iRates Broke RevPAR Index Record for a Middle-Tier Brand Hotel in a Real-Time Competition
iRates hotel Revenue Management software empowers hotel manager to achieve record-breaking 105% RevPAR index. In a January 2014 competition against a similar hotel property not using the software, the hotel using iRates’ system outperformed the other pr
Junior Level hotel manager equipped with iRates Revenue Management software achieved record- breaking 105% RevPAR index, in a case-study conducted in January 2014.
Two middle-tier hotel properties participated in the study. One hotel was equipped with the iRates Revenue Management System managed by an AGM unfamiliar with basic Revenue Management practices. Revenue at the other hotel was managed by a General Manager with 20 years of experience. Both hotels were in the same tier, of the same size and located in the same dynamic downtown market. The result of the real-time competition during the month of January 2014 was that the first hotel using iRates outperformed the other property in RevPAR index by 20 points, reaching the record breaking 105%.
"iRates LLC uses different approaches to verify the quality of the algorithms, and constantly improves them. One of the methods we use is real-time competition between iRates and a similar hotel property not using the software" - explained Vadim Asadov, CEO of iRates – "This type of A/B testing has great value in the hospitality industry, which tends to be slow to adopt technology over human execution."
"Our goal is to make sure that our software is easy-to-use by any level of hospitality professional and is at least as profitable as a less experienced manager, while being much more cost effective and efficient. " - said Ira Vouk, Vice President of Business Development at iRates, LLC – "Comparison testing in a real environment with well-defined outcomes helps us measure the program's performance and understand which part of algorithm sets or features require additional improvements".
About iRates
iRates is the new-generation Hotel Revenue Management System that is extremely intelligent yet simple to use. It sells hotel rooms at optimal price every day of the year, automates daily routine Revenue Management tasks, provides all necessary information for the manager's strategic analysis and increases the bottom line. It is adaptable and fully flexible. The core of iRates is the innovative state-of-the-art algorithm based on the mathematic theory of reinforcement learning. Its central algorithm is based on maximizing the final yield when taking into account all revenue-generating factors. www.i-rates.com
Ira Vouk
Co-founder at iRates LLC
