iRates Gives Limited Service Hotels the Ability to Quote the most Optimal Group Prices Automatically
In its latest release, iRates introduced the new group management module that provides limited service hotels with an advanced tool for managing their group reservations and quoting the most optimal pricing, using displacement analysis calculations.
"There are thousands of middle tier properties with significant amounts of group business. Being able to set optimal prices for transient rooms is, of course, important for them, but without proper group management, the overall effect of their Revenue Management actions is less significant" - said Ira Vouk, Vice President of Business Development at iRates, LLC – "Now their business can be fully optimized and generate maximum revenue from both transient and group segments".
The new group management module is fully automatic. To view the suggested group prices, a user simply needs to select a date range and the amount of rooms in a group block, plus any expected incremental revenue – everything else is calculated by iRates automatically. The company's general concept of interface simplicity is also extended in this feature, so even a junior-level employee with no Revenue Management experience can take full advantage of the new group management module to increase the overall hotel's production and improve RevPAR.
iRates customers who use a wide spectrum of Property Management Systems are already starting to successfully use the new group management functionality.
iRates is a new-generation software-as-a-service Revenue Management system that was developed specifically for limited service and middle-tier hotel properties. The tool was designed with these types of properties in mind. It addresses their unique characteristics and requirements, based on years of experience in this segment.
The extremely user friendly interface along with complete automation of the most important revenue management decisions allow even a junior level employee with no experience to drastically increase production and improve RevPAR. iRates employs the newest adaptive algorithm based on the theory of reinforcement learning that automatically adapts to each hotel's local market conditions and re-adjusts the strategy according to the demand fluctuations, with the goal to maximize the bottom line profits. The algorithm has been successfully applied to other industries but is unprecedented in hospitality.
Ira Vouk
Co-founder at iRates LLC
