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REVENUE MANAGEMENT
Hotel Arena on Out-pacing Comp Set
Verified case study
Hotel Tech Report has reached out to hoteliers at Hotel Arena to verify this case study.
2020, as for all hotels worldwide, proved a year of change at Hotel Arena in Amsterdam. The team saw a need for change to strengthen its place in the market and so entered into a marketing affiliation with Design Hotels and contracted with Duetto.
Why it matters:
The leadership team decided to onboard with Duetto during lockdown in order to be ready and most prepared to optimize on demand when it returned.
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The team used Duetto to build out short-term forecasts that could better gauge consumer confidence. Revenue was optimized by yielding on room types, with incremental changes in price in line with market demand.
Top 3 Core Objectives:
Market uncertainty meant the hotel could no longer rely on historical data. Short-term forecasting and daily reporting helped the team strategize while flexing rates incrementally boosted revenue.
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Short-term Forecasting: The hotel used the Duetto short-term forecast In order to navigate through the uncertain demand caused by COVID-19. The team started with forecasting on just two weeks of data, pushing out to three weeks once the hotel reopened. As demand returns, the team will extend the data window.
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Yielding on Room Types: Using GameChanger, the hotel adopted minimum yield increments between its room types, with Supreme rooms yielding at least €20 more and Suites €75 more than BAR level. In periods of high demand Duetto will automatically increase on those increments.
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Daily Pick-up Reporting: Using ScoreBoard, the team created a tailored pick-up report, which is accessed daily, in order to monitor future ADR. New pricing rules are based on that report.
Innovators Mentioned
Hotel Arena
Duetto
Nicolas Stockman
Hotel Tech Report reached out to Nicolas Stockman who verified this case study.
Revenue Manager, Hotel Arena
Hotel Arena
"I’m confident that when it's really busy we can really push up the rate and the last rooms to sell are going to go at rates that we haven't seen before."
Nicolas Stockman
Revenue Manager, Hotel Arena
👍 Revenue Manager, Hotel Arena
Nicolas Stockman
said that he is confident of continued success as travel returns.:
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"I’m confident that when it's really busy we can really push up the rate and the last rooms to sell are going to go at rates that we haven't seen before."
⚖️ The selection process:
During their research process, Nicolas Stockman
evaluated Duetto's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that Duetto was the best fit solution:
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Revenue Manager, Hotel Arena Nicolas Stockman said, about their decision: "Duetto looks at future data much more than at history, while the other legacy revenue management systems base everything on history and some pick up."
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The results:
Hotel Arena remained competitive in the market, continually out-pacing its comp set thanks to a revenue strategy that was based on short-term forecasting and room type pricing.
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Despite closing three times due to COVID, the property continued to out-pace its comp set. Summer 2021 was very strong.
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Room type rate restrictions led to an immediate increase in bookings for higher value room types.
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Using a short-term forecast helped the team roll out revenue strategies for the near future, even when closed.
