000 to last week.
- We are now looking at being $150,000 under budget.
- Attrition, Wash and rates are impacting our revenue pace.
July
- Increased by $ 36,552 to last week
- We are forecasting to come in under budget by $ 45,000
- We are working with Mike on a meetings special e-blast campaign for July and have stepped up our outside weekly blitz campaigns to increase our lead potential.
August
- Increased by $ 9,027. We are forecasting to come in over budget by $ 125,000.
- This increase over budget is primarily from our IRS booking. W e have increased our MAR rates in Daylight.
LMD's
Our Complimentary Suite Upgrade program ends on 6/30. We closed out our Suite Upgrades for the weekends .
Going forward We need to discuss how we are going to start getting a higher rate for suites through NOR 1 , updating BAR and Corporate Strategies .
We are suggesting a $10/$15 spread for BAR and a $10 spread for Corporate
We closed out our $79.00 standard King LMD for July 2nd to July 7th on Friday 6/12 .
We will start a new LMD on Monday 6/22. $129.00 Standard Suite for 6/26 & 6/28 to 7/5. We will also include a complimentary bottle of wine.
Promo Channels - Expedia Travelocity Travel Zoo Orbits Priceline Kayak Google Face Book
We are beginning the process of Yield Management for our Promo Channels. We need to look every week at where our reservations are being made and decide when to limit them by either cutting them off or increasing the rate.
We are working on converting our Wholesale bookings to Magnolia Website bookings.
We created a card for the front desk to hand out to all of our Wholesale bookings that says, " Book your next reservation with us and stay before 9/30/09 and receive a free bottle of wine or a Harry's $10 discount.
Weekly STAR
Better week -
6/14 to 6/20
1st comp set - our RevPAR came in at a 104.7% Index, 9.3% growth.
Our RevPAR growth came from Occupancy at 120.9% Index, 18.8% growth.
Downtown Denver got hit hard this week in both ADR and Occ losses.
With our strong occupancy Index we are showing opportunities in ADR gains. Our new Revenue Strategies should help us with this potential growth.
We are challenging ourselves to increase our ADR Index and move our ranking up by 2.
For the month of April of 09 we came in at 106 as compared to LY's 92%. YTD we are running a 11 1% index as compared to LY at 68%. Our ranking was number 3 of 9 for April and 3 of 9 for the year.
We finished 2008 at 86% Index and finished 2007 at a 98% Index.
Highlights:
Finish review with Sarah and Keli from Travel Click.
- We are requesting to see the top 150 vs. the top 60. We believe that there is more low hanging fruit to be annualized.
- We are ordering a one time Monthly Hoteligence for May to reflect our 2nd comp set.
June - Total Revenue ranking decreased from 2 to 3 of 9. Weekdays dropped from 2 to 3. Weekends dropped from 2 to 3.
We need to watch our losses in 6/ 21 to 6/27 & 6/ 30.
July - decreased from 6 to 7 of 9 overall. Weekdays decreased from 5 to 6 of 9 . Weekends decreased from 6 to 7 of 9.
We need to watch July closely to understand why we are under performing. We need to watch our losses in 7/ 1 to 7/3, 7/10 to 7/18, 7/24 to 7/28 and 7/30 to 7/31.
We are now showing growth over the week of 7/6 to 7/9. This could be Oil companies coming in for the Colorado Oil and Gas Conference.
Upsell Program Nor1
- Continue discussion on the effect of the Suite Upgrade Program and Keeping Fireplace suites available for upgrades.
Is now working just fine. We will pick up just over $1,000 for this program in the month of May.
Strategies & Follow up
Denials - We have gone from 1 to 2 a day to 4 to 5.
Our #1 goal in August is to increase our ADR by $10.00. Our current ADR forecast is $141.00 and we want to move this up to $151.00. By increasing our rate strategies our aim is to maintain forecasted revenues and lower our occupancy forecast by 5% from 92% to 87%.
We are working with Mike on a meetings special e-blast campaign for July and have stepped up our outside weekly blitz campaigns to increase our lead potential.
We are working on converting our Wholesale bookings to Magnolia Website bookings.
We are challenging ourselves to increase our ADR Index and move our ranking up by 2.
Continue Rate Discussions for August.
Rate changes
06/29-06/30 drop 1 tier to 159 match many low comp set rates in market
07/07-07/08 increase to 229 expect to sell out push rate in comp set
Our challenge was to looks at rate changes from a Yield Management Perspective.
We went to EZRMS to look at it's BAR rate suggestions and then compared them to Rate View. The results were increases of 1 to 2 BAR's each week.
