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.
ScoreBoard made it easy for edyn to understand the different levels of demand and which properties were going to be the most resilient.
Using Pricing Rules
The revenue team at edyn used Duetto to set pricing rules for minimum rates based on length of stay.
AutoPilot Schedule and Autopilot for Restrictions is helping 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.
Emmanuel Lacour, Group Director of Revenue at edyn, said, “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 pricing is right based on pick up and regrets.”
Results with Respect to the Pandemic
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.
It’s predicted that the rest of 2021 will continue to be positive for edyn.
Despite the pandemic, edyn continued with its rapid expansion, with five new properties being opened in 2020, including Dublin, Cambridge and Munich, and plans to continue to open 5-6 properties a year moving forward.
Emmanuel added, “We spent time analyzing the dynamic situation. It is hard for any RMS to forecast this [a pandemic] but as the forecast is based on the last few weeks that was very helpful. I’m not looking at forecast accuracy, but the pricing is right based on pick up and regrets and that is good enough for me.”