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iRates Revolution in automated hotel revenue management

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Red Planet Hotels’ RevPAR Grows 20% Following Adoption Of iRates Revenue Management System May 24th, 2015

Asia's leading value hotel group, Red Planet Hotels, has confirmed strong revenue growth following the adoption of the award-winning iRates revenue management system (RMS) in the fourth quarter of last year.

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Article: Automation in Hospitality Revenue Management | by Ira Vouk and Serge Terekhov May 1st, 2015

The slogan of the successful Revenue Management is to sell the right product to the right customer at the right time and for the right price. It sounds relatively simple but is not easy to accomplish. How do we know when the right time comes, what the right price is and what types of customers we should target?

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Article: Things you didn’t know about RevPAR | by Ira Vouk September 15th, 2014

RevPAR is not the most perfect index for measuring a hotel’s actual productivity (or, the Revenue Management and pricing strategy, to be exact), regardless of the widely spread opinion in the hotel industry. This statistic does not objectively reflect the performance (and profitability) of your hotel.

It is better to avoid using RevPAR when measuring the performance of your property. The best way to make sure that you’re aiming at the maximum potential profit is to adjust your strategy in terms of the new, more accurate, performance indicator: Adjusted RevPAR, a clear reflection of the bottom line. And if you are not sure how to make it work – invest in a Revenue Management system, it will pay off quickly.

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iRates Gives Limited Service Hotels the Ability to Quote the most Optimal Group Prices Automatically September 2nd, 2014

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.

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Article: 5 reasons NOT to follow your competitors’ prices July 2nd, 2014

Another misconception that is still prevalent among hotels of all sizes and star ratings is that in order to be priced accurately, one needs to follow their competitors’ rates. Unfortunately, this point of view is also shared by large hotel management companies, hotel chains and even some Revenue Management companies.

The general logic behind this point of view is normally the following: the prices that your neighbors are charging for their hotel rooms comprise the supply and affect the market conditions. Overall, there’s nothing wrong with this statement. Definitely, for the correct understanding of the hotel’s position in the market, it’s important to be aware of the rates that your competitors are charging for any given day in the future. However, in many cases, following their prices blindly draws you away from the optimal market price (based on real supply and demand), and actually makes your hotel lose money.

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New hourly update feature for iRates users! June 25th, 2014

iRates announces demand based updates to its revolutionary Revenue Management Software. The first three iRates customers started using the iRates hourly pricing update option in their daily Revenue Management practices.

"Amazon is doing pricing hourly now – why shouldn't hotels have the same tool for revenue optimization?" – explained Vadim Asadov, CEO of iRates LLC – "Don't forget – iRates is a fully automated Revenue Management system so the hourly pricing update does not mean that you need to spend more time managing your rates – iRates will do everything on your behalf requiring attention from the hotelier only when exceptional circumstances exist in the market.".

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iRates joins forces with Roomkey PMS June 22nd, 2014

RoomKeyPMS, the leading cloud-based property management software for the global hospitality industry, is pleased to announce their powerful new partnership with iRates revenue management system. iRates is easy to use and relies on the intelligence of an innovative algorithm to help hoteliers sell rooms at the best price the market conditions will allow.

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Article: 3 biggest myths about Occupancy | by Ira Vouk June 6th, 2014

Occupancy is one of the three main indexes used in the science of Revenue Management (along with ADR and RevPAR). It is the percentage of all rental units in the hotel that are occupied at a given time.

The three main misconceptions about occupancy that are still prevailing in the hotel industry are:

  • Occupancy should be the target for maximization
  • Occupancy should be forecasted
  • Occupancy should be the indicator and trigger for price adjustments...

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iRates usage training and best practices - video May 27th, 2014

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Receive a one-month FREE trial of iRates May 6th, 2014

Help your hotel make more money during the upcoming busy season Like us on Facebook and get a whole month of free iRates services

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iRates Broke RevPAR Index Record for a Middle-Tier Brand Hotel in a Real-Time Competition April 7th, 2014

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 property in RevPAR index by 20 points.

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Limited Service Hotel Owner Opens the Benefits of Dynamic Revenue Management with iRates March 20th, 2014

Revenue Management is a "must have" activity for today's modern hotelier. Constantly changing market and savvy customers require dynamic pricing daily. And mid-tier hotel business practice requires simplicity as well as cost- time-efficient Revenue Management tools. Created by revenue managers of middle-tier hotels, iRates RMS was selected by Comfort Inn at the Harbor and shortly after implementation generated immediate positive results.

