Client Reviews
“As we grew our portfolio of extended-stay properties, we knew we would need an advanced, automated solution to enable us to maintain our centralised approach to revenue management without sacrificing efficiency or profitability. IDeaS G3 RMS will enhance our cluster revenue management approach and help us ensure each and every booking—whether it’s a one week to three month stay—is fully optimised.”
Demand Forecasting Rises to the Challenges Extended Stay Hotels Face
Travelers want staycations, work-from-anywhere options, and frequent city visits. IDeaS capitalizes on this trend by maximizing revenue from extended stays and aparthotels, giving your business a competitive leg up.
Achieve the right demand mix
Balancing budget-conscious guests with revenue is tough. IDeaS automates length-of-stay controls to optimize occupancy and capture high-value bookings for extended-stay properties.
Maintain optimal availability
With unpredictable booking patterns, maintaining straight-line availability is crucial. IDeaS' precise forecasts anticipate future demand, allowing you to accept more valuable, longer-stay bookings. With IDeaS, you can also optimize your serviced apartments and aparthotel business by aligning service costs with the most profitable demand.
Turn uncertainty into opportunity
Last-minute changes? Extended stay bookings can be unpredictable with stay extensions or early departures. IDeaS uses data science to predict shifts in demand, so you can confidently find new revenue opportunities and avoid empty rooms.
Who Benefits from Predictive Analytics for Future Demand?
Ensure revenue targets are met by optimizing pricing and inventory to maximize profitability from available demand across diverse guest segments and global or local channels.
Align commercial and guest experience strategies with insights hidden in your data, driving loyalty from the right guests, while strategically managing operational costs, staffing, and resources to enhance profitability.
Leverage AI, automation, and an integrated tech stack to maximize your entire asset’s income streams. Respond to market shifts with predictive analytics, managing risks and enhancing long-term asset value.
Frequently Asked Questions
Forecasting future room demand allows extended stay properties to set competitive pricing strategies. An RMS adjusts rates based on anticipated demand, maximizing revenue during low-demand periods and ensuring that enough resources are available during peak demand periods. Accurately predicting demand allows you to cater to long-term stays while maximizing revenue through strategic pricing for shorter bookings.
A revenue management system like IDeaS G3 RMS incorporates historical booking data including occupancy, length of stay, booking lead time, and cancellation patterns, all of which provide a strong foundation for understanding past demand trends specific to your property. Understanding this past demand is critical to forecasting future demand.
Traditional forecasting methods might fall short when it comes to extended stay hotels. Unlike regular hotels with transient guests, extended stay hotels deal with longer stays, often influenced by factors like corporate contracts, relocation needs, or project-based stays. Predictive analytics identify these patterns and forecast demand for extended bookings. With a clearer picture of demand, extended stay hotels can strategically adjust room rates and availability, helping to maximize revenue during peak periods and avoid vacancies during slower times.