Introducing The Standard, London
The Standard, London is the city’s first property from US lifestyle brand, The Standard, and was opened in July 2019 in King’s Cross. With the hotel’s top-end suites retailing in the thousands of pounds, The Standard is competing against London’s finest.
Using Short-term Forecasting
Using Duetto’s short-term forecasting reports enabled the hotel to compare pick up trends from the latest four weeks versus the last 10 weeks, and exclude STLY data.
Using Room Type Pricing
The Standard, London has used Duetto’s room type pricing strategy to monitor future demand and set pricing rules based on demand occupancy rather than committed occupancy on the books, allowing a greater degree of flexibility.
“It has been extremely helpful for us to establish short-term trends and helped us with our pricing strategy.”
Speaking about the system, Amrita Makkar, Director of Revenue Management at The Standard, London, commented:
“I was very pleased Duetto brought in the short-term forecasting reports, enabling us to compare pick up trends from the latest four weeks versus the last 10 weeks, and exclude STLY data. It has been extremely helpful for us to establish short-term trends and helped us with our pricing strategy.”
Results with Respect to the Pandemic
Duetto’s short-term forecasting reports were extremely helpful for The Standard, London to establish short-term trends and helped them with their pricing strategy. The hotel achieved 100%+ RGI in its re-opening week after lockdown, smashing the comp set in its ADR achievements.
After experimenting with room type pricing, length of stay discounts, and creative packages to help attract the domestic market, the hotel is now seeing increasing demand for its higher room categories.
“From a revenue perspective, historical data is obsolete. Our focus, therefore, needs to shift to forward data. We now look at sources such as flight searches, meta searches, OTA demand pressure, and events that are still taking place in our destination to identify and convert this demand. We look to identify micro trends with the help of technology such as Duetto and capitalize on these trends.”