Have London Hotels learned their “Millennium rates” Lesson?

I remember 2000 vividly , Revenue Managers were rejoicing for the amazing profits they could make and plenty of properties chose to charge either rack rates or close enough…  The results were not very good as customers were scared and chose to celebrate in their own way and mostly in their own homes…

Now with the Royal wedding only a few weeks away I was happy to see that the majority of London Hotels seem to have learned the lessons of the old and I could even manage to find some really good deals in 4 and 5 star hotels during the period that covers the big day.

I truly hope that this is the case and that I am not biased due to my positive outlook. I really hope that technology today and the lessons of the past have created more sophisticated revenue managers with a more confident ability in forecasting. I guess in the end we can only wait and watch and hope that most of them manage to secure a close to 100% occupancy for those 3 days with some good Room rates (just don’t be too greedy guys)

For us in Hospitality and Events education, this Royal Wedding will be another opportunity for a great Case study (of how to do things I hope).  If you are a revenue manager in a London Based hotel I wish you the best of luck, there is still a few weeks left for you to achieve over 100% occupancy and if you manage that I wish strength to the poor Front of House and Night Managers who will have to deal with the book-outs…