DALLAS, TX – A new report by SiteMinder shows the US hotel industry is entering a new era of travel that necessitates continued best practice in hotel revenue management amid changing customer profiles.
The report, SiteMinder’s Hotel Booking Trends, based on more than 115 million online hotel reservations, displays the sophistication of revenue management among US hotels relative to the rest of the world. An analysis of day-by-day hotel price variations shows that, in 2023, hotels in the US generated on average $64 more for a Friday stay versus a Sunday stay – a variation matched only by Irish and Australian properties globally.
The variation in pricing was due in part to a growing desire for deals among travelers who have had to adapt their travel preferences in light of rising costs of living. SiteMinder’s report highlights the rise of hotel booking channels specializing in providing special offers, including online marketplace Hopper and members-only travel club Secret Escapes – both designed to provide exclusive discounts – which entered SiteMinder’s list of Top 12 hotel booking sources for the first time. Additionally, global distribution systems – traditionally used to access the corporate travel sector—featured as US hotels’ fifth-highest revenue-driving booking channel for the first time. Despite questions around the current growth rate for corporate travel, the ranking reflects the continued recovery of the segment within the country and the need for local hotels to adapt their revenue management strategies accordingly.
Commenting on the findings, SiteMinder’s market vice president for the Americas, Jason Lugo, says: “Our report underscores the need for hotels to be dynamic in the way they do business, in order to keep pace with their changing guests. Our data indicates that US hotels are embracing dynamic revenue management more than almost any country globally. But in a constantly-evolving market, there is no room for complacency, and it is critical hotels understand not only the need to adopt dynamic revenue management practices, but how every customer touchpoint is now a revenue opportunity.”
Adds Lugo: “It is clear that while people are keen to continue traveling, they are doing so with a more price-conscious mindset. Additionally, despite recent concerns in the industry, there is room for cautious optimism around business travel in the US. Our research indicates that business arrivals continue to strengthen, and continue to represent a lucrative market for US hoteliers.”
The annual SiteMinder’s Hotel Booking Trends report is the most authoritative analysis of the hotel bookings made by the world’s travelers. The data is based on the booking data of SiteMinder’s more than 40,000 hotel customers, which in 2023 used SiteMinder’s platform to secure more than 115 million reservations valued at more than $45 billion in revenue. Other key findings from the report included that, unsurprisingly, July was the busiest month for US hotels, followed by August and June. September 1 was the busiest day, thanks to the Labor Day weekend, and the average gap between a booking and guest’s check-in (average lead time) – while not yet at 2019’s levels – grew by two-and-a-half days, to 36.5 days, when compared to the prior year.
The Top 12 booking sources for US hotels
SiteMinder’s Top 12 hotel booking sources, based on the total gross revenue they generated via SiteMinder’s platform in 2023, were:
All US properties
1. Booking.com
2. Expedia Group
3. Hotel websites (direct bookings)
4. Agoda
5. Global distribution systems
6. Airbnb
7. Hotelbeds
8. HotelTonight
9. Hostelworld Group
10. WebBeds
11. Hopper
12. HotelsCombined
1-20 room US properties only
1. Booking.com
2. Expedia Group
3. Hotel websites (direct bookings)
4. Airbnb
5. Agoda
6. Global distribution systems
7. Hotelbeds
8. Hostelworld Group
9. Secret Escapes
10. HotelTonight
11. Tablet Hotels
12. Mr & Mrs Smith
The article New SiteMinder report shows need for US hotels to maintain leadership in revenue management as customer profiles change first appeared in TravelDailyNews International.
