Introducing The Standard
The Standard has two hotels in New York - The Standard, High Line, and The Standard, East Village. The first is located above the High Line, a disused railway track that has been turned into a popular public park, and the latter is situated in the lively and eclectic East Village area and is complete with a hidden garden and bar. Both hotels were closed in March 2020 but reopened later the same year - The Standard, East Village NYC at the end of July, and The Standard, High Line NYC in September.
Leveraging Duetto
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, whether that was by star-rating or by neighborhood.
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.
“Tools like GameChanger and ScoreBoard help revenue professionals like myself create a beautiful symphony.”
Chatting about the Duetto platform, Jelissa Toro, Regional Director of Revenue Management at The Standard, said:
“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.”
Results with respect to the pandemic
Reopening in July and September 2020 was a huge boost for both hotels, as many of their comp sets remained closed. 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.
Through effective revenue management, both New York City properties exceeded budgeted reopening targets for ADR and occupancy. In addition, both NYC properties have achieved STR results that are better than 2019.
Jelissa added:
“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.”
