How to think about forecasting
All hotels have an idea about the future. In other words, they have a forecast of what will happen in the future. Their judgment might not be based on data, systematic, or realistic. These forecasts are based on the daily information flow from multiple media channels. Therefore, the forecast is a guess, a hunch, or an opinion of what the future might look like. That type of forecast is more of an opinion than a well-grounded forecast of how much revenue the hotel possibly would capture from the demand for overnight stays in the destination where the hotel is located.