Founded by the Swiss hotelier César Ritz, The Ritz London opened in 1906 and maintains a global reputation for luxurious excellence more than a century later.
Many of its competitors belong to larger organizations that benefit from citywide or international market intelligence. To stay ahead in the ultra-competitive London marketplace, The Ritz implemented the IDeaS Rate Optimization Service, applying proprietary analytics to determine optimal rate structures and define the price sensitivity of demand.
“We wanted a ‘health-check’ to see if our current rate strategy aligned with revenue management best practices,” said Ruth Jones, director of sales and marketing at The Ritz.
Using historical revenue data, IDeaS utilized proprietary methods to analyze the hotel’s demand patterns and price sensitivity, and then proposed a best available rate structure. As a result, The Ritz is expecting overall annual revenue to increase 2%.
“We were very impressed by the process of the project overall, and by all the support that we received,” Jones said.