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REVENUE MANAGEMENT
The Standard, New York - Exceeding Budgeted Reopening Targets
Verified case study
Hotel Tech Report has reached out to hoteliers at Standard Hotels to verify this case study.
The Standard has two hotels in New York - The Standard, High Line, and The Standard, East Village. These properties were among the first to re-open following the 2020 lockdown, so it was important to set a high bar on rates and packages.
Why it matters:
Both hotels were closed in March 2020 but reopened in July ahead of most of their comp set. Communication with the market, short-term forecasting, and forward-looking data were vital to a robust reopening revenue strategy.
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Open Pricing enabled the two hotels to flex rates up and down in line with market demand
Top 3 Core Objectives:
How The Standard Leverages Duetto
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Market Intelligence: By working with Duetto, The Standard, New York was able to plan to reopen based on what the market could sustain and what the demand indicated as a pricing level
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Flexing Prices: With a constantly changing market dynamic, flexing pricing rules on and off was vital. It allowed different price points, different merchandising, and rate efficiency on the market segment level.
Innovators Mentioned
Standard Hotels
Duetto
JT
Jelissa Toro
Hotel Tech Report reached out to Jelissa Toro who verified this case study.
Regional Director of Revenue Management
Standard Hotels
"Revenue management is like a symphony. Like a conductor leading an orchestra, everything needs to play at the right time, volume, rhythm to make a beautiful song. You need to ensure that every channel, every rate code, every market segment, is playing at the right time, at the right rhythm to keep revenue optimized. Tools like GameChanger and ScoreBoard help revenue professionals like myself create a beautiful symphony."
Jelissa Toro
Regional Director of Revenue Management
👍 Regional Director of Revenue Management
Jelissa Toro
said that Tools like GameChanger and ScoreBoard help revenue professionals like myself create a beautiful symphony.:
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"Revenue management is like a symphony. Like a conductor leading an orchestra, everything needs to play at the right time, volume, rhythm to make a beautiful song. You need to ensure that every channel, every rate code, every market segment, is playing at the right time, at the right rhythm to keep revenue optimized. Tools like GameChanger and ScoreBoard help revenue professionals like myself create a beautiful symphony."
⚖️ The selection process:
During their research process, Jelissa Toro
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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Regional Director of Revenue Management Jelissa Toro said, about their decision: "It helped that we had great partnerships and relationships already established between us and our third-party suppliers, such as Duetto, and of course with our colleagues and associates. Being able to talk to other New York City hotels that remained open through the pandemic allowed us to create an effective game plan on operating through the pandemic."
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The results:
Results with Respect to the Pandemic
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Reopening in July and September 2020 was a huge boost for both hotels, as many of their comp sets remained closed.
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Having solid partnerships with third-party suppliers such as Duetto, allowed The Standard in New York to create an effective game plan on operating through the pandemic.
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Through effective revenue management, both New York City properties exceeded budgeted reopening targets for ADR and occupancy. In addition, both NYC properties achieved STR results that are better than 2019.
