What is a Pace Report?
A pace report is an essential analytical tool in the hospitality industry that compares booking trends and performance metrics between the current year and the previous year. By analysing reservations made and stays completed in both years, it provides valuable insights into:
Booking velocity: The speed at which bookings are made.
Guest behaviour: Patterns in guest preferences and booking habits.
Performance evaluation: Overall booking and revenue performance.
Key Benefits
A pace report helps hospitality professionals:
Identify trends in guest behaviour.
Assess the effectiveness of current marketing strategies.
Make informed decisions to optimise occupancy and revenue.
Respond proactively to market dynamics.
Adjust pricing strategies for maximum profitability.
By reviewing pace reports regularly, property managers can enhance operational efficiency and adapt to changing market conditions.
Frequently Asked Questions
Q: Why is the occupancy different in the Pace Report and Performance Report?
A: The difference arises due to the distinct criteria for including bookings in each report:
Pace Report: Focuses on confirmed bookings made within the past 12 months. It excludes bookings made earlier, even if the stay occurred in the current reporting month. This provides insights into recent booking trends and current sales effectiveness.
Performance Report: Includes all stays completed within the reporting month, regardless of when the booking was made. For example, a reservation made two years ago but resulting in a stay last month would appear here, offering a comprehensive view of realised occupancy and revenue.
Key Differences:
Criteria | Pace Report | Performance Report |
Booking Window | Last 12 months only | Any time (if the stay occurred in the month) |
Focus | Recent booking trends | Actual occupancy and revenue |
Use Case | Short-term operational and marketing decisions | Long-term performance and trend analysis |