Las Vegas F1 Gives Hotels Multi-Million Dollar Boost
In this edition of the Duetto Check-In newsletter, Campbell Brown, CEO of events data specialist PredictHQ, provides insight into the true value of the Las Vegas F1 to hotels on the strip.
We provide an update on Advance, our real-time, dynamic revenue optimization solution, which is now available globally.
And we talk to boutique and independent hotels about how they are boosting revenue.
Las Vegas F1 Gives Hotels Multi-Million Dollar Boost
F1 returns to Las Vegas this weekend. This big-ticket sporting event is set to drive local spending to the tune of $94.7 million on the weekend, generating more than $35 million in hotel revenue.
In our latest guest blog, Campbell Brown , CEO of events data specialist PredictHQ , gives us the low down on this event and explains why early access to events data can help accelerate revenue for hotels at event destinations around the world.
Returning to Las Vegas for the first time in almost 40 years, the Formula 1 Heineken Silver Las Vegas Grand Prix 2023 is estimated to have a local economic impact of nearly $1.3 billion. This doubles the estimates for Super Bowl LVIII, which will be played at Nevada’s Allegiant Stadium next year.
For an average three-day ticket of $7,000, Formula One is expected to bring in plenty of high rollers and massive spending to the already profitable Vegas Strip. An estimated 300,000 F1 enthusiasts will descend upon the strip on race weekend, accounting for 400,000 nights of hotel rooms being booked on November 16-18.?
In addition to ticket sales, the F1 Las Vegas Grand Prix is expected to generate $94,786,886 in local spending for the weekend, with more than a third of that going to hotels:
Discover more in Campbell Brown’s blog, Racing Ahead: How PredictHQ Data Fuels an F1 Hotel Revenue Strategy
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Together, PredictHQ and Duetto are further unlocking demand-based pricing optimization.
Much like F1 teams continually make changes to their vehicle and strategy to drive faster and safer, PredictHQ and Duetto are evolving the way hotels price rooms to drive revenue.
Intelligent event data is a valuable tool for hotels of all sizes. Start using event data today to accurately predict demand, optimize pricing, and maximize RevPAR. Get in touch to book a demo.
Duetto Launches Advance, Delivering Real-Time Rate Optimization and First-to-Market Data Integrations
We had big news from the Product Team at Duetto last week, as we announced that Advance, our real-time, dynamic revenue optimization solution, is now available to hotels around the world.
Using Dynamic Optimization, Advance generates new rate recommendations as needed to ensure that rates are optimized to capture sudden changes in demand in line with hotel booking data.
Dynamic optimization leverages the property's existing pricing framework and specified constraints for base rate bounds and acceptable changes. It gives hotels peace of mind knowing that their rates will always remain competitive, flexing up and down – or remaining stable – depending on market fluctuations.
Discover more in the press release here.
Or book a demo here.
How Boutique & Independent Hotels Drive Revenue with Dynamic Pricing
Boutique and independent hotels embrace Duetto’s Open Pricing to drive efficient revenue management through a dynamic pricing strategy. Duetto’s user-friendly system enables them to balance strategy and control with the flexibility to develop more complex revenue avenues when the opportunity arises.?
Boutique and independent hotels often differentiate themselves through unique experiences, and Open Pricing enables them to be creative with pricing strategies and promotional offers. This could include:
Discover how boutique and independent hotels such as Sandman Hotel Group , Heure Bleue Palais, and Adriatic Luxury Hotels drive revenue using Duetto’s Open Pricing. Read more here.
The Remington Orange Sees Immediate ADR Uptick With Duetto
Australian hotel, The Remington Orange, achieved an immediate 10% uplift in ADR in the first month of operating on Duetto.
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The Remington Orange opened in December 2020. It is the second luxury regional hotel in the Remington portfolio. The hotel boasts 82 rooms and suites, as well as event spaces for corporate conferences and weddings. The hotel is located close to Orange Airport and is a 3.5-hour drive from both Sydney and Canberra.
Hotel Manager, Alex Tran brought on Duetto to help him automate the hotel’s pricing, enabling it to react to changes in occupancy and demand.
Within a month of onboarding, The Remington Orange was already seeing substantial revenue increases as well as enjoying team efficiencies.
“May was the first full month with Duetto and we saw fantastic results. Both April and May finished at 50% occupancy, so it is virtually an apple-to-apple comparison. ADR went from $217.08 to $238.73, and I would credit a huge portion of that to how much more aggressive we were able to be with Duetto,” Tran said.
Duetto has helped the hotel deliver a more dynamic and creative revenue strategy, achieving a 10% uplift in ADR in the first month of operating.
Read more in the blog here.
Upcoming Events
Come find Duetto at these events, all taking place in November.
November 21
Oracle Hospitality Days 2023 - Roadshow 2.0, Vienna, Austria
November 22
RSF Palma, Mallorca, Spain
November 23
Oracle Hospitality Days 2023 - Roadshow 2.0, Munich, Germany
November 28
Oracle Hospitality Days 2023 - Roadshow 2.0, Zürich, Switzerland
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