Although there is considerable interest in advance bookings model as a forecasting method in hotel industry, there has been little research done to analyze the use of advance booking curve in forecasting hotel reservations. The mainstream of advance booking models reviewed in the literature uses only the bookings-on-hand data on a certain day and ignores the booking data beforehand. It is also common industry practice using only the current bookings-on-hand and ignoring the booking data beforehand in forecasting. This empirical study analyzes the entire booking dataset in one year provided by Hotel ICON, and identifies the trends and patterns in the data. The analysis demonstrates a more in-depth understanding of advance bookings modeling and the use of advance booking curve in forecasting hotel reservations at property level.
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The above abstract is originally published in a research paper on the Iowa State University’s website.
For the complete research paper, click here.