Hostel revenue management tool set to launch

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STAY WYSE, the accommodation sector association of the World Youth Student & Educational Travel Confederation, is launching a first-of-its kind benchmarking and revenue management program for hostels

STAY WYSE, the accommodation sector association of the World Youth Student & Educational Travel Confederation, is launching a first-of-its kind benchmarking and revenue management program for hostels around the world in 2011. The selected cities for the launch of the program are Barcelona, Berlin, Buenos Aires, Sydney, Prague, and London.

As the industry organization for youth travel accommodation, the STAY WYSE association aims to provide tools to hostels, to improve standards and in doing so help them build their business and increase income.

While the common benchmarking performed by the hotel industry only provides information on rooms, the STAY WYSE Travel Confederation platform is specific to hostels and will provide information on beds and rooms.

“The hostel sector has always been regarded as somewhat inferior to the hotel sector in terms of professionalism. STAY WYSE’s program will help hostels overcome this hurdle by providing an excellent tool to help hostels grow your business. We’re at the market research phase at the moment, and are hoping to gain the participation of as many hostel operators as possible in order to provide us with the most robust information,” according to Laura Daly, Association Manager for STAY WYSE.

“Benchmarking helps our Sales and Marketing team to quantify the effectiveness of promotional campaigns. We use it for the ongoing evaluation of our sales strategies and market positioning. Historic benchmarking data enables our managers to identify market trends at an early stage and allows us to proactively plan our rate strategy rather than relying on ad hoc adjustments. And instead of depending on subjective opinions about market conditions, benchmarking supplies us with concrete data,” according to Eric van Dijk, Managing Director of Generator Hostels.

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Interested organizations should apply to Laura Daly, Association Manager of STAY WYSE Travel Confederation at [email protected] .

To apply, either email [email protected] or complete the online sign up form: http://staywyse.bma.sgizmo.com/s3 .

For more information, please visit the STAY WYSE website: http://bit.ly/hcntWO .