Conference & Banquet Configuration

Add Conference & Banquet revenue streams and their profit percentage to improve Group Evaluations.

If you are using Function Space rather than Group Pricing, see Function Space Conference & Banquet setup.

What Are Conference & Banquet Revenue Streams?

Conference and Banquet revenue streams are additional sources of income from groups such as meeting room rental, audio-visual equipment rental or banquet food and beverage. They help you understand a group's overall value aside from their room revenue contribution.

For example, a group of 20 rooms at $100 displaces 20 Transient rooms at $120, which seems to tell you to not accept that group. However, if the group also has $5,000 Conference & Banquet revenue, with a profit of $2,900, then you might accept the group. The evaluation results display this data to help you make a decision about potential group business.

Conference & Banquet revenue doesn't impact the calculation of the Break Even and Recommended Rates because G3 RMS doesn't forecast Conference & Banquet displacement.

Setup Steps

Adding Revenue Streams

  1. Click , then Decisions, and then Group Pricing Configuration.
  2. Click the Conference & Banquet tab.
  3. Click to add a new revenue stream.
  4. Enter a unique name for the Conference and Banquet Revenue Stream.
  5. Enter the Profit % value for the stream. This value is the average percentage of profit that your property generates from the revenue stream. Its calculation varies, but, if needed, a finance department usually can provide this data.
  6. Click to save the changes.

Editing Revenue Streams

Changes to the Profit % apply to new evaluations. You must re-evaluate saved evaluations to apply these changes.

  1. Click , then Decisions, and then Group Pricing Configuration.
  2. Click the Conference & Banquet tab.
  3. Click to edit the Conference and Banquet Revenue Stream.
  4. Enter a new name for the Conference and Banquet Revenue Stream, if needed.
  5. Enter a new Profit % value for the stream, if needed.
  6. Click to save the changes.

Deleting a Revenue Stream

G3 RMS removes deleted Conference & Banquet revenue streams from existing saved evaluations only when the group is re-evaluated.

  1. Click , then Decisions, and then Group Pricing Configuration.
  2. Click the Conference & Banquet tab.
  3. Click to delete the Conference and Banquet Revenue Stream. A confirmation window opens.
  4. Click OK.