What is the meaning / definition of Pace in the hospitality industry?
In most industries, speed is of the essence! Hospitality is no different. Pace – the rate at which reservations are made for a particular date – is important to control and also to monitor. Why? Because if you can see a pattern forming as reservations build for a certain date, weekend, week or even an entire month each year, this can be immensely helpful when it comes to forecasting: trying to accurately foresee and calculate projected demand and therefore revenue in future years. A hotel can pre-empt a swell of interest (i.e. a noticeable rise in bookings) towards a particular forthcoming date, and manage their finances and other areas of business accordingly, with the ultimate aim of maximising revenue.
Also, Pace can determine aspects such as required staffing levels at certain times. For example, a hotel in Aberdeen (Scotland) that always experiences an increasing pick up of speed of individual and group bookings in the weeks preceding the world famous Highland Games each June at Hazelhead Park, can organise themselves perhaps differently to normal, to cope with the rise in pace, so as not to miss out on the potential extra revenue.
Other times of the year when there is bound to be a noticeable acceleration in pace in the Hospitality Industry might include Christmas, New Year, Valentine’s Day, Easter, Diwali, Chinese New Year, Eid al-Fitr, and the 4th of July.
- Booking pace