SINGAPORE – July 2, 2024 – IDeaS, a SAS company and the world’s leading provider of hotel revenue management software and services, announced today that BYD Lofts Boutique Hotel & Serviced Apartments had grown its property revenues by 15 percent with IDeaS G3 Revenue Management System after adopting the system to automate daily pricing activity and enhance its commercial strategies.
BYD Lofts is situated 200 meters from Patong Beach in Thailand. It offers a range of upscale rooms, suites, and fully furnished serviced apartments. In a highly competitive resort and holiday market, BYD Lofts needed to move beyond manual-based revenue management processes, which were inefficient and open to errors that could impact profitability.
“In the past, BYD Lofts faced challenges in setting optimal room prices that maximized occupancy without undervaluing our services. Our manual pricing strategies often resulted in missed revenue opportunities, either by setting prices too low during high demand periods or too high during low demand periods, which affected our overall profitability,” commented Alex Bressers, managing director, BYD Lofts Boutique Hotel & Serviced Apartments.
To enhance its approach to revenue management and evolve its commercial operations, BYD Lofts turned to IDeaS G3 RMS for real-time data analysis, forecasting, and decision-making.
“IDeaS G3 RMS continuously analyzes market data, demand patterns, and competitive pricing. This allows us to dynamically adjust, ensuring we capture the maximum possible revenue for every room every night. The system’s predictive analytics help us stay ahead of market trends and capitalize on commercial opportunities,” said Bressers.
IDeaS’ G3 RMS enables BYD Lofts to automatically evaluate demand fluctuations and competitive changes to assist the property in setting optimal pricing and inventory control decisions. Predictive analytics within G3 RMS accurately forecast future demand, and detailed performance reports help property management understand the impact of pricing decisions and refine its strategies accordingly.
Since adopting IDeaS G3 RMS, BYD Lofts has experienced significant overall revenue gains of 15 percent and strong growth in key areas including Average Daily Rate and room type occupancy, along with a surge in Revenue Per Available Room.
“IDeaS is excited to be working with BYD Lofts to enhance the property’s approach to revenue management and improve commercial outcomes. Through automating daily revenue management processes, BYD Lofts is benefiting from a more efficient and accurate approach to pricing that is continually informed by market trends and competitor activity,” said Jurgen Ortelee, managing director of APAC, IDeaS.
