iRates

iRates is a California-based software company that offers automated hotel revenue management software solutions.

iRates assists hoteliers in achieving highest possible yield from operations through synthesis of human expertise and new-generation computer intelligence, using reinforcement learning methods that provide in-depth understanding of hotels' unique nature, efficient information about demand levels and market conditions, and adapting this knowledge to each specific property. iRates software gathers historical sales data as wells as specific hotel characteristic (location, events, seasons, weather etc) as part of installation process. Our intelligent core processes sales data to restore real, not visible demand patterns typical for this property instead of trying to forecast future price. 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 of room rates and other relevant parameters. The hotel manager up to fully automatic control can use these recommendations in wide range from manual correction. System instantly spreads final prices via sales channels, which are also subject to constant monitoring and adjustments by our algorithms. All major existing RM software companies use the old model: Forecast then Optimize. 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).