Jesper Hansson, President, Asia Pricing Professionals -Li Peng, Group Director of Distribution & E-Commerce, Six Senses Hotels, Resorts & Spa, Chhavi Malhotra, Regional Director RM Asia & India, Hilton Worldwide, Jeroen Vaassen, Director RM APAC Starwood
Automatically Generated Transcript (may not be 100% accurate)
I. Gonna have to know. Might do they welcome you. Keywords such a nine pricing. Are my people find money to market that you would add a fantastic panel. Ends up before we get started just so we can get the job because that no hiding its how many people here we have here firm hotels system learns. Care how many people per mile to is. Nokia Intel. And hub. People for airlines. And so while we're. We might give us eight do without you moon. We're likely try to keep this in Iraq it's so if you have to question please feel free. Are so they add that up posters back up again. I have I have the Poland and so you Gatwick while students are in one attacks but to me that's fine as well NL I monopolies that the the PMT its either number right. On the so just let Dada the tie up with no introduced introductions. NM walkout will get go right now. And good afternoon everyone vasser I represent filed health resorts. Based here in Singapore overlooking. Higher Ryan and the pan and looking after us and distribution and e-commerce politics census group. And eighteen Bangkok. But up through one money this chubby represent eleven will provide this year in Singapore. And looking up revenue management for put downs of Asia and India. My name is yet Henson. I'm here represent mean eat pricing professionals. Where it is. Very different from the other guys. And we're the biggest air non proper documentation for pricing revenue management practice in those globally. Store. I'll probably that either one of the snide comments today about revenue management in the hospitality and now lines. Most of my life I've been working beta. So law. Bring on the questions. Study study questions arise cared for but but but perhaps I discovered through this one now. Herein are these different things yesterday into gear now if it controls earth controls their let me just. Do we do we actually control while went into my. We think was picked up 19. Delivery climbed I think that until certain extent yes. Bag but definitely I think in decline environment where everything is connected. There is only just open. Hospitals at a level you can really control I think yes part of their bets that out of your control. Pipe down I think if you have a good strategy. We should know what you're doing I think you know is within a you can work within open fallen flat with that fall for. Care. I see is a senior last of the bad bits of these other. Hadn't done the channels and often we use the brand that farm we have the fault controlled by fear is comfortable. Off miles through the true unknown properly depend on the contrary it pushes the youth of the true partner. So from that. S back. We have emu can control. But added MBE for the need to look at other. The control of the global power and continue their entry. You know that would how one so can partner with respect though what is with our strategy is. The power need to. Mean fast so and special conditions with a treat partners. You comes a year A I think the current challenges down some more he practice. So are our sacrifice their commission on their profitability. For people. Hours column better price. Over consumer so from their per spare. I think is difficult for the lapel button control. Our second what you're mentioned I think inner control moment yes we do. We start off with the controlled offline inventory availability. Of the technology. Coin with a face appears Anna and Laura integration receive between. Clearly defining who was involved here clear voices of the haunted these days. The lines are getting blow and and the Lear's keep getting deeper so to an extent yes we do controlled. But it comes a point beyond which it's difficult to keep mapping layers is calling for the two. So I think that's their. The controlled study me. I have to agree with the other night. Here I think it comes down to end and fourth quarter loss especially. Comes down to how strong and spread here have within distribution. And how strong hall who cover your you know distribution. Saw better going to be key going forward you can control anyone climbing out of their old forms and selling more. But. You can at least try to implement some compliance issues and build something interior contracts so your you actually have. Means of getting back at a fifty euros to. Fall on the foot of the. Get any let Fannie go after the outline any. During lunchtime Marwan fell sitting would be we're showing here today Indonesians say we're. There was basically one of like as a key liaison Indonesia. Where they were selling everything its wholesale price. I'm so it means we look upper house Singapore I don't speak I don't read up faster but I could see enough I didn't recognise the names. So far I mean give it to we've had tight inventory pricing power. I mean whatever bias are mining desperately you were there are. This provides an umpire OK what advice do you give to people to protect themselves. You know when they find themselves neck situation. We'll leave it all comes down so what would your bill into a contract with the distributor. You can might simply billion save this the recommend list price this surprise you recommend you to celera's minimum. And if we see the area anything about who's selling the law a certain price point. Then we have the chance to revoke a contract. And stop doing business. Dole comes out incentives and I'm feeling a strong contract. Yeah adjusted to add up I think it's also you can build anything contract enforcing Gaddis sometimes America as a challenge as well. I think. You know you can beam control has won. But you need to see how much risk you wanna take it one stage. Think if you wanna be putting control fell