The Belvedere Hotel, a nontraditional boutique hotel within a block and a half of Times Square, has upgraded its revenue strategy solution in order to keep up with the fast-paced competitive market. With a majority of double occupancy rooms, IDeaS G3 revenue-management system, built on powerful SAS analytics, allows The Belvedere Hotel to manage rates more effectively by room type, a need their previous technology couldn't accomplish.
“We were pleasantly surprised with how the system quickly reacts to demand by room type, driving the price and getting the bookings with IDeaS' automated decisions,” Belvedere GM Michael Link said in a statement. “We're now able to respond to that demand with a solution that gives us confidence in its pricing and inventory controls.”
Using continuous pricing, one of the flexible pricing options offered by IDeaS' ideal pricing, The Belvedere Hotel has experienced a notable increase in average daily rate since implementation. Continuous pricing, together with IDeaS' overbooking and Last Room Value controls, provides an analytical, ongoing optimization of business that drives optimal revenue. With this property in close proximity to high-demand attractions like Times Square, the ability to account for special events—whereby the system automatically adapts to the demand and produces rates accordingly—The Belvedere Hotel has experienced significant improvements in key performance indicators.
The Belvedere Hotel is leveraging IDeaS G3 RMS' powerful group displacement feature, which is an important part of the hotel's overall revenue strategy. “Our hotel is getting better direction on quoting group prices with the group pricing tool from IDeaS,” Link said. “The system is helping us better understand the pricing strategy and has already boosted our numbers in group sales.”