Enhance revenue performance in a highly competitive and growing marketplace
Over 10% uplift in ADR and RevPAR
Nanjing, ancient capital of six dynasties,
is home to numerous attractions and welcomes a large amount of tourists all year round. China’s rapid expansion and the increasing efficiency of its high-speed train network in recent years have also contributed to the thriving growth of this city, presenting some fresh challenges and unprecendented opportunities for the country’s hospitality industry.
In order to take full advantage of what this era has to offer, Jinling Riverside Hotel Nanjing made the decision to work with IDeaS Revenue Solutions, the world’s leading provider of revenue management software and advisory services, to improve its core competitiveness by defining and improving revenue performance in all areas.
Managed by Nanjing Jinling Hotel Management, the luxury Jinling Riverside Hotel is nestled in the trendy Hexi New Town and is conveniently located in close proximity to the Nanjing Interntational Expo Center, the Olympic Center, and the Green Expo Center. The hotel provides a complete range of meeting and banqueting facilities and venues. Looking out over two square kilometers of riverside, tree-lined scenery, it offers guests a glimpse of nature in its urban surroundings. Despite these obvious benefits, however, more was needed for the hotel to gain the leading edge over its competitors.
In recent years, other local hotels within Nanjing Jinling Hotel Management’s portfolio had already executed partnership agreements with IDeaS for the provision of a revenue capabilities audit, standardized processes, and concept training. The continual improvement in competitiveness at those hotel properties has helped to strengthen the partnership between the two companies.
It was therefore a “no-brainer” for IDeaS to become the preferred choice when Jinling Riverside Hotel Nanjing was searching for a revenue management partner. Within a year of working together, IDeaS has proven its reputation within the industry and has helped Jinling Riverside Hotel to increase profitability and productivity by optimizing its revenue tools and processes.
Cultivating talents for sustainable performance
To form a solid foundation for their technology partnership, IDeaS first enrolled the Jinling Riverside Hotel in their Revenue Mentor service, which included:
- Three months of system pre-services to audit the Jinling Riverside Hotel’s pricing structure and analyze their revenue management process
- Three months of performance support with an updated revenue management process implemented into day-to-day work via detailed analysis of three months’ performance data by day, week, and month
- Six months of coaching with constructive suggestions for revenue strategies through regular meetings and virtual coaching
Through the convenient, virtual service, the hotel was able to work within a reasonable budget to grow its own revenue management capabilities and culture to be prepared to harness the power of an automated revenue management system.
An automated system for enhanced revenue performance
Through system pre-service, the cloud-based revenue management solution from IDeaS RMS was implemented, providing the hotel with a comprehensive range of advanced analysis features including advanced forecasting, precise pricing, rate availability, and viewing full house rates, as well as outstanding hospitality industry training.
In addition, IDeaS RMS allows users to proactively monitor major changes in business trends to enable rapid action to prevent unwanted issues from occuring by means of a customizable alert that sends notifications days in advance—yet another significantly meaningful feature for hotels facing fierce competition.
Establishing standard processes for improved long-term performance
For any revenue management process to be all-encompassing and professional, it has to follow strict standards. In return, hotels will be aided in establishing effective revenue capabilities and a strong revenue management culture. Uniform operating processes and procedures are critical to enabling sustainable revenue growth.
With wide-ranging experience gleaned from partnering with over 10,000 clients around the globe, IDeaS’ industry experts worked every step of the way from assessing the current situation and creating SOPs with the managing company to implementing, training, and offering support to Jinling Riverside Hotel, all with the objective of ensuring the hotel’s long-term success.
During this first year of partnership with IDeaS, Jinling Riverside Hotel demonstrated significant improvement, which encouraged it to renew its subscription for a further three months of Revenue Mentor to reinforce its revenue management strengths for increased profits.
“Within a period of only one year, we witnessed a significant improvement in our performance,” stated a director of the Jinling Riverside Hotel. “We have improved the group RFP process and optimized group pricing via the RMS group pricing function. The result is an increase exceeding 10% in our ADR and RevPAR. In one month alone, our RevPAR even increased by an impressive 38%. I think we now have a significant advantage over our competitors.”
“The successful partnership between our two companies is undoubtedly worthy of celebration,” enthused Charles Wang, IDeaS China Assistant Vice President. “Jinling Riverside Hotel made a wise decision, and their team has taken an active part in the entire process, particularly in terms of sharing data. As I see it, it was a perfect synergy of talents, tools, and processes. We are extremely proud to witness the hotel’s excellent performance, which highlights IDeaS’ breakthrough in the Chinese market. We look forward to working with other prestigious hotels like this one in the highly competitive hotel sector to help them build their revenue culture and produce a better performance.”