annual channel you're completely control but obviously one get the occupants is urgently need. So I think some damaging your unique to take certain steps which might not always the you know fall leave like you would like. Like yeah. You need to get of the occupancy and I think how are you going to dad need to picks up some calculated risks. And there will agree area in which we need to operate. Hopefully you know by doing the right contracting and having clear distribution strategy can make it as likely as possible. We'll likely wary how you're gonna see that there are now. There's always going to be that grey area which unfortunately operate. I think the answer depends under a room property at the piper property how B visa CQ now and these Brokaw location. So probably came easy these arguments to work very channels will mean your key. So you might have less dependent on. You can view a true partners. But for these are not particularly in. Destination the IR PMC and poor precarious. B Stewart you can rely on them Purcell. So a as you need to define as a class earning the Steelers and the fish fusion strategy. According to we are put house up because you and as a competition on March competitions in the market. From there you can drive parks Europe strategy to keep even though we have added. The market is coming up on buyer turns the whole issue this results of your very collaborative Rick here. I mean look for three years of being weak UK we yes yes yes we need to have that. Air. And we've had on last summer there I mean hardly hardly think basically purity without incident is of a good thing is even possible. Our money how easy that kind of playing out over the next you know clear. Per night how people can't benefit. I think new therapy currently in the industry is along the curve pursue value rank is only the perception. So when the consumer research. On different channel for the best price. He's along the added that mom and you know a key piece of the price floor of price for the same day you probably think of as the price parity. But the if you come who. Need pushes the chair and are. Highly channel properly there's more. Price parity. So it's the reality is depends on for opry terrorist. Strictly GE somewhat rickety might have more people grand. Further the offer. Our preferred pricing to their liking members. And the fees and negotiate the Contra business then there's another price. There's also Cox school of parity. From the pricing perspective but there. Come through operator need to move say are. Their price. In no way that the consumer for post view music therapy done so I think there's a reserve perceived. Bet you rather than do you feel fairly off the price. I think. That perception is very important because. We we obviously there's a lot of partners that look great job in marketing and although the price would be the same on different channels forget my finger on one channel they get a better price upwards and if you talk to people and you show them its not through. But still in their hair that's come back to get better fuel and extract yourself I think a lot of that is is is based on the market. And there are some I'm still differences in price I think that that has liked to do with years. All the distribution miles and changing. But we're pound and the changing rapidly but I think that the pricing strategy is what the pricing model that we have in place I have always changing as rapidly. To catch up with the new. And distribution platform the new technology and I think that's where video as a challenger now feel that more transition phase ethanol that you're speaking with. With with colleagues everybody sort of working through the motions but. I think we're a little bit smaller could be morality then some of that. You know that the new style after the new technology that's available I think that that is a transition phase rate. Paid close figure technology. Of those fired up this morning Kei someone getting the NB curve. They've made good effectively they sort of implement tough but clearly the verdict or put up quickly with healthy lives of the world. Obama is something that you think is that is that a good thing. Four hotels do you say no do you recommend that you hotels don't give our ability to things because I mean there are plans who will we have discussed inventory. Well talking up rate parity here and now we. We talk about office and I can give you any assemble are you relocating from Singapore Thailand are not that many months ago. Taking into an eyesore tell pre boot. At the Horta played 1500 by the right. Morning through extended and whatever they grow standing at the front their system. Well we have to charity wholesome fun. If you want to extend well if you corner Paul raven probably 451. So why I brought up my laptop and output 4200. By. By the next that the date. When we sit there I think sometimes in the industry is something we work along with this to this is like trying to put yourself in the shoes of your cost. See your bid. What what I want if I was the consumer if I was going to sustain my ought to look at what value is there. For me read Canterbury parity being ripped off like a fellow us. I did they have seven more days I'm never going back to their hotel. For right it on the border with lord possibly. And then you've probably have seen a lot of B six M wells the flight billionaires can do. And then there is a huge gap between then bounced back and forth about. I. I mean obviously wasn't like I doubt analyse your dummy upper right. But might add I don't think that sort of not their right strategy I think gold has now that. I think it's good that the get out in the market keeps us jackets well I think that you're clearly stepping in to run into marking to market entry into Japan. It will probably aren't as quick as ads getting into. My concern with I think that well I think what we're doing very well it's clearly. That is just with two clicks but you can look we I think that