Sojourn: Improved RevPAR Performance
The company…
Sojourn is a vacation rental management company that owns and manages more than 100 units in the U.S. and Central America. They provide exceptional experiences to guests and owners alike, allowing many to live a life un-tethered.
The challenge…
Sojourn saw their revenue growth slow and needed to quickly generate a higher RevPAR to support expansion efforts. Additionally, they were preparing to launch several new markets and needed to ensure a successful launch.
The Method …
A detailed data analysis of historical performance and an inspection of current revenue management processes was conducted to identify key opportunities. The engagement then focused on:
Benchmarking and Reporting
Dynamic Pricing Tools
Revenue Management Strategy and Tactics
Rate, Booking, and Inventory Restrictions
The Result…
In just 6 weeks Sojourn’s RevPAR increased against the market RevPAR by 25%.
Sojourn had significant cost savings from process improvements; including cancelling a managed revenue service and moving the process in-house.
Their new markets launched and with the help of RevPARTY began performing 66% better than market in just their first quarter.
“RevPARTY is amazing! We saw measurable results fast. Not only did they improve our revenue management program for an immediate impact; they strategically guided us in the industry through both their analytical methods and unique experience.”