Founded in 1957, Hyatt Hotels Corporation is a leading global hospitality company with a portfolio of 13 premier brands. As of 2018, the company's portfolio includes 843 properties in 56 countries.
We spoke to Lakota Forosisky, Area Director of Revenue Management at Hyatt Regency Boston, Hyatt Regency Boston Harbor and Hyatt Regency Cambridge to find out about how and why she uses OTA Insight’s Revenue Insight tool. We learn about how Hyatt has been able to unlock their revenue potential and deliver actionable insights.
"This tool is such a quick and efficient way to pull data to help make decisions on lead time, forecast potential, product recommendations and booking sources.”
One of the recent ways we found value in the tool was to look at all holiday periods in the year and set up strategies during these slow periods in the Boston market. We were able to:
These actions resulted in our improving RGI (Revenue Generating Index) over the July 4th period by 9% by targeting the holiday and using the data to make better decisions further out.
We’ve also been able to find opportunities to change our LOS patterns around peak events. We know that an event will have a peak night, but Revenue Insight helps us identify what the LOS potential is for shoulder night stay, and target price points to drive retail business for these dates.
"The rates tab is utilised by revenue, sales, front office, even the restaurant, to see what market demand is like."
Revenue Insight hasn’t just helped the revenue management team here at Hyatt; it’s also been beneficial for our a range of teams. The rates tab is utilised by revenue, sales, front office, even the restaurant, to see what market demand is like. When our sales team present a piece of business and try to sell me on why it is a good fit for our hotel, they are able to use the tool to pull data on transient LOS or business mix.
Hoteliers should use Revenue Insight because the product is fantastic. This tool is such a quick and efficient way to pull data to help make decisions on lead time, forecast potential, product recommendations and booking sources. Not only is the product high quality, their customer support is also top notch. When I had to change report settings or set up new reporting details for direct connection to our RMS, the team really helped me - someone that is not a techie - understand how to work with them to get the information needed. Revenue Insight has been a real game-changer for us. I have nothing but good things to say about it.
“Revenue Insight helps us identify what the LOS potential is for a shoulder night stay and target price points to drive retail business for these dates.”