something get real. Probably not as Agile. Your work that week. We have on our eyes. You making life easier and I think that is something that you're very good. News doing. My concern is a little bit we've done marking tax a lot of goals. Builds out technology platforms is that you get a better deal if you will blasphemy. And is probably isn't always true with just you know that's how they get people in their. But I think that the Dinara. Interest obviously. To get bookings in S filed. How best you want to build your bid and understand I think for a consumer buried well because if you tell me by coming out before you're right picture picture coming. We cannot yes prepares if you tell me three days before I can make sure that their personal life is am really provide with the right experience self. I think it's only get interest as well above where you know that's a has much you know that if possible. And Andy if you do there is certainly. Number of people that. And yeah what my plane is you know delaying need to have a portal is a last minute demand but you shouldn't necessarily get better region should get a better price. At that moment in time whatever that might be I think that the way that were. Remarking to say. You get a better deal if you wait until the last moment I think that is what one rival bids concern about. From our perspective is totally at I think eventually. For a guest as well although he's he's absent these these companies. Play into the amount and from a market perspective I think if you get very well. I think it was a bit of. And I think what you said about giving us and checkers is very valid from that perspective. The more are offset ads keep getting developed. We have better insights of what our customers actually looking for I think for a good deal I think for a Alaska voters versus traditional buying behaviours. Its previous price of turkeys on. So something which we keep monitoring. But as far as working with them or working without them if litigator for long term strategy if it's not a quick. Decision not to live and only just out of this mind what has look at it from a holistic longer term view that if there's going to be a partner. Which we sustain. In the longer term with me as a business partner and and is just delivering that it turns I'm expecting this particular channel with me so I think. Given the importance of those aspect as is very forward. The orders lined so the fact that these gaps exist and these technologies. Keep getting interviews have been Meade sees something out there. Which the customers need which are busy eight media industry in offering. So hard recap of that has bids I'd be happy that their needs and then. Basically get annoyed people. Well I'll just to add on that I think the only difficulty with is if they do have very strong marking. To keep saying get weighed on the last minute you get a better deal we're sort of creating that the members felt that maybe not what people eventually wind. But it just waiting until last fall because we keep telling him get better deals out there is definitely that demand. But I think part of that we're creating out out I would like to see out that saying you know put. Rain bands and you get at the great deal and maybe that's you know and there's not a lot of not as much market focus on that quite. So. But more yeah. Yeah alliances if you look at the budget airlines especially a chair we get via. The preferred way but the law pricing yet. Rates should make it difficult to do it. This week. As a customary you know people like me man I'm so I think we're therapy for these kind of this model says and the its Indonesian market and he even worse than their view persistent private customers. And the second half of what else. So a taboo the whole pound effort that's gonna help the area distribution and revenue strategy property Dubya. New term in their shop brand but the long Rand. Of the video file a growth. The cons think the Pacific will be class a location not do is ask I leaned over. Father read more buyers then arguing over who's our destination. Overview on how Decker and more walker Miki dad that come file these are the speed. These just one lives are. Who lives for the V time still. From their perspective leave is not really suitable model farce. But those things for some smaller C if you were down there though the US three new business dance of the night. On various term value for them. And in new type of apple issued a primarily. But my question is will do they want to book Ali. I mean for the naming of a particular reason he's out of their. Is lead serving serving in need the care of the customer. I think that definitely get there is a mindful of plan and we should make sure we have a strategy on vol fence. Adjusting period we should. I think your point airlines have done a great job in telling people that if you book earlier you get a better read and think everybody's sort of expect that M and accept that. Roosevelt our industry that's not necessary tickets. So I think gets to last but also you know. I think in general to something to allow to look at because people do people you know the occasions you know bans and people. We're in advance what inaudible if I weighed on the last moment its quarterly earning more expensive back fly. And with hotel I don't think that the consumer is here. So I think that partly gets there is of the land. Factory they're I think as a big marking factor. An pricing strategy factor in their. As well I I think if we go to the edge Michael told quickly again this kind of less. I wouldn't be at all worried about them define hospitality industry have be more worried about anywhere in re. Of business on how you feel about that when we're in the industry. Do feel pressure coming from. For the slight slight dip in the. I'll now arm fast not. Listening carefully he's basically the view very different buyers who different type of customer from last. The luxury so these are preparing and so this