How Lark Hotels Doubled Bookings and Boosted ADR with FLYR for Hospitality's Automated Revenue Management

REVENUE MANAGEMENT

How Lark Hotels Doubled Bookings and Boosted ADR with FLYR for Hospitality's Automated Revenue Management

Lark Hotels used FLYR for Hospitality's automated revenue management system to streamline pricing, double booking volumes, and increase ADR by 15%, providing practical insights for optimizing hotel revenue strategies.

Why it matters: Discover how Lark Hotels leveraged FLYR for Hospitality's automated revenue management system to double their booking volume and increase ADR by 15%, offering valuable insights to transform your hotel's revenue strategy.

Discover how Lark Hotels used FLYR for Hospitality's automated revenue management system to streamline pricing, increase booking volume by 100%, and boost ADR by 15%, providing a clear example of how technology can optimize hotel revenue strategies.

Top 3 Core Objectives: Lark Hotels aimed to improve revenue management efficiency, increase booking volumes, and boost ADR by implementing FLYR for Hospitality's automated system, thereby optimizing pricing strategies and enhancing operational performance. Lark Hotels aimed to improve revenue management efficiency through automation, increase booking volumes with advanced pricing algorithms, and boost ADR and occupancy rates by implementing dynamic pricing strategies.

Improve Revenue Management Efficiency: Lark Hotels sought to replace manual revenue management processes with an automated system to streamline operations and reduce errors.
Increase Booking Volumes: By leveraging advanced pricing algorithms, Lark Hotels aimed to attract more guests and double their booking volumes across all properties.
Boost ADR and Occupancy: The goal was to enhance the Average Daily Rate (ADR) by 15% and improve occupancy rates through dynamic pricing and better market responsiveness.

Innovators Mentioned

Lark Hotels

FLYR Hospitality

Nikola Jasprica

VP Revenue Management

Lark Hotels

"I think by putting the focus on primary data and true demand and not on CompSets is the way to go in revenue management. We are still pricing using CompSets on a few properties but the evidence has been clear that this way works so we are already phasing it out in those properties."

Nikola Jasprica

VP Revenue Management

👍 VP Revenue Management Nikola Jasprica said that Lark Hotels are already transitioning away from using CompSets in several properties due to its proven success.:

"I think by putting the focus on primary data and true demand and not on CompSets is the way to go in revenue management. We are still pricing using CompSets on a few properties but the evidence has been clear that this way works so we are already phasing it out in those properties."

⚖️ The selection process: During their research process, Nikola Jasprica evaluated FLYR Hospitality's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that FLYR Hospitality was the best fit solution:

VP Revenue Management Nikola Jasprica said, about their decision: "I particularly love the algorithm as it is not reliant on historical data and that’s really been important with the data skews during the pandemic. The RMS competition, for example, pull historical data and it became pretty clear that I could not fully trust the price changes they were recommending as a result. I’m also a big fan of the scientific approach of constantly running AB testing for their algo – it’s the prudent thing to be doing if one is serious about the science of revenue management."

📈 The results: The implementation of FLYR for Hospitality's automated system at Lark Hotels led to streamlined revenue management, a 100% increase in booking volumes, and a 15% rise in ADR, significantly enhancing overall occupancy rates.

Implementing FLYR for Hospitality's automated system streamlined operations, reducing manual errors and saving time on revenue management tasks.
The use of advanced pricing algorithms led to a 100% increase in booking volumes across all Lark Hotels properties.
Dynamic pricing strategies resulted in a 15% increase in Average Daily Rate (ADR) and significantly improved occupancy rates.