Maximising Hotel Revenue. The Power of a Customisable RMS

In the dynamic world of hospitality, one-size-fits-all solutions often fall short. The hotellab Revenue Management System (RMS) is changing the game with its highly customisable approach, allowing hotels to maximise revenue by tailoring strategies to their unique needs.

The Customisation Advantage

hotellab's RMS stands out for its ability to adapt to each property's specific circumstances:

• Personalised Algorithms: The system's core algorithms adjust based on the hotel's historical data, market position and business goals.
• Flexible Competitor Sets: Hotels can define and adjust their competitor set, with the system weighing each competitor's influence differently based on relevance.
• Dynamic Strategy Adjustment: The RMS allows for real-time strategy changes, enabling hotels to respond quickly to market shifts or internal priorities.
• Customisable Reporting: Hotels can create bespoke reports focusing on their most crucial KPIs.

My City Hotel Tallinn

The effectiveness of hotellab's customisable approach is exemplified by My City Hotel, a 67-room boutique hotel in Tallinn's Old Town.

Customisation Strategy:

• Implemented a pricing strategy set 10% below the median of competitors
• Tailored the system to focus on increasing occupancy rather than ADR
• Customised competitor set to reflect the hotel's unique market position

Results:

24% increase in overall revenue

12% boost in RevPAR (Revenue per Available Room)

35% surge in occupancy rates

91.8% price acceptance rate

Kristjan Saar, General Manager of My City Hotel, notes: "The system's accurate price updates and insightful recommendations have proven dependable, allowing us to adjust dynamically to market demands."

Implementation Process

My City Hotel's success was driven by a thorough implementation process:

• Seamless integration with their new Mews PMS
• Migration of historical data from their previous PMS
• Six strategic calls with a dedicated Customer Success Manager to customise strategy
• Ongoing support and guidance for continuous optimisation

The Impact of Customisation

By allowing for such deep customisation, hotellab's RMS enables hotels to:

• Align revenue strategies with overall business goals
• Respond more effectively to local market conditions
• Capitalise on their unique strengths and market position
• Continuously refine and optimize their approach

In an industry where every property faces unique challenges and opportunities, hotellab's customisable RMS provides the flexibility and precision needed to truly maximise revenue potential.