video of the year for the pop and a few years off marker. I'm supposed to do before and federal property share. I think MB and B is is there and if something we should recognise that Vonage. Part of the reason to an individual down company's strategy is they differed in the sense does one really look at it as compared. Adversely mention maybe sort of can benefit from them from particular bracket by segment of customer perspective. But what will be cannot deny is that this fair and and customers are looking. People arguing in Spain Italy it beat its if if if not then we should apologies. But without messy dozen times needed food that can benefit if like whatever it. I think one thing which we can get a PS and two years is is that this service commitment. I easier coming in Spain with any of the companies out there or any would have been there. There's a certain level of off servers which is about Thomas. Which. Again if I put Canadian be poorer and weaker different providers of accommodation. To draw their consistency would be quite tough I would imagine to make sure serviced loans from AB two C mean consistent. As as without company would offer. I think that's something we might not. Yeah I think a clerk at a obviously some sort of competition element in there have put a segment to a battle of travellers. I think it's a big again good if something gets viewers up industry and it makes us think about things differently and at the think fan I also think added it helps. Travel become more a commodity and I think the more people that that. Our access you know can have access to travel and spark travel. And maybe Goldman Caribbean Veba maybe afterwards they wanna different kind of experience. And then they would. We think about hotel so I think that the the buying behaviour ended necessities of guests are higher. Are changing I actually think it might create opportunities for us well to differentiate yourself. And to tap into a bigger and even if my creed that open. Create a man for travel then no what enforce our. You're gonna be mindful by I think you know we should be scared about those things then he'd just we think. We are what we can do differently and how we differentiate ourselves in that forward industry. It's gonna come here kind of leads until the question is if you know breakdown away reset their appliances. Were pretty much just competitive. Just doing it competitively. And dying or messages with respect happy that prices as well had you think hotels and airlines have a price what they've. They do other stuff that we loaned in. Now they'll wait. Armen sold while we while we self focus I think it out they have nothing dull dull I think of that cup dishes. But why are we looking at their evidently custom die. A scene from Burnham universe there are a nurse for us as Turkey. The other looking aired their row park ride a wise parking will apply analysts either room look at those revenue per. Available guess. So you've from their investment perspective you are from the com but operation perspective is OK the new addition who wrote I'll be us look at the revenue per available guest. There who try. Hoppy curve fitting curve our fill. What can we do the drive. Additional revenue. Per available guest my property. Certainly there's a very important approach from the top of the the bottom. Arm. And operate error is really need to on spirit of the longer term. Performance and the while you pop and PPI zepa. Yeah so pricing that the need Keith of their two poppy I really need to drive the price. For other lenders that renewal offer. Guess. I think we we we obviously look at the competition when you determine your price. You need to be competitive in your market but I think you know used. Are on revenue management software running out of systems that. That the competitive pricing is one component also look at the man's right what are your occupancy where you think you again end up so what. That have to factor in price over fifty as well signers. So very funky albums in the back end of that on understand that that will help us understand. You know how how elastic is delayed and the combination of of goals and is something you know is is is really driving the pricing decisions. And I think that the distribution. Strategy is is a component in their. And India as well so I think that that combination of things. Is what drives the price competition is just one. Back at. I would take that I think competitive pricing it is of course a bottom that reality of the nature of the businesses beyond work with a vote father. And if you have excellent put them on the city that's the theme made him but yes it off at. And get market share but I think what you said it is a piece of the pop off the holy nation it's not the ultimate decision maker. The good of plastic top off location of around. What you know present in the market the service Vista a particular Dell a company brings. Good customer. Have. Regis to. With the new factors of distribution. Of profitability by channel there's a lot of things one looks that. But yes competition is is that there and one has become benefit. I think yen and misses something then I knew pretty much. Value based pricing it's all about delivering. The top value to customers. And it's about finding out OK. We can add a potential of 100000. People left in Spain Alltel we might chime type everyone. Point two segmented we're only going to fall some high bid. A senior Ford tells that completely messed up when it comes to light emitting. S makes M relaxing the beach we saw which characterised that family resource Thailand. That every night between 10 PM. To two where. They ought not least protect. On the beat. Their head these beautiful Kabana asset backed we saw before last every night and apartment. I wanna take yeah I. I think your optic. Auto groups have either top very kind of what what kind of place one name we've tightening whenever. That's a lot of water were really poor. Communicating what they