The Joule Dallas – Dallas, Texas
Richfield enhances services and implements a new rate strategy to raise occupancy rates at a once-underperforming hotel.
When Richfield assumed management of The Joule Dallas in June 2010, the downtown Dallas hotel was failing to meet financial expectations and losing market share. The hotel was performing to the standards of the previous management company, but Richfield saw ample room for improvement, due to the hotel’s downtown location adjacent to Uptown and Victory Park, its rooftop pool and dining venues.
Richfield set out to improve occupancy and RevPAR at the lifestyle hotel by putting in place an experienced operations team, implementing a strong rate strategy and enhancing the hotel’s services. Richfield took steps such as replacing lower ADR accounts with accounts that had higher rate and service expectations, adjusting sales efforts and pricing strategies, and devising new employee incentive plans that rewarded guest satisfaction, brand quality, competitive rank, overall market share and financial performance.
As a result of Richfield’s creative strategies, The Joule Dallas grew its RevPAR index by 23.4%, compared to the marketplace’s 13.5% improvement, became a market leader in early-week rates, grew occupancy on weekends and made significant strides in its TripAdvisor rankings.
To learn how Richfield can help you revive a stagnant lifestyle hotel, contact us at 303.220.2000 or email email@example.com to learn how we can improve your hotel’s market share.