How Universal is changing the tune with experiential stays
Our Trends & Predictions blog series continues, as hoteliers from around the world share their updates, update us on how they are adapting to current market trends and challenges, and make their predictions for the year ahead.
In this Duetto Check-In, we learn from three greats:
Read on!
Mixing music and hotel stays
Taylor Swift’s Eras tour generated $208 million in hotel revenue. So, imagine the revenue opportunities if you were both a record label and a hotel provider. In our latest blog, Oscar Serrano , Senior Vice President, Sales & Marketing, UMusic Hotels , reveals how the new hotel brand of Universal Music Group is tapping into demand for experiential stays.
“UMUSIC Hotels is a new global collective of immersive hotels inspired and powered by music.
Our properties serve to create unique experiences for guests and artists alike, with music and entertainment at the forefront of design and the overall guest experience,” explains Serrano.
The first UMUSIC hotel opened in Madrid in October 2023. It was a hotel opening like no other, attended by celebrities and musicians from Madrid and beyond. Three-time Grammy Award winner, Ryan Tedder of OneRepublic, along with national artists David Bisbal, Pablo López, Amaia, and ángeles Toledano, put on an invite-only performance, hosted by comedy actors Carlos Latre and Inés Hernand.
Drawing inspiration from the city’s thriving culture, UMUSIC Hotel Madrid serves as a creative hub in the community and houses the historic Albéniz Theater. The theater can accommodate up to 898 guests and is currently home to the longest-running show in Broadway history, Andrew Lloyd Webber’s, The Phantom of the Opera, which runs from September 20, 2023, to April 7, 2024.
According to Serrano, the aim is to tap into the lucrative experiential stay market. Adding in the musical element broadens the hotel’s guest demographic, he shares:
“Music is universal! We don’t confine it to a specific demographic but instead aim to reach fans of all music and entertainment genres. Authenticity is key; our hotels provide a window into local traditions and stories, as well as exciting events and live entertainment, to enrich every stay.”
He added: “We seek to provide unique experiences that go beyond ‘a shower and a bed’. Recognizing clients’ desire for tailor-made experiences that resonate with their interests while fitting into their budget and duration of stay, we offer various package options. By understanding each guest’s preferences and musical tastes, we can be creative and craft curated packages to enhance our value proposition.”
UMUSIC Hotels will expand in 2024, with upcoming openings in the US, Europe, and Latin America already announced.
?? Read the full blog here: https://www.duettocloud.com/library/universal-taps-into-demand-for-experiential-stays
Minor Hotels: Leveraging corporate and group business
According to Cori Inti Galindo Páez , VP Commercial Growth, contracted business, meetings, and events will play a central role in the revenue strategy of Minor Hotels Europe and Americas in 2024.
“B2B will be a key part of our business mix in 2024, as it can help to mitigate the potential impact of decreasing guest spending on B2C segments. By focusing on managing contracted and group business, we can maintain our advantage and continue to drive demand and optimize results in 2024,” says Galindo.
“For us, the focus is building the right segmentation for each type of property as it’s the main pillar for creating a successful commercial strategy. A healthy business mix in terms of segments, channels, and feeder markets is the best approach to optimize revenue. In terms of distribution, our focus is on maximizing and improving our profitability through the right distribution model, keeping the focus also on direct digital channels growth,” he adds.
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Galindo and the team are proactively gearing up for the upcoming year, with the anticipation that the strong performance of contracted business and groups can counteract the potential fluctuation in B2C demand.
?? Learn more in the blog here: https://www.duettocloud.com/library/minor-hotels-leveraging-corporate-and-group-business-to-boost-and-stabilize-demand?
Why hotels need to focus on talent and tech
Sheran Loh , Vice President, Revenue Management (Corporate), Frasers Hospitality , discusses the role of integrated tech, AI solutions, and talent as top priorities for hotel leadership in 2024.
Loh believes there are three key revenue management trends to look out for:
“The top priority will be for the RMS algorithm to do better than a human for pricing changes and scale it across multiple properties. However, the art of shaping business mix, negotiating managed segments (corporate, wholesale, long stay), and navigating bureaucracy remain in the revenue manager’s hands,” she says.
?? Read more here: https://www.duettocloud.com/library/hotels-need-to-focus-on-talent-and-tech-in-2024?
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Hospitality Expert in Product Strategy, Brand Experience, Marketing, Distribution, Revenue Management, & Sales
8 个月At UMusic Hotels we pride ourselves on fostering strong relationships with partners like Duetto who share our commitment to excellence. Thank you for featuring our unique vision and value proposition we bring to the cities and destination where we have, and will have, presence. Here's to many more achievements together!