are. Finding no more likely. If you caught somewhat like him do you know names here because some of this sort out for now on to permit rolled in Bangkok. You still have strong English to risk then flip flops and check out. Mixed in way people willing paid 500 dollars and they. And that comes back to the rape. Case they problems like me you know when they don't like what you get the story. Exactly what you want to be very pointed out that. But there segmenting anoint your customers use its use the word we do in its bid price. We spent saw what time on analysing customers' willingness. And so much time on analysing. What we call customer value perception. And that's better way its key. It really is technically mean 1500 dollars per night tightening right statement with the right back you know so it's. In Kenya killing going online with that Lewis said he's going to think about a kid that witnesses then we see jaded about avatar the last recession. And you're kind of advice that you would give added people. The pricing during a recession and it gives them away and will was dealt a heck. Inevitable words there. That your people felt like they should've held by into. You think they should help I'm market before they started to cut rate of what are the things that came through. As overweight good views suddenly get worked very well was they said there. Being able to their period hike here. File a market segments. Armin that was kind of work ahead well ahead say there is a can you give us Sonia Salinas de Apple's army mean. Topping a nine the next recession for our other key McGuinness and exemplars that you've said she feared either cheese during the last recession. Our current or currently doing and being able to give being able to get some customers without really having become revised Q much. I was based in in the UK London of the global financial crisis came along and a couple of wild birds were in Canary Wharf which is the financial industry. Still. That's their buildings have back up I would even say office bottom I have complete billing for back have. And then. In addition to just looking at price one of the tactics be deployed. Was was maintaining long term relationships with apartments survivors have been with us in the good times. Hard you know click here for each other innocent of the facts facade of artist yu Ling and maximising their last penny because everything can be filled up my. Or are just dropping the prize and an opening by its game people walking in and stay with us just because the air and I think clearly. If it's valuing we think that yes this point. And who. We welcome it. And an as lawyers maintain those relationships. I think for the long run it's given the situation well. Business Sutton announced that despite the word there's is a business reality for us if it's not the global financial crisis that it's. And natural disaster. Still we all have lessons which we learn from that point onwards and one of the lessons for me as is that the long term relationship by five initiative. I think loyalty program was also something helpful like during gap down that period. I think you're gonna panic is very critical I mean sometimes you talked hotels. That. All we have talked about the bad thing driver behind is a behind that. In other markets that als and divide that. Like crib came to look like just after the crisis people further talking are Airbus so bad in the crisis are not bad. And I came from Spain and we were running out our that 56 to present activities under your lavatory with. Now with with quite old GOP's many gun to divide and debt crisis while they ran from 95 due. Yeah ninety a 7% activity. But that means if your Apple's market it is just opportunities in the market I think you if you continue to look at the opportunities. Without but you're forgetting your reality I think. Psychologically. And you're looking at those opportunities here your computer drive your a your performance. Am happy that that component is is quite what. Got a question year. Out weight like Mattel's especially in Asia at a wholesale prices sold well in public. So much by ericsson's main reason naked and UK you public placing by so much. I don't say it was if you became infamous. Our like bigger gonna have to find some value out. No worries are being very if had figured a little bit to what back when I mentioned before I think that. Regionally. We we do if static I think there's one thing it's that if it was very static environment in which we operate even up on the grades were you know you have. High season radial forces available we can make up lost a lot of what you did about. Maybe 101520 years ago and I think that the horse on moral capital will be long that you expect pricing. And at and also you gave. Net trades. Because that operator are worth doing a brochure they printed feared. And if it went to all of these agencies are lowering your shopping Centre and that's really to the bush picked out of acacia. I think that that pricing model. Here. If it exists still today but the reality of how people walking is completely different I think that we are evolving in that I think yeah. Trigger yeah any either working towards. Dynamic pricing market although our. Horse or partners are working on that as well. But some of their technology as market area summer faster than other self I think we're in that transition. Period. But eventually dolls those pricing models are. Adjusting to their Toobin you wail of walking down. I think we're you know we're just a little bit smaller impact that. See bodies are brick terrace. Our traditionally head heavily real our wholesalers and coupon us which if you put school hours shift you know better. Business done more direct. And this as a constant challenge even the fastest roi and even the he put these so for the markup of the mightier for the foreseeable I think a weaker. A peace deal faced. Challenge you know piece of the profit of combat saying that they are evil people given