Editorial Board   

Mr. Parker

Juston Parker

President & CEO, Parker Hospitality Group, Inc.

Juston Parker, President and CEO of Parker Hospitality Group, Inc., is an experienced performer in the hospitality industry. He began his career in hotel reservations and has extensive experience in all areas of hotels from operations, sales & marketing, to food & beverage, banquet & conference services. Throughout his career Mr. Parker has developed and nurtured a passion for creating top line revenues and strategically growing businesses, through new and innovative revenue management strategies. His analytical approach to revenue management has resulted in increased revenues, even in challenging times. His drive for cost of sale and pricing has impacted a wide variety of businesses which relied on his expertise to increase top line and bottom line revenue. As a published author on the subject of Revenue Management, Juston has been interviewed and/or quoted on CNN, Yahoo Finance, and Fox News, as well as featured in publications around the world ranging from HSMAI, to Thailand Hospitality, University of Florida, Event Solutions to name a few.

Mr. Parker can be contacted at 303-499-2443 or Juston@ParkerHospitality.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.