In this engaging conversation, we have the pleasure of speaking with Katarina Railko, a seasoned expert in hospitality and a notable voice in entertainment and events. With extensive experience in travel and tourism, Katarina provides valuable insights into maximizing revenue during high-demand events such as the Formula 1 Montreal Grand Prix.
What was your early experience like during the Formula 1 Montreal Grand Prix, and how did it impact your career?
I have vivid memories of the Formula 1 Montreal Grand Prix. As a child, I capitalized on the opportunity by collecting bottles and cans, making a tidy profit each weekend. This entrepreneurial spirit grew with age as I started selling souvenirs, eventually working at various Grand Prix-related positions. These experiences laid a solid foundation for my career, teaching me the significance of high-demand events in the hospitality industry.
Can you elaborate on how working at Expedia Group during the Grand Prix influenced your key performance indicators (KPIs)?
During my time as a market manager at Expedia Group, the Grand Prix weekend played a vital role in meeting my KPIs. Given the influx of tourists, it significantly impacted occupancy rates and pricing strategies. An important KPI was maximizing revenue per available room (RevPAR), and the Grand Prix was an excellent opportunity to optimize these metrics.
How do you think the change in the Grand Prix date for 2026 will impact Montreal hotels, particularly concerning their biggest weekend?
The date shift can hugely affect Montreal hotels. Traditionally, hoteliers have prepared for June as their busiest period, relying on historical data for pricing strategies. Moving the race to another month will require them to adapt quickly, which demands flexibility in pricing models and robust data analysis.
How does Rate Yield’s system adapt to high-demand events like the Grand Prix compared to legacy revenue management systems?
Rate Yield differs by focusing on current market dynamics rather than purely historical trends. This adaptability ensures that it remains relevant even when events like the Grand Prix have unprecedented changes. Unlike legacy systems, Rate Yield can quickly adjust to these market shifts.
Why do you think the Grand Prix means so much to hoteliers in Montreal?
The Grand Prix is a major revenue generator for Montreal hoteliers. It significantly boosts occupancy rates and allows for premium pricing, making it one of the most profitable weekends of the year. Beyond financials, it’s an opportunity to showcase the city’s hospitality on an international stage.
Can you explain the importance of setting a minimum price level for a property during high-demand events?
Setting a minimum price is crucial during high-demand periods to ensure that properties capture the full potential revenue. Without this, hotels might undervalue their rooms, especially when demand exceeds supply, leading to lost revenue opportunities.
How can hoteliers use the ‘Create a Season for your competitive set’ feature to adapt their pricing strategy for events that draw demand to locations outside the downtown core?
This feature is invaluable for responding to unique demand shifts. By including different property sets in their competitive analysis, hoteliers can finely tune their strategies to capitalize on demand not just in the downtown area, but also in surrounding regions affected by large events.
In what ways can hotels maximize profit by adjusting room type pricing during special events?
Each room type can have a different pricing strategy based on demand and guest profiles. By creating specific seasons for room types, hoteliers can set minimum price levels tailored to each category, ensuring they maximize profits while catering to various economic tiers of event-goers.
How does the creation of specific seasons for pricing strategies help hotels manage their rates more practically?
Specific season creation allows hotels to define clearer pricing strategies adjusted to forecasted demand. This method helps in structuring rates that respond to event-driven market changes, enabling a more hands-off, yet dynamic, pricing approach without relying solely on competitive data.
What are Smart Restrictions, and how do they help hoteliers optimize their booking strategy?
Smart Restrictions are automated guidelines that help ensure sales opportunities aren’t missed due to overly rigid booking requirements. By easing restrictions like minimum stay requirements based on booking window data, hotels can fill more rooms, maximizing revenue during high-demand events.
Why is it important for hotels to release restrictions like the 4-night minimum during high-demand events, and how does Rate Yield automate this process?
Releasing restrictions is essential as it improves booking flexibility, allowing properties to capture more guests who might only stay shorter periods. Rate Yield automates this by adjusting restrictions based on real-time data, ensuring hotels remain competitive and fully booked.
How does Rate Yield ensure that hoteliers can make informed decisions that align with their market knowledge?
Rate Yield empowers hoteliers by providing real-time insights coupled with configurable settings that align with their intimate market knowledge. It respects the expertise of hoteliers while offering automated tools that enhance decision-making processes without undermining them.
Can you provide some examples of how Rate Yield can be tailored to different market needs worldwide?
Rate Yield’s flexibility allows it to modify thresholds and settings unique to any market. Whether it’s handling peak seasons in European city hotels or accounting for long off-seasons in tourist-heavy beach resorts, Rate Yield adapts to address distinct market challenges globally.
What inspired the creation of Rate Yield, and how does it stand out from other revenue management software?
Rate Yield was inspired by the need for a more user-friendly, adaptable system that serves both small inns and large hotels. Its blend of real-time insights, AI, and configurability make it distinctive in balancing sophisticated analytics with practical, day-to-day application.
How does AI and real-time insights in Rate Yield benefit hotels in managing their revenue?
AI, combined with real-time insights, positions Rate Yield at the cutting edge of revenue management. This blend allows hotels to dynamically adjust strategies, anticipate demands, and respond swiftly to changes, ensuring optimal revenue performance.
Besides real-time insights and strategy development, what other modules does Rate Yield offer to support hotels in managing their revenue?
Beyond its core functions, Rate Yield offers modules for budget planning, forecasting, and displacement analysis. Each module provides a comprehensive toolkit, supporting holistic revenue management strategies tailored to the particular needs and goals of a property.
Do you have any advice for our readers?
Embrace technology but trust your instincts. The tools and data are invaluable, yet your intimate understanding of your market makes your insights just as critical. Combining both will position you well to navigate high-demand events and maximize your opportunities.
