When the team at The Laundry Rooms selected Rate Yield as their RMS provider, I was very excited for a few reasons. For one, they would be our first properties in Ontario. They would also be our first Mews property to integrate Rate Yield.
The Laundry Rooms offer an innovative approach to hospitality, putting forward the best of what hotels and Airbnb have to offer. They needed an equally innovative and flexible revenue management system to meet their needs.
The first property went live on Rate Yield at the beginning of October of 2023. The hotel had been open for just over a year at that point. As such, the triple-digit revPAR growth cannot fully be attributed to Rate Yield’s performance.
In order to accurately measure the impact of Rate Yield on the business, we looked at CoStar data for the hospitality submarket of Hamilton/Burlington. The occupancy levels for the property were 16% above the benchmark and revPAR was 3% higher.
“We have been working with the team at Rate Yield since September 2023 and our experience has been stellar! Much as we know we are dealing with technology, the team at Rate Yield goes over and beyond all expectations to work and partner with you. They are available at all times and in a true Hospitality (can and will do attitude) manner.Whilst we all strive to provide exceptional customer service to our guests, it's great to have a partner who supports you in the back end with the same philosophy and practice. Many thanks to Marc and the team at Rate Yield!”
We are looking forward to onboarding the rest of The Laundry Rooms properties in the coming weeks and continuing to help them yield more revenue!
