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Why the price of a room in Las Vegas during the F1 Grand Prix is so high? 💎 The Formula 1 Heineken Silver Las Vegas Grand Prix 2023 (Sunday 19 Nov), returning after 40 years, is set to significantly impact the city's economy. With an estimated $1.3 billion local economic boost, this event is surpassing previous estimations There's no doubt that the hotels will fill up very well and the average rocket price will rise. But the displacement costs also need to be factored in. What is a displacement cost? It's the cost of emptying and refilling the hotel at a conventional rate. And these revenue losses have to compensated. By restricting the length of stay to the dates of the event, the hotel will find itself emptying out before the Grand Prix and then filling up after the race, as early as the Saturday night of November 19. Never easy for a revenue manager. And this has to be factored into the price of the 3-night Grand Prix stay. That's why the package price is so high (among other marketing and communication variables for sure 😉). Check excellent article of Duetto in comment 👇

Discover how Diamond Hospitality Group is boosting foot traffic and reservations by partnering with Tiger Pistol. Learn how their strategic collaboration is driving engagement and success across Diamond Hospitality Group’s multiple brands and locations. https://lnkd.in/gDqViPsf #SocialMediaMarketing #Eatertainment #LocalAdvertising #MarketingInnovation #RestaurantMarketing #LocalAdvertising

Question: Marriott International recently signed a long-term agreement with MGM Resorts International to create MGM Collection with Marriott Bonvoy. Can you elaborate on some of the potential benefits for Bonvoy members? Answer: The value and the opportunities that it unlocks for our 186 million Marriott Bonvoy are among the things we’re most excited about. Obviously, it adds 40,000 terrific new rooms to the portfolio, but when you think about the access to not only 17 extraordinary resorts—but the access to sports, entertainment, and culinary that MGM has—we think our Bonvoy members are going to love it. In addition, we sell multiyear group business, and with increasing frequency Las Vegas is part of that group rotation. As a result of this transaction, in that mile-and-a-half strip MGM offers nearly five million sq. ft. of state-of-the-art meeting space on top of all the wonderful amenities. So I think both our leisure and our group customers are going to be really excited about what this transaction will offer them. https://lnkd.in/gTa2j87c Marriott Bonvoy Events | MGM Resorts International | Marriott International | #YouHaveToBeHere

Super Bowl sticker shock: Las Vegas hotel prices skyrocket for big game. "This year’s Super Bowl in Las Vegas will be historic,” Tim Hentschel, co-founder and CEO of HotelPlanner, told USA TODAY. “It’s projected to be the most viewed live event of the year, and the biggest revenue generator for the city. Las Vegas is now on the map as a premier sporting event destination, but Taylor Swift only deserves limited credit for increased viewers and attendance.” Over the past decade, Las Vegas has invested billions into new sporting venues, hotels and more to become “bigger and better every single month, every single year, especially as host to large events, such as the recent Formula 1 race, which hit record room rates,” he continued. “The only other place on earth that can potentially rival Vegas is #Dubai.” #SuperBowl #LasVegas https://lnkd.in/e7hTxZ-y

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🏈 So, what happens when America’s playground meets its largest sporting event? Super Bowl LVIII is taking over Sin City in Las Vegas. Our latest insights reveal a dramatic shift in Super Bowl hotel bookings and pricing - a testament to the power of major events contributing to a surge in hotel demand. 📊 With over 80% of accommodations already booked and room rates surpassing $500, this isn't just a big moment in sports; it's a big opportunity for hoteliers too. Get all of the Super Bowl data details here: https://lnkd.in/geX8sMQp Looking to exceed your revenue goals for high-demand events in 2024? #LooktoLighthouse to help redefine your revenue strategy.

💡It goes without saying that the Super Bowl is one of the biggest demand generators for a major US city, and this year, it's heading to Sin City, home to some of the world's largest hotels, so what difference can it make in such a massive market? 📈 Lighthouse data reveals a significant impact. Even in a city with over 150,000 hotel rooms and 15,000 short-term rentals, which comfortably puts it into the top 10 city markets globally, most spaces have already been snapped up for Super Bowl LVIII (or 58 for those unfamiliar with Roman numerals). With already high prices and a limited inventory – about 20% of rooms remain available – the rates for the remaining rooms will probably escalate as we approach the Super Bowl weekend. This trend aligns with historical patterns, indicating that we can expect the rate peak to materialize in the final two weeks leading up to the event.

What can hotelier's learn from Chopard's recent foray into luxury hospitality? It's quite a fascinating strategy, covering: 1. Not using the Chopard name 2. Exclusivity / Stealth Wealth 3. Pricing 4. Targeted PR 5. Branded Rooms Do you think this strategy was worthwhile for the brand? #guestexperience #hotelbranding #hotelstrategy #hospitalitybranding #chopard Mentions: Adam Mogelonsky / Larry Mogelonsky, P. Eng. per the Mille Club

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Valet keeps love alive and keeps couples together. Less arguments in the car park😁! Happy VALETine's Day. #retail #hospitality #valetparking #hotelindustry #customerexperience #parkingtechnology #valetindustry #drivewaymanagement #conciergemanagement #customerexperiencesmatter #firstclassvaletau