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iRates and Appnostic Sign Global Technology and Business Development Partnership to Market Innovative Cloud-Based Revenue Management Service February 18th, 2014

iRates and Appnostic partner to bring the worldwide hospitality industry a simplified, automated Revenue Management System. From small to mid-sized hotel properties, hotel groups to global hotel chains, every hotel now has a chance to optimize their financial decisions with limited or no revenue management experience.

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The iRates story - article in Analytics magazine November 8th, 2013

It all starts with a Russian scientist and entrepreneur named Vadim Asadov, the president of NeurOK, a mathematics and software development group based in Atlanta and primarily staffed by Russians. At a beach volleyball game in San Diego, he meets Ira Vouk, also Russian, who happens to be an award-winning hotel Revenue Manager.

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Value of i-Rates Revolutionary Hotel Revenue Management Software Proven by Comic-Con Driven Demand October 15th, 2013

i-Rates, a leader in new generation hotel revenue management systems , is pleased to announce the Ramada Gaslamp/Convention Center hotel, its’ very first customer and an early adopter of the revolutionary software. The hotel achieved amazing results from the recent Comic-Con event in San Diego by using the new i-Rates system. Comic-Con is one of the key high-demand events in San Diego, bringing over 120,000 visitors every year to one of the finest cities in the U.S.

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iRates Revenue Management webinar October 8th, 2013

Enjoy the free webinar on key indicators in Revenue Management from iRates

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iRates is introducing new pricing model for middle-tier hotels September 23rd, 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 program's algorithm to maximize the final yield when taking into account all revenue-generating factors.

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Article: Revenue Management: Key Indicators for Success August 19th, 2013

Please read the article by our VP of Revenue Management Ira Vouk at the InnTouch forum:

Why does revenue need to be managed? Seems like a rhetorical question, but not all hotels realize the necessity and importance of managing revenues and paying enough attention to these tasks.

Today, the hospitality market presents a high level of uncertainty. The demand is constantly changing, the market is dynamic. Besides, customers are now equipped with a wide range of tools with which to navigate hotel inventory and find deals that don’t always contribute to the hotels’ revenue growth (i.e. numerous OTA and aggregator websites, allowing customers to compare room rates, discounted opaque websites, mobile apps, etc.).

In order to be able to respond to this challenge and not get lost in constantly-changing market conditions, every single hotel needs to realize the necessity of adequate daily Revenue Management.

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iRates has announced partnership with Revcaster, a rate shopping service provider. August 14th, 2013

i-Rates, LLC and Revcaster have partnered to provide hotels with the necessary tools to accurately set rates and evaluate competitive set data.

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iRates is announcing its partnership with Travlynx CRS June 25th, 2013

 i-Rates, the creator of the revolutionary new Revenue Management technology for the mid-tier hotel market, and TravLynx, the leader in the Central Reservations Service technology, have agreed to pilot i-Rates Revenue Management software to InnLink customers.

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Congratulations! May 3rd, 2013

It was just announced that our VP of Business Development Ira Vouk has been selected as a finalist for this year's HSMAI Revenue Manager of the Year Award! Congratulations! Thank you HSMAI for the high evaluation and appreciation of Ira's contribution to the field of Revenue Management.

Visit the HSMAI organization website.

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Our family is growing April 4th, 2013

We’re growing and expanding! Please welcome our new Vice President of Sales David Callander and Director of Sales Francesca Pardo. David and Francesca recently joined our family and the ranks of those who love their job!

David Callander has over 25 years experience innovating, evangelizing, and executing positive change. He brings his passion for growth and evolution to everything he does. David's passion for AMAZ!NG new things brought him to i-Rates.

Being able to blend epic human experience with technology, David is very active in the travel technology space. On behalf of JiWire, and Ascension Software he has pioneered cloud-based guest service portals that incorporate transaction services, affiliate marketing, and advertising solutions that improve guest experience and increase revenue. While working for LodgeNet Interactive Corporation, David co-created the business models and application of Wi-Fi for guests at global hotel organizations like Hilton, Marriott, Sheraton and well known independents including the Hotel Del Coronado. By bundling LodgeNet’s Interactive television and premium cable programming solutions, David created WOW in the market while increasing overall revenue and reducing costs.

”When i-Rates showed me the revolutionary approach they have to maximizing RevPAR, I knew I had to be a part of the team. In today’s world, people must use technology to serve them. With so many variables constantly changing demand and therefore price, advanced mathematics are required to maximize ROI and provide guests with the value they expect. Now mid tier hotels can use tools traditionally only available to larger or gaming properties to efficiently manage their rates.”

