The Grand Hotel Minneapolis is an award-winning boutique luxury hotel. Following an extensive renovation, the hotel’s management team decided to automate revenue management for the first time. One key challenge was the lack of any historical data to inform pricing decisions.
The hotel adopted IDeaS Revenue Management System to quickly generate reliable, up-to-date market analysis. IDeaS Revenue Management System empowered the property’s revenue team to forecast occupancy and determine pricing without the use of historical data — a capability made possible by using the booking patterns of a similar hotel in a similar city as a substitute. As actual booking trends emerge through system use, cloned patterns will be automatically replaced with real data.
IDeaS Revenue Management System also allowed the director of revenue to spend less time synthesizing data and more time analyzing trends and capitalizing on consumer behavior.
“A huge benefit of the system is that it frees up our time to make better, more strategic decisions for the hotel,” said Amanda Parsons, general manager. The solution has also helped the property improve operational efficiency and gain instant access to competitors’ pricing data and positions.