you these Vivian what he really bad. And so all you Stephanie says this the need to. Strike a balance Iowa is the third best for our. Pamela and the word is the best far better channels. Testing that balances fifth it's a difficult. Manage. Number I think while her. But at this is the find useful is that you might want to give something. More. Might feel more variable for the people on earth floor higher ready for kids possibly will. Stays in more than seven on. A nice mild barbecue highlighted by the bottom. Lawlessness day. Bookings in my tent who have a law likely further so that there these UK managed care. From their perspective. I think if you look into business risk and can talk about these wholesalers and whether. We re trying to tend to push our clients to watch rebates instead of giving them discount. So doing it with performance plotters saying fuel what if you seller a thousand rooms will give your big credit nor do we incentive check. But over the Internet performance based instead of discounting when we yeah. Best in people performance of the Japanese. We follow these are prepared to move the view these. The truth and that's. OK cover big questions here there's any change of market moves the senate in the hotel revenue. 2013. Compared to 201415. Forrest driven down of the market segmentation pesetas market mix change to xavi. But that's available to the question we answered purely because of the portfolio of put out we have. A severe don't mix has offered them makes. Destination will turn to work to Coverdell of Bangkok. It's a very tough question did give generic answer to but having said that none of the trends vivid a really is. The different kind of locations of the or the bottom of the product itself is. As the advancement in technology. And then the fact that regional bias as my phone device in the pockets. And and are comfortable using that device can be cup bookings and making choices and I think that is of the iPhone. Which we have seen now that every dollar company with caller wanted something different we've got a via cast more online as a measure first month. But the reality is this as a distribution channel which. I think by and large every Dell companies seeing a significant short term over the years so that's something which would see is a poor writing trend. It's difficult need I've survived by segment or by then just because of its suspect they have well. I thank him into that there question as a frequent business travel all of the last twenty years. It is in no way top 33 to fifteen probably not so much change within that segment. But when I first bad travelling on business. No bias towards that like travelling on the blank cheque. Today in the great hotels and everyone of what we would have lots and Champaign and whatever. And that's taken this just like that anymore last company you know wait for a couple yes. We would be given auto enrollment and announced 75 US dollar day. Direct. Anything decides that Kmart you'll. So this high inflation this instrument that probably I need statement this statement that they're. But model this absolutely be apps we start pricing policy. Internal pops. I think a flattening up the segmentation such. Hasn't significantly change childless. You know them out of business travel work as a leisure travel hours at a plant. And we single business coming back a little bit of last couple years. A drop below the during a recession I think that has kept as there has come back. A bit stronger but I think that the that the deal we people books of the channels. Delivery has actually changed significantly to like xavi. Just mentioned so. There's always a little overlap that when you talk about the segment was a channel we try to really differentiated. Do you know to nature you know different strategies are we understand them. Separately. So segmentation not too much change from group. But channels that you big shift. Came here reserve upside here another question plan our. What is what if we see in the upcoming travel trailer where the strategies. I depend on the compared living relying on Q waves. Big question. But one of the planes they. This earth. Which I first look at tears as a whole other integration of companies. It's difficult to drop the allowances this company's orally on the online travel space of this company's company operate purely on bulletin space. There's not integration happening. There's a lot of mergers acquisitions companies didn't know each other in different parts of the world so it's a longer. Or looking usual business model anymore if it's it's it's a global business model for many of the companies and I think that's something Forrester knowledge. And be mindful of are seeing. This file and we welcome bit. What is the business more of this particular buy now. And then work our strategies now will provide chips that so I think the lines of lowering there's a lot of integration happening. And then young there's a lot of opportunity I think the company's Alex vikings opportunities. And I'm going. Pricing farce is really not just setting up a combination this devious serving our. Quality of our experience of our guests. So when eskom power insides basically the not just thirty enjoy our. Well design of combination by the either. Our facilities side excursions like if you continue providing quick insofar. And sold from their perspective. The do. You supply a Hulbert financial guess than we think about the you know how work programs. At. Hardly ever get me out of their interests are. Put our normal competition. So the maariv the just look at the transformation long actively piece of issues is important buyers but be possible one who. We sure there ever wonder customer arrived we've trouble with the gave them that experience to the how would you supplier. I think just to add to their. Viewed the ability to differentiate. Your offering. From other hotels in hospitality. Going to be key for success going forward. I think lately seem now