In hospitality and events, staying ahead of the competition depends on adapting your approach and making data-driven decisions.
But when you’re putting out fires and juggling a multitude of tasks, it can be hard to know exactly how to pivot or even what data you should be looking at to drive impactful change for your property.
One of the most essential tools that empowers hotels to make educated decisions about their business is a pace report.
A pace report helps businesses track booking trends, forecast future revenue, and optimize sales strategies. Without one, properties risk missing revenue opportunities, overbooking, or underutilizing their inventory.
What Is a Pace Report?
A pace report is more than just a document. When utilized properly, it’s a powerful data analysis tool that you can use to compare current booking trends against historical performance and future projections.
It helps hotels monitor the rate at which reservations are being made for specific periods, spaces, and event types.
This allows your team to tweak and adjust pricing, marketing, and sales strategies accordingly to align with the needs of your business.
Key Metrics in a Pace Report:
- Pickup Pace – The rate at which bookings are being made over time.
- Occupancy Rate – The percentage of rooms or event spaces booked.
- ADR (Average Daily Rate) – The average revenue earned per occupied room.
- RevPAR (Revenue Per Available Room) – A crucial metric for financial performance that helps hoteliers assess their revenue performance by considering both room rates and occupancy levels.
- Year-Over-Year Comparison – A look at past performance versus current trends that can unlock helpful insights into seasonality and overall growth.
Why Every Hotel Needs a Pace Report
1. Optimized Revenue Management
Pace reports provide real-time data, allowing revenue managers to make adjustments to room rates and event pricing based on demand trends.
For example, if bookings for an upcoming weekend are slower than expected, hotels can deploy targeted promotions or adjust pricing strategies.
2. Better Forecasting & Budgeting
By analyzing historical trends and future booking data, businesses can accurately forecast revenue and budget for operational expenses.
This reduces financial risks and ensures that resources are allocated efficiently.
3. Improved Sales & Marketing Strategies
Sales teams can use pace reports to identify booking patterns and adjust their outreach efforts.
If a venue sees a decline in corporate bookings, targeted email campaigns or promotions can be launched to address the gap.
4. Enhanced Event Planning & Space Utilization
For properties with multiple event venues and meeting spaces, understanding the booking pace helps optimize space allocation and staffing.
If certain event types (e.g., weddings or conferences) are booking slower than usual, venues can offer early-bird discounts or partner with event planners to increase demand.
5. Competitive Advantage
Hotels that use pace reports can make proactive decisions, rather than reactive ones.
By staying ahead of market trends, businesses can outperform competitors who rely solely on intuition or outdated data.
For actionable tips on how to utilize pace reports and audit your hotel documents and systems, take a look at our on-demand webinar Stop Leaving Money On The Table: Auditing Hotel Systems for Revenue Growth.
Actionable Tips for Using a Pace Report Effectively
- Review Pace Reports Weekly – Regular analysis helps identify trends early and make timely adjustments.
- Compare Year-Over-Year Data – Understand long-term trends and seasonal fluctuations.
- Set Benchmark Goals – Establish key performance indicators (KPIs) based on past performance and market conditions.
- Integrate With Revenue Management Software – Use technology to automate and enhance data analysis.
- Train Your Team – Ensure sales, marketing, and operations staff understand how to interpret and act on pace report insights.
A pace report is not just a set of numbers — it’s a strategic tool that empowers hotels to make informed, profitable decisions.
By tracking booking trends, optimizing pricing, and aligning sales efforts, businesses can maximize revenue and stay ahead in the competitive hospitality industry.
If your hotel isn’t leveraging a pace report yet, now is the time to start. Implementing this impactful report can make a significant difference in your revenue performance and operational efficiency.
If you’re already using Event Temple, you can easily pull catering pace reports and group guest room pace reports to zero in on the trends and data you need to inform your strategy and pivot for optimal results.
Not yet a user? Book some time to chat with us — we’d love to discuss your business goals and how we can help.
