The revenue management tech developer for the hospitality sector urges firms to abandon traditional measures of financial success
Beonprice introduces profitability metric for hotels as it rebrands to BEONx
by Aidan Poole
Revenue management specialist Beonprice has introduced a new profitability metric and platform for the hospitality industry as the firm rebrands to BEONx.
The company urges the industry to abandon revenue per available room (RevPAR) and occupancy rate metrics in favour of a “total sustainable profitability” measure that includes all revenue streams, such as co-working spaces, digital services, selling in-destination activities and use of retail spaces.
BEONx’s total profit, or revenue per available guest (RevPAG), metric encompasses a traveller’s entire journey by accounting for use of room service, restaurants, bars and night clubs, spa and wellness experiences as well as out-of-property activities.
The firm urges that hospitality providers should also utilise sustainability to drive profit by matching the desires, demands and opportunities provided by environmentally conscious guests.
With some travellers willing to pay extra for locally sourced food, sustainable products and renewable energy, such offerings should be thought of as revenue generators, according to BEONx.
BEONx’s stress on sustainable options sees the firm working toward a Total Profitability Platform to run on artificial intelligence and machine-learning technology (TPP) to help hotels automate revenue management with these priorities in mind.
Alex Barros, chief marketing and innovation officer of BEONx, said: “As an industry we really must abandon the dependence on RevPAR and occupancy rates metrics in order to thrive – the future of hospitality is about so much more than rooms.
“Instead we should focus on building a path to total profitability and empower hotels to unlock totally new non-room revenue streams – co-working spaces, bars that draw people in, events, spa and wellness products, retail outlets and so much more – we will help hotels to unlock sustainable profitability opportunities.”
Rubén Sanchez and Emílio Galan, founders and chief executive and chief technology officer respectively of BEONx, said: “To make unlocking sustainable profitability opportunities our mission we have decided to rebrand as BEONx and launched our Total Profitability Platform.
“This coincides with our 10th anniversary, and we want to thank all our staff for their hard work and customers for their loyalty over the last ten years – and say how very excited we are about the next ten as we seek to redefine hospitality from within. Watch this space.”
BEONx has grown to service over 2,000 customers across 30 countries since the firm was founded in 2012.
Hotel brands including Leading Hotels of the World, Barcelo, Catalonia Hotels, Iberostar, RIU, Labranda Hotels & Resorts, HM Resorts, Holiday Club Resorts, Dreamplace, Hospes and Room Mate work with BEONx.