Ford tell him Canada. You sent your ticket is that they were taking out of parking him I think therefore. What I've they would testing gets colder than we do then ray. So these kind of things really opening up the box what connect value. Any could literally anything depending on what segment ya know times. The differentiation is key differentiator top took you to actually being able to comment I have pricing gonna happen now property. About what questions OK. Basically it's which would have passable practice revenue management. In your respective hotels I signed the same raids across our segment profit on sale now online agents do you think it's feasible. In your power the yen in Asia. I think of the firm. The selling his. I think that. Technically yes I think if it depends as well with people book. A different mormons entire many people 41 outline as they have a seven month thanks Dave I think that there will always be different prices because there's different. Custom user different experience your point that some customers are looking for and obviously a different prices. Linked to that. I think it's more distribution cost you know obviously you know certain channels have different cost venues. You need to you know you can just a bit. And that virtue annoys me when the price that the current Q my. Looks at whether something obviously for last as a distribution strategy is something particular. Failure you know. Allowed exited the more different price points in the more different value offerings you can throw into the mark the better. If you only charged one flat rate for everyone else venue only 21 price point. Might actually hit the price point at 400 dollars more which. With yet more segment of the customer's name would have their willingness of age you could miss are unknowable price point. Whatever. So are more differences it again getting better define change we're offering. More price point where. Here's here's one way to the point beat goes for a period the next recession itself had a child benefit Q which you fixed. I think going to be prepare for the future read the legal. It's business as dormant within a preparing for recession that's terribly things things will and the financial markets they give themselves. But I think as as a business fundamentals still CS. And and probably have the luxury of seeing their representing a bigger opposition. Who has seen a lot of Hutton does not only one part of the world. Pipe in many parts of the work to be have gotten earnings. And history teaches us what to do when and how we could the course of actually could pick for the future. Sold yes is is is that they short answer but it's not an accident in piety with every live with every new. Complexity out there is a new Lear which get out of a thanks keep changing still be what do we do noisier ready to adapt Andrea. I think that's the that's the key thing for any organisation to be. To demonstrate their level of agility and that the weakness of the F Linear coming. Adversity out there. Would change the really do business fundamentally I would probably say no. We've all kind of recessions. C yeah I think that before the end of. But I think the fundamental difference in the last recession lows Blase a broad worldwide recession I think as companies always dealt with. As a country whether as a political father were more or something happening every. You know we we dealt with that I'm on local levels I think. What happened a couple years back was it worth almost everywhere you had their the crisis trade anything that was a fundamental difference. So I think that. We are properly prepare for what we know but we we cab fully prepare for what we Dona sol. I think gap that's the only. The only thing to add to a challenge is much. I was a vacation right up double Sayyaf. Asked about the potential risk you can interfacing and leave as the recession is the inevitable. I think. Who I was off by your law. Marco other countries there there you can Wachovia customers the company are property will be helpful. So quite a challenge from China and us and Russia you come safari in farm trouble is really reducing. From these who are. It is Marcus. Some still that these are various there is the suffering right if with as a destination they can tell us a fire. Their feed markers that reveal reduce their risk. As a properties are safe so if you are currently if you can diversify your market amiably. For during the recession. N I mean I was told there during the last recession there was told that Singapore Airlines as the S&P for pricing in a recession you know. Here's what you know stop them step number one step nimbly to. Giving it seems mired times we might be cured the active. In terms of clinical revolver reacting to a day. I've never won your Fatah and pricing with the market for wholesale most. Trying to sunset the smile Dalian pricing from wholesale rates. I definitely get at something worth while working against them were around. We're actively working with a lot of our partners to cheer move towards that. Themselves. That's that's definitely a strategy for. Further I don't work. Our what does this system is I didn't even have to make any of this what's the extent to which we're talking points at a base price for item can see. Vice Versa. You effectively. Announce before the finance people. So it's issue Tamara predicting European L. And seen my bottom line was solid and this is lifted throughout our profitability in the end rivalling like there's what was driving your rapid fire actually. Europe profitability four available. That's financial mark we need to work on the different for any ferrovial down a different than a pack a hotel that might be different for the strategy put behind it. And our different I think it's important that a property understands that that they know what. A break even point is and what might be around. What they are profitability so that they can apply strategy injured one is that you know not taking into