The importance of Revenue Management in hotel management: a case study on the Copacabana Palace

Abstract

The article studies the importance of revenue management strategies in hotel management. The objective of this work is to analyze the management at the Copacabana Palace hotel during the COVID-19 pandemic from the perspective of revenue management. The specific objectives are: to analyze the different phases of the COVID-19 pandemic in the hotel; describe the revenue management challenges caused by a crisis scenario; Indicate possible solutions and opportunities in the hotel industry from revenue management. The data collection was extracted from the History and Forecast report, issued by the company's system. The time frame corresponds to the period from 2019 to 2022. The approach is quantitative, since the variable used in the analyses is the daily rate and the theoretical contribution is revenue management. The results show that revenue management can contribute to increasing revenue, even during adversities, however, the knowledge and practical applicability of revenue management still needs to be better disseminated and utilized. The contribution of this work is to show the effectiveness of the use of revenue management in hotel management through real examples, showing its versatility and adaptability in different types of accommodation.