Elevating Performance: Opus 16’s Remarkable KPI Growth With Atomize

REVENUE MANAGEMENT

Elevating Performance: Opus 16’s Remarkable KPI Growth With Atomize

Hotel Opus 16 in Bergen, Norway, is an elegant boutique hotel, originally built as a bank in 1876, located in the heart of the city. Since its partnership with Atomize in May 2022, there has been a tangible transformation in its revenue generation. Opus 16 is located in Vågsallmenningen, a central square in Bergen. This prime location offers guests easy access to many of the city’s main attractions, such as the famous Fish Market, Bryggen (a series of Hanseatic commercial buildings lining the eastern side of the Vågen harbour), and the Fløyen funicular. The central location means that many of Bergen’s shops, restaurants, and cultural spots are within walking distance. The hotel itself is rich in history and heritage and has left an indelible mark on Bergen’s cultural scene, and the hotel pays tribute to Edvard Grieg’s legacy.

Why it matters: The years 2020 and 2021, characterized by the global pandemic, were incredibly challenging. The team at Opus 16 exerted considerable effort to attract whatever demand was available. Recognizing the slowdown as an opportunity, they decided to evaluate their existing tech infrastructure. Opus 16 realized that their legacy property management system was a bottleneck, hindering hotel tech integrations and putting them at a disadvantage. With that background, they decided to move to Mews, a more modern and innovative PMS provider.

Having successfully integrated Mews into their operational framework, Opus 16 recognized a crucial aspect of their business that needed further refinement: their revenue management strategy. A key challenge they faced was the labor-intensive and manual approach to determining prices. This is where Atomize entered the picture. Launched in May 2022 Atomize empowered Opus 16 with a revolutionary real-time revenue management system. More than just automation, the platform delivered a comprehensive solution, constantly gathering and analyzing data, and adjusting prices throughout the year, even projecting as far as 365 days ahead. The requirement for manual oversight was significantly reduced. A standout feature influencing the selection of Atomize is its ability to determine a hotel’s price elasticity in relation to competitors—a core element of Atomize’s pricing algorithm. By intricately analyzing comp set data, Atomize assists its customers in striking the perfect balance between optimizing occupancy, average daily rate (ADR), and overall revenue.

Top 3 Core Objectives: To decrease manual labour, pinpoint their optimal price elasticity and navigate seasonality.

Decrease manual labour: A key challenge for Opus 16 was the labor-intensive and manual approach to determining prices. A process they wanted to automate as much as possible.
Pinpoint price elasticity: For a high-end establishment like Opus 16, which operates within Bergen’s upscale, top-tier segment, sustaining a high ADR is pivotal to upholding and amplifying the brand’s prestige. Using Atomize, Opus 16 has not only maintained its ADR but also witnessed significant growth in both ADR and RevPAR metrics.
Navigate seasonality: While the periods of high and low demand have remained largely consistent, there are notable differences in booking behaviours and pricing expectations. Local guests typically have a shorter booking window and varying willingness to pay compared to international tourists. Furthermore, pricing expectations can differ even among international markets.

Innovators Mentioned

Opus 16

Atomize

Britt Marie Grieg

Owner and Director of sales

Opus 16

"With Atomize’s assistance, we’ve pinpointed our optimal price elasticity. This strategic approach has bolstered our performance indicators considerably. In Q2 2023 alone, our ADR surged by 25%, and our RevPAR jumped by 32% compared to the same period the previous year."

Britt Marie Grieg

Owner and Director of sales

👍 Owner and Director of sales Britt Marie Grieg said that 25% ADR increase and 32% RevPar increase.:

"With Atomize’s assistance, we’ve pinpointed our optimal price elasticity. This strategic approach has bolstered our performance indicators considerably. In Q2 2023 alone, our ADR surged by 25%, and our RevPAR jumped by 32% compared to the same period the previous year."

⚖️ The selection process: During their research process, Britt Marie Grieg evaluated Atomize's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that Atomize was the best fit solution:

Owner and Director of sales Britt Marie Grieg said, about their decision: "Atomize does continuous system development, managed by actively listening to customer needs. It's an easy-to-use product, ensuring its best potential in revenue generation."

📈 The results: An ADR surge by 25% in Q2 2023 alone, and a RevPAR jump by 32% compared to the same period the previous year.

ADR surge by 25%
RevPAR increase by 32%