Francesca Pardo comes from a family of hospitality professionals where she has personally worked in the hotel industry for the past 14 years. The last 8 of those years were dedicated to managing the San Diego and Central California markets for Orbitz Worldwide Distribution. Prior to Orbitz she worked at a few different San Diego properties where she started as an Executive Assistant, moved to sales, and ended out as a Revenue Manger. Francesca is versed in many aspects of the hospitality industry and its technology, is a Certified Revenue Manager, and serves on the Board of the San Diego HSMAI chapter.

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Article in Kommersant April 3rd, 2013

For our Russian-speaking friends: an article about i-Rates in "Kommersant"

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i-Rates is going to the AAHOA Annual Conference - Mar 26-29, 2013 March 25th, 2013

iRates will be attending the Asian American Hotel Owners Association Annual Convention and Tradeshow in Houston - Mar 26-29, 2013. Please stop by our booth #303 if you're planning to attend!

Event details can be found here: AAHOA Annual Conference Page

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Great news for Apple lovers! November 7th, 2012

Mac version of the i-Rates program has been launched and is now available for current i-Rates customers.

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i-Rates is going to the IHMRS - Nov 10-13, 2012 October 23rd, 2012

i-Rates will be presenting its awesome product at the International Hotel, Motel and Restaurant show in New York on Nov 10-13. Please stop by our booth #3051 if you're planning to attend!

Event details can be found here: IHRMS HOME PAGE

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For our Russian-speaking friends: article about i-Rates published on a Russian business website October 15th, 2012

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i-Rates wins the competition! September 25th, 2012

Leaving Las Vegas with the ‘Innovation’ crown

Sep 25, 2012

A company which has wrapped rocket science up in a calculator interface won the day at this year’s EyeforTravel Travel Distribution Summit in North America. Pamela Whitby catches up i-Rates after the event to hear its next steps.

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We won! September 20th, 2012

i-Rates was selected as the most innovative company in the travel industry at the EyeforTravel TDS North America in Las Vegas on Sep 13! Click here to see photo

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i-Rates goes to Russia! September 11th, 2012

i-Rates LLC. has started tapping into the Russian hospitality market.
Official distributor for the i-Rates software in the Russian region is Neurok Techsoft, LLC based in Moscow.

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See for yourself! August 17th, 2012

i-Rates is already helping many hotels make more money and save time on Revenue Management. You can be next! See how other properties are performing: follow this link.

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Presenting at the EyeforTravel summit, September 13-14 July 25th, 2012

iRates has been selected as one of the most innovative startups in Hospitaliy and will be presenting at the EyeforTravel Distribution Summit NA this fall!

More details here

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New Interface June 28th, 2012

The new interface from i-Rates is out! Please check our facebook page for more info.

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i-Rates is attending HSMAI conference May 25th, 2012

i-Rates will be presenting its awesome product at the HSMAI Revenue Optimization Conference in Baltimore on June 25. Please stop by our booth if you're planning to attend! Event details can be found here: HSMAI ROC

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News from i-Rates team! May 22nd, 2012

Our Revenue Management consultant and VP of Business Development Ira Vouk has been nominated for HSMAI's Revenue Management Professional of the Year award program!
This award, co-presented by HSMAI and Rainmaker, recognizes and promotes excellence in the field of revenue management in the hospitality industry. Nominations for the award come from HSMAI chapters and industry members at large, and its nominees represent the very best in the field!

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i-Rates videos are now available! May 16th, 2012

We're happy to announce that our introductory videos are out.

Please visit our Video Tour page.

Enjoy!

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Welcome to i-Rates! April 23rd, 2012

We're excited to introduce iRates, a new generation Pricing and Revenue Management system.

iRates software gathers historical sales data as well as specific hotel characteristics (location, events, seasons, etc.) as part of the installation process. Our intelligent core processes sales data to restore real, not visible demand patterns that are specific for the property. Using adaptive management between different demand patterns and competitive environment information, iRates software develops most suitable Revenue Management strategy for the property and proposes updates for room rates and other relevant parameters. The hotel manager has a full control of the final pricing decisions and can manually edit these parameters at any step.

Our Competitive Advantage

Main competitive advantage of our product is its innovative state-of-the-art algorithm that allows for re-evaluation of demand levels and adaptive changes between them. iRates is the first computer system that provides a synthesis of managers’ expertise, efficient information about demand level and market conditions (human intelligence) and neoteric mathematic methods of Reinforcement Learning (computer intelligence). iRates sets the most optimal price for every day in the future, finding a perfect balance between ADR and occupancy, thus not just maximizing revenue but the bottom line (profits), based on each property’s financial structure. The system represents an ideal combination of most powerful algorithms and intuitive interface, comfortable for users with any level of experience, from a sales or front desk managers to advanced Revenue Management professionals.

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