Denver 06-23-09 Date Day Tier MLOS Blackout Event GR STE K STE FP GR net 16-Jun-09 Tue 6 BBI Int'l 229.00 269.00 289.00 171.75 17-Jun-09 Wed 6 BBI Int'l 229.00 269.00 289.00 171.75 18-Jun-09 Thu 3 BBI Int'l 159.00 199.00 219.00 119.25 19-Jun-09 Fri 2 139.00 189.00 209.00 104.25 20-Jun-09 Sat 4 179.00 219.00 239.00 134.25 21-Jun-09 Sun 4 179.00 219.00 239.00 134.25 22-Jun-09 Mon 4 179.00 219.00 239.00 134.25 23-Jun-09 Tue 4 179.00 219.00 239.00 134.25 24-Jun-09 Wed 7 259.00 299.00 319.00 194.25 25-Jun-09 Thu 7 259.00 299.00 319.00 194.25 26-Jun-09 Fri 1 119.00 179.00 199.00 89.25 27-Jun-09 Sat 1 119.00 179.00 199.00 89.25 28-Jun-09 Sun 3 159.00 199.00 219.00 119.25 29-Jun-09 Mon 3 159.00 199.00 219.00 119.25 30-Jun-09 Tue 3 159.00 199.00 219.00 119.25 01-Jul-09 Wed 2 139.00 189.00 209.00 104.25 02-Jul-09 Thu 0 10% off 109.00 179.00 199.00 81.75 03-Jul-09 Fri 0 10% off 109.00 179.00 199.00 81.75 04-Jul-09 Sat 0 10% off 4th of July 109.00 179.00 199.00 81.75 05-Jul-09 Sun 0 10% off 109.00 179.00 199.00 81.75 06-Jul-09 Mon 4 179.00 219.00 239.00 134.25 07-Jul-09 Tue 6 229.00 269.00 289.00 171.75 08-Jul-09 Wed 6 229.00 269.00 289.00 171.75 09-Jul-09 Thu 4 179.00 219.00 239.00 134.25 10-Jul-09 Fri 1 119.00 179.00 199.00 89.25 11-Jul-09 Sat 3 Christian Booksellers 159.00 199.00 219.00 119.25 12-Jul-09 Sun 3 Christian Booksellers 159.00 199.00 219.00 119.25 13-Jul-09 Mon 6 Christian Booksellers 229.00 269.00 289.00 171.75 14-Jul-09 Tue 6 Christian Booksellers 229.00 269.00 289.00 171.75 15-Jul-09 Wed 5 Christian Booksellers 199.00 239.00 259.00 149.25 16-Jul-09 Thu 3 159.00 199.00 219.00 119.25 17-Jul-09 Fri 7 Gr = 2 No STE upgrades MileHigh Music Fest 259.00 299.00 319.00 194.25 18-Jul-09 Sat 7 2NT - GR=2 No STE upgrades MileHigh Music Fest 259.00 299.00 319.00 194.25 19-Jul-09 Sun 3 159.00 199.00 219.00 119.25 20-Jul-09 Mon 4 179.00 219.00 239.00 134.25 21-Jul-09 Tue 6 229.00 269.00 289.00 171.75 22-Jul-09 Wed 7 Travelwriting 259.00 299.00 319.00 194.25 23-Jul-09 Thu 5 Travelwriting 199.00 239.00 259.00 149.25 24-Jul-09 Fri 5 Travelwriting/Harley Dav 199.00 239.00 259.00 149.25 25-Jul-09 Sat 5 Harley Davidson 199.00 239.00 259.00 149.25 26-Jul-09 Sun 3 Harley Davidson 159.00 199.00 219.00 119.25 27-Jul-09 Mon 3 Harley Davidson 159.00 199.00 219.00 119.25 28-Jul-09 Tue 4 179.00 219.00 239.00 134.25 29-Jul-09 Wed 4 179.00 219.00 239.00 134.25 30-Jul-09 Thu 3 159.00 199.00 219.00 119.25 31-Jul-09 Fri 2 139.00 189.00 209.00 104.25 01-Aug-09 Sat 3 159.00 199.00 219.00 119.25 02-Aug-09 Sun 3 159.00 199.00 219.00 119.25 03-Aug-09 Mon 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 04-Aug-09 Tue 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 05-Aug-09 Wed 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 06-Aug-09 Thu 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 07-Aug-09 Fri 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 08-Aug-09 Sat 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 09-Aug-09 Sun 4 Govt&Disc. 5 rms ext stay 179.00 219.00 239.00 134.25 10-Aug-09 Mon 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 11-Aug-09 Tue 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 12-Aug-09 Wed 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 13-Aug-09 Thu 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 14-Aug-09 Fri 4 Govt&Disc. 5 rms ext stay 179.00 219.00 239.00 134.25 15-Aug-09 Sat 4 Govt&Disc. 5 rms ext stay 179.00 219.00 239.00 134.25 16-Aug-09 Sun 3 Govt&Disc. 5 rms ext stay 159.00 199.00 219.00 119.25 17-Aug-09 Mon 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 18-Aug-09 Tue 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 19-Aug-09 Wed 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 20-Aug-09 Thu 6 Govt&Disc. 5 rms ext stay 229.00 269.00 289.00 171.75 21-Aug-09 Fri 5 3 NT Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 22-Aug-09 Sat 5 2 NT Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 23-Aug-09 Sun 3 Govt&Disc. 5 rms ext stay 159.00 199.00 219.00 119.25 24-Aug-09 Mon 4 Govt&Disc. 5 rms ext stay 179.00 219.00 239.00 134.25 25-Aug-09 Tue 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 26-Aug-09 Wed 5 Govt&Disc. 5 rms ext stay 199.00 239.00 259.00 149.25 27-Aug-09 Thu 3 Govt&Disc. 5 rms ext stay 159.00 199.00 219.00 119.25 28-Aug-09 Fri 0 109.00 179.00 199.00 81.75 29-Aug-09 Sat 2 139.00 189.00 209.00 104.25 30-Aug-09 Sun 3 159.00 199.00 219.00 119.25
Director of Sales
The Magnolia Hotel
818 17th Street Denver, Colorado 80202
Direct: (303) 607-0200 Fax: (303) 607-0600
Magnolia Hotels Web Site
Complete an On-Line Request for Proposal
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