Re-Strategizing Revenue Keeps edyn Ahead

REVENUE MANAGEMENT

edyn offers lifestyle aparthotels with self-contained apartments across its Locke and Cove brands, as well as The Moorgate in London and Wittenberg in Amsterdam. The guest demographic is mix of long-stay base business with injections of demand from transient guests. The company was looking for a solution to help them revenue optimize on length of stay and transient demand.

Why it matters: During the whole of 2020 edyn closed just two of its properties, and even in the height of the UK’s first lockdown, in April and May of 2020, 80% of its properties were open. It was important for the group to price competitively but fairly within the market.

The edyn properties were being used by lots of essential key workers: NHS, construction, and other industries needing to trade and needing accommodation. This enabled the portfolio to trade at just below 50% occupancy, even at the very worst. Mid-stay and long-stay customers also remained.

Top 3 Core Objectives: Once the first UK lockdown came to a close and things started to reopen, edyn saw an increase in staycation users, to the point that summer 2020 actually ended up being something of a bumper year. Revenue optimization was essential to maximize on this demand.

Using Pricing Rules: The revenue team at edyn used Duetto to set pricing rules for minimum rates based on length of stay.
Using Automation: AutoPilot Schedule and Autopilot for Restrictions helped them implement strategy faster.
Using Short-term Forecast: Duetto’s short-term forecast enabled edyn to set a parameter of as little as two weeks to benchmark against, rather than relying on same time last year data

Innovators Mentioned

edyn

Duetto

Emmanuel Lacour

Group Director of Revenue

edyn

"Duetto allowed edyn to implement our concept of hybrid hospitality where we will use the RMS to dynamically and automatically adjust pricing and restrictions in order to achieve the best GOP mix throughout the year. It has been more than just a pricing tool, but more of a channel and length of stay optimisation tool. As an example, we materially improved one channel GOP by restricting 1 night stays under certain criterias. As a result, we significantly improved our revPar and GOP indexes versus our competitors in 2022."

Emmanuel Lacour

Group Director of Revenue

👍 Group Director of Revenue Emmanuel Lacour said that Open Pricing enabled edyn to flex rates in line with demand.:

"Duetto allowed edyn to implement our concept of hybrid hospitality where we will use the RMS to dynamically and automatically adjust pricing and restrictions in order to achieve the best GOP mix throughout the year. It has been more than just a pricing tool, but more of a channel and length of stay optimisation tool. As an example, we materially improved one channel GOP by restricting 1 night stays under certain criterias. As a result, we significantly improved our revPar and GOP indexes versus our competitors in 2022."

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

Group Director of Revenue Emmanuel Lacour said, about their decision: "It is so easy to change any price in Duetto; if we miss something or if we don’t increase enough we know Duetto will automatically adjust and push up the price ahead of this."

📈 The results: Following the first lockdown, the trend was for shorter stays, long weekend trips away being used by couples and families bored of being stuck at home and wanting a change of scenery. edyn properties had the perfect product, with self-contained units. Using Duetto, they were able to optimize on this

In August and September 2020 some edyn properties were trading at 95% occupancy, and retailing at good rates.
Working with their Duetto Customer Success Manager, the edyn team set up length of stay pricing rules, targeting mid and long-term stays, creating lower prices for those staying longest in order to remain competitive.
Despite the pandemic, edyn continued with its rapid expansion, with five new properties being opened in 2020, including Dublin, Cambridge and Munich.