account down. We now have a clear. Strategy behind. OK you know UK join in there there's been some research guinier and the thousands of that type research. Dan thanks so like Carly six point now that should have been shows. They've been steady thousands of hotels are all over the world in hotels their highs at about the same are above their compared to serve. At much higher over time. Are minor percentage basis into the hotel's they have a rate hike averages average rate. Are they don't make it up enough you can see now yeah now they've just if we tighten that means that it. And if you look better placed by you really based air service so its world like Disney. After you can see is good weekends there's you know because so many other adding revenue through to do so in other words OK. Are array we've heard about the hotel practice even Cuba's checking in using a phone out the top toy is which has some technology innovations. You invest and develop the consumer experience given the current high useless budget back when pricing question that. Yeah this deal while flow and numerous police are calling a pair the implement their technology. Sort then require significant Armando. This past significantly so wide piece of the people edit their views your guess if you invest edge among the dollar on this technology. Dishes mom that she saw and facing and certainly key would have Eddie long term for the guests. By the open and the Fed the end of the day and for the Tel no need to understand what hopeful property you're having. And probably far phys are you know with house these higher or if Yahoo! might make sense you know. From. Oracle perspective first day if the Euro mean. Are likely were down property you know either for the -- member of the conditions. Any questions from the audience. Nokia up while I have one more than twice as their decade we've we've just about out of time here. And so you're what I'd like to hear kind of the same question I ask you know that's panel discussion is there if we're sitting here five years from now. We get at least for Europe are really saying the same stuff about pressing worry get a piece at sayings of sit sit just really goodness neither one cloning. Yeah yeah. Well I see the first now. Airlines eight I pricing practice as well as make people think that going into. Hospitality industry forwards. So it's going to be integrated you know waking thought and revenue amendment. Right. I would personally like to see the hospitality. Industry. But a little bit of a stopped hiring picture best director sub revenue management all the time in the just kept these people searching within the industry and perhaps look outside looked beautiful view of two. 5 morning and consumer goods. Yet some really top quality pricing people in revenue management department it'll mean put them out. Because for years are also been hearing about total revenue management and then in the next sentence of general manager ought to assess whether this itself rev par. I'm like step relevant topic toll revenue management. And then that keeps opening then so are those very fuel quarter last obscene respectively really mean at all that. I think. What we just talked about could be one the reasons. You came here that. Complete software revenue management thanks to a policy we think of your business you know. It'll turn out to buy me. Need to answer tools. Could be some coming up so well. That's right. I think a lot of change. The word play musical was very different do there won't be living in now the BB I believe me let Reuters. I think all oil percent of their. I believe that the customer segments. More than forward really be new. Toward. How we can address them today and and that has a deep on the channel that's because business as well. The part of that it that economic spend shift between the people who are. Now going steal the returns versus two digitally the people who used to come have seen or felt. The whole definition of luxury by itself. As mentioned before you can ever put me featured flip flops like mixer somebody loses big. Even minor money but is more sophisticated as a as a business traveller so I think these are some changes which will happen. And and then we look at pricing in the future technology appear vehicle the customer will pay big oil. An answer how we interact the first most personalise interactions between. The supplier the customer will be very different what we've seen today. Or seen these earth have ophthalmology. Alarm. Hold. Though the public poker and pool pricing beat on the individual. Guess. Profile and guess their view on my team Levy the VV changing the whole industry found some offer. Do you mean you know hotly carpeting are practising their five day Beverley E&P Coughlin. Common with Howard sector still rise in the sticking if you achieve. If we can deploy its right pepper likely pieces arrive at pricing strategy Nissan. Division guess fairly. Nevertheless wary. Yeah I'm OK now the support well worth instead I think there's going to be a lot of changes I think that. Things are that the holders of fires and I'm looking at. And means of some new projects and talking about changes that sometimes makes my head's been anything like what's important to your point that we. Adjust your organisation sun are just the pricing strategies and some other technologies but we need to have the right people and our Q. Effectively execute on those strategies. M and those people might be different today than there were five years ago M and five years in the future so I think that the talent is is crucial. And that's what I think it'll. N I could help you with their. Three students in that there could be happy tower with you. Other for the give us seriously any. I think there Danny the spurs have been fantastic country station fatally so much for your attention for your questions until now making we have less work. And now will see what things how things play out in the future to think he very much.