The first ever Buddha-Bar Hotel steps up its revenue optimisation strategy with IDeaS Revenue Management System (RMS)
The five-star Buddha-Bar Hotel Prague, included in the CPI Hotels portfolio and recent winner of TripAdvisor´s Certificate of Excellence Hall of Fame, has implemented IDeaS Revenue Management System (RMS) to enhance its revenue management approach.
“Pricing and the ability to impose length of stay restrictions are essential to managing demand, and we realised we needed to take our revenue management process above and beyond to obtain the sophisticated analysis and automation that our hotel deserves. After a comprehensive cost/ benefit exercise, we were confident that IDeaS was the best option available and that the hotel would see substantial benefits. The high standards we set for ourselves were matched by the team at IDeaS, and with SAS analytics driving IDeaS technology, we knew we were buying into a world-class solution,” says Veronika Fajcíková, general manager of the Buddha-Bar Hotel Prague.
IDeaS RMS provides an overview of the hotel’s business and supports in-depth analysis of its data. Key hotel performance indicators provide a clear view to the information most important to the sales manager, revenue manager and hotel management. Key metrics such as Occupancy, Revenue per Available Room (RevPAR) and Average Daily Rate (ADR) can be identified, analysed and reported.
“Revenue management for a hotel, especially one with a brand as vibrant as the Buddha-Bar Hotel, requires deep analysis of the market and highly accurate pricing forecasts,” says Fabian Specht, EMEA managing director for IDeaS. “IDeaS has a 25-year track record of working across all different types and sizes of hotels, so we can leverage a wealth of relevant experience for any property. For the Buddha-Bar Hotel team, we are able to provide meaningful insight and advanced analytics combined with efficient automation across all sales channels, effectively supporting both the revenue management and sales functions in their efforts towards a better revenue performance,” he adds.
The boutique Buddha-Bar Hotel Prague which opened in 2009, has the mystical flair and ambience of the legendary Parisian ‘restaurant-bar-lounge’. The unique urban resort redefines lifestyle within the hospitality industry with its luxury rooms and exquisite suites. The first Buddha-Bar Hotel in Prague emboldens the essence of contemporary modern Asian interior design with French colonial influence.
With more than one million rooms priced daily on its advanced systems, IDeaS Revenue Solutions supports more than 7,000 clients in 94 countries and is relentless about providing hoteliers more insightful ways to manage the data behind hotel pricing.