New Pricing Model for Hotel Management Software a First in the Industry; i-Rates Has Introduced Revenue Sharing for Hotels
(PRWEB) September 20, 2013 -- i-Rates, a new-generation Hotel Revenue Management System, has unveiled a new option for smaller to mid sized hotels for software that allows the hotel to use the programs algorithm to maximize the final yield when taking into account all revenue-generating factors. Comfort Suites Rochester became the first i-Rates customer that adopted the Revenue Share model recently introduced by the company. According to this model, customers have an option to pay for the i-Rates Revenue Management Software services in the form of a share of the Year-Over-Year revenue growth that the hotel achieves, thus optimizing the return on investment for the property.
“i-Rates knows the value our revolutionary software creates. We are backing our belief with this industry-leading pricing solution. We understand the balance between cost containment and revenue generation. For this reason, we are sharing the risks and rewards with our hotel partners,” said David Callander, Vice President Sales at i-Rates.
“Even though i-Rates RMS services don’t require any initial investment or installation fees, Revenue Management is still a new area for us so we need time to adapt to this new concept and fully understand and experience the benefits of an RMS. We are happy that i-Rates as a company understands this and is ready to support us by minimizing our risks,” said Reazul Islam, General Manager of Comfort Suites Rochester.
“Revenue Management, and the dynamic pricing concept especially, is new for most middle tier hotels,” added Ira Vouk, Vice President of Business Development at i-Rates, LLC. “We use every possibility to help our customers adopt this practice and mentor them on the basic principles of Revenue Management, and the use of Revenue Management analytical tools. We are confident that within a brief time-span most middle and lower-tier hotels will jump on board and realize the importance, and benefits of pricing their rooms optimally on a daily basis, properly managing their market segments, taking advantage of stay restrictions, and becoming more productive through the use of automated RM tools like i-Rates. On our part, we are committed to the education and support of our customers”.
About i-Rates
i-Rates is the new-generation Hotel Revenue Management System that is extremely intelligent yet simple to use. It sells hotel rooms at the 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 i-Rates 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.
About Comfort Suites Rochester
The Comfort Suites® Rochester hotel is a well-appointed, ideally located property with easy freeway access. This gem of Western New York is in the perfect location only minutes from the Mayo Clinic, IBM and other business centers in the community, popular attractions, and the Greater Rochester International Airport.
David Callander, i-Rates, LLC, http://www.i-rates.com/, +1 (858) 225-7074, [email protected]
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