Teardrop Hotels improved its online bookings by approximately 200%

REVENUE MANAGEMENT

Teardrop Hotels improved its online bookings by approximately 200%

Teardrop Hotels consists of seven luxury boutique hotels situated across Sri Lanka. Despite detailed analysis, Teardrop Hotels struggled to align its rates with fluctuating market demands, resulting in underpriced rooms during peak periods and lost revenue potential. Thanks to RoomPriceGenie, their occupancy targets are consistently met, with an upward trend in both occupancy and average room rates (ARR).

Why it matters: Teardrop Hotels faced significant challenges in pricing its properties effectively. With tourism rebuilding post-COVID lockdowns and the economic crisis, it became clear they needed to capture market demand more effectively. Manual pricing methods turned out to be time-consuming and error-prone. Their price calculations were often implemented too late, resulting in missed revenue opportunities.

RoomPriceGenie helps independent properties and hotel groups worldwide automate their revenue management tasks by working around the clock to maximize their room revenue and keep them competitive. Thanks to features like real-time surge protection, it enables hoteliers to never miss out on revenue opportunities.

Top 3 Core Objectives: When Teardrop Hotels analyzed their competitors, they realized that competitors were leveraging dynamic pricing strategies more effectively and were far ahead of them. Daily market fluctuations placed Teardrop Hotels at a competitive disadvantage, highlighting the urgent need for a fast, data-driven pricing approach.

Stay competitive: Teardrop Hotels' competitors were more aggressive and faster in implementing pricing strategies. Daily demand fluctuations and a manual approach were putting Teardrop Hotels at a competitive disadvantage. To stay competitive they needed a fast, data-driven pricing approach.
Maximize revenue opportunities: Despite detailed analysis, Teardrop Hotels struggled to align their rates with fluctuating market demands, resulting in underpriced rooms during peak periods and lost revenue potential. They were looking for a solution that would help them capture demand in real-time and automatically optimize prices.
Automate the pricing process: Before RoomPriceGenie, they manually analyzed, calculated, and adjusted prices. To streamline the process and stay competitive, they needed a solution to automate their pricing with the ability to customize pricing strategies to their needs.

Innovators Mentioned

RoomPriceGenie

Umayanga Gunarathna

Manager

Teardrop Hotels

"We have achieved approximately 200% improvement in online booking collectively vs last financial year and it was a real success for us."

Umayanga Gunarathna

Manager

👍 Manager Umayanga Gunarathna said that 200% improvement in online booking collectively vs last financial year:

"We have achieved approximately 200% improvement in online booking collectively vs last financial year and it was a real success for us."

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

Manager Umayanga Gunarathna said, about their decision: "Rate decisions are made based on the parameters we put. The RoomPriceGenie team assisted with the setup. This allowed us to do trial and error practices which enhanced our ability to understand how the fluctuations need to be done."

📈 The results: Teardrop Hotels' occupancy targets are now consistently met, with an upward trend in both occupancy and average room rates (ARR). Collective online bookings have improved by approximately 200% compared to the previous financial year. By saving time on manual rate adjustments and embracing data-driven pricing decisions, Teardrop Hotels has unlocked opportunities for growth and profitability.

Collective online bookings have improved by approximately 200% compared to the previous financial year.
Occupancy targets are consistently met, with an upward trend in both occupancy rates and average room rates (ARR).
Their online presence has changed overnight.