New AI-powered feature within Benchmark Insight provides forward-looking ADR and RevPAR data, transforming how hotels analyze market trends
DENVER, CO / ACCESSWIRE / September 18, 2024 / Lighthouse (formerly OTA Insight), the leading commercial platform for the travel & hospitality industry, today announced the launch of Smart Compset within its Benchmark Insight solution. Benchmark Insight is a competitive intelligence solution for hotel revenue managers, allowing them to benchmark their hotels with competitors and make the best strategic decisions, uncover hidden opportunities, and drive additional revenue for their properties.
Smart Compset leverages Artificial Intelligence and advanced data analysis algorithms to generate anonymized and aggregated competitive sets, providing hoteliers with unprecedented access to forward-looking Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) data.
This new feature transforms how hotels analyze market trends and make strategic decisions. In an era where traditional static competitive sets fall short of capturing rapidly evolving market dynamics, Lighthouse's Smart Compset represents a significant leap forward in hospitality benchmarking intelligence.
Lighthouse is pioneering the use of cutting-edge technology to provide hoteliers with a dynamic view of their competitive landscape. Smart Compset remedies the shortcomings of traditional static competitive sets, which struggle to capture rapidly changing market conditions.
Users can select multiple criteria such as base rate, hotel class, location, and star rating as inputs to the platform. Smart Compset then leverages dynamic data to generate a true picture of the compset. This flexible approach delivers a more precise approach to competitive intelligence.
"With the introduction of Smart Compset, Lighthouse is addressing a critical need in the hospitality industry for more dynamic and forward-looking competitive intelligence," said Sean Fitzpatrick, CEO at Lighthouse. "Our goal is to empower revenue managers and commercial teams with the insights they need to make informed decisions and drive revenue growth."
Smart Compset offers hoteliers a suite of powerful benefits:
Forward-looking ADR and RevPAR data, updated daily
User-defined criteria for customizable competitive sets
Seamless integration with Lighthouse's all-in-one commercial platform
Enhanced functionality complementing existing benchmarking tools
Improved accuracy in forecasting and strategic planning
Developed in collaboration with hotel partners, Smart Compset is an industry-first feature that provides a more flexible and forward-looking approach to competitive analysis, crucial in today's dynamic market.
"Our research reveals that revenue managers often grapple with outdated or irrelevant competitive data," said Nick De Jonghe - Director of Product Growth at Lighthouse. "Smart Compset solves this by offering a dynamic view of the competitive landscape. It's not just a tool; it's a strategic asset that can significantly impact a hotel's bottom line."
Smart Compset's launch comes at a crucial time for the travel industry. With the World Travel & Tourism Council (WTTC) projecting global travel spend to reach $15.5 trillion by 2033, hotels face mounting pressure to optimize their pricing and revenue strategies. This anticipated growth creates an increasingly competitive landscape, making Smart Compset's innovative approach particularly significant for hoteliers seeking to maximize their market position.
Smart Compset is especially valuable for management groups and independent hotels, which often require more agile competitive intelligence to effectively compete in their markets. By providing access to previously unavailable forward-looking data, Smart Compset levels the playing field, enabling these properties to make more informed strategic decisions.
As part of Lighthouse's integrated commercial platform, Smart Compset reinforces the company's commitment to innovation in the hospitality industry. It represents another step towards providing hoteliers with a comprehensive suite of solutions that drive commercial success.
Smart Compset is now available to clients globally, empowering more hoteliers to make data-driven decisions in an evolving market.
For more information about Smart Compset and Benchmark Insight, visit: https://mylh.co/3z1zHUU
Contact Information
Adam Swart
Global Head of Brand
adam.swart@mylighthouse.com
917-359-8969
SOURCE: Lighthouse
View the original press release on newswire.com.
