Stayo

Stayo is an urban collection of beautifully designed apartments sprinkled throughout Greater London. With a multicultural team managing over 130 units across multiple buildings, Stayo has built a successful serviced apartment business that provides exceptional serviced accommodation.

We spoke to Revenue Director Victoria Hardy about their digital transformation journey.

Old-School Frustrations

"During the pandemic we decided to make the much needed transition to a better technology stack. The first change was to a new PMS as our old one was slow, clunky, broke all the time and struggled to integrate with anything. In the end, we chose RMS Cloud as they had just what we needed as a serviced apartment business.

"Soon afterwards we tested three Revenue Management Systems suggested by RMS Cloud, and FLYR for Hospitality quickly stood out amongst them. Although FLYR for Hospitality cost more, the product was far superior and more than justified the extra budget.

"We are growing and we need partners that can scale up with us. We currently have over 130 serviced units and we are aiming to have over 1000 units within three years."

Instant Results

"Onboarding was great – in fact, it was the best onboarding of any system I've ever done in my entire career. It was all done in a couple of weeks!

"We are now hitting our targets and finally where we need to be in terms of ADR and occupancy. We went into July with very high occupancy and have been hitting 100 percent as well. The automation of all our pricing has been great!

"The time savings from switching to FLYR for Hospitality have also been huge. I used to spend most of my time on pricing alone and it has freed up my time so I can do other things.

"It's made some staff actually want to learn more about revenue management! Our CEO even spends plenty of time in the system!"

"The Reporting capacity has also been such a contrast to our old setup. Now it's all automated and we get slick visualisations and can easily monitor pickup. It's been a game changer when it comes to our investors as well, as a report is automatically sent to them every Monday."

Commercial Intelligence

"Proper integrated business intelligence is going to be very important for the future of Revenue Management. The potential of analytics is massive as you can start to break down so much of the performance in the business and strategise around that.

"In our case, I'm looking to see where we are at with each building and want to be able to break down performance per unit. Analysis of 'Length of Stay' is another crucial metric to monitor as in a business like ours housekeeping costs are astronomical and a good BI tool could help us potentially become more cost efficient."