The Urban Newtown Hotel, a 79-room, 4-star hotel in the inner-west Sydney (Australia) suburb of Newtown, has implemented the LodgIQ RM revenue management system (RMS). Using LodgIQ’s sophisticated, Machine Learning-based RMS will help the hotel to optimize their pricing and more effectively manage inventory.
The LodgIQ RM is a self-learning, self-calibrating, deep Machine Learning RMS that extracts intelligent revenue insights through the deep analysis of Big Data, including data points such as market demand, flights, review scores, events, relative positioning, guest shopping behavior and real-time news. Machine Learning technology enables LodgIQ’s solution to continue learning from the data that it collects, which improves the accuracy of the pricing calculations generated.
When beginning their search, The Urban Newtown Hotel was looking for a solution that would collect and analyze pricing data from all of the online competition – including both hotels and peer-to-peer accommodations but also a solution that would provide insights to the revenue manager and the wider team. In addition, the hotel’s management team wanted to enable the revenue manager to focus more on strategic, inter-departmental planning, rather than on time-consuming manual pricing calculations.
“We were very impressed by LodgIQ’s RM system,” said Jude Kumar, Revenue Manager at The Urban Newtown Hotel. “It has the best user interface we have seen out there and makes it easy to quickly access the data, pricing recommendations and macro information that we need. It provides us with automated pickup, pace and much more so we can throw away our excel spreadsheets – something that we are really excited about!”
“Sydney as a market is operating at an incredible pace and hotels need to act fast to succeed day in day out as they face a great deal of competition,” said Fabian Bartnick, Vice President Asia-Pacific at LodgIQ. “Our RMS will give The Urban Newtown insights into market behavior through our outside-in forecasting approach and therefore see market trends before their competition does. This means faster and more accurate action when the market changes – giving The Urban Newtown the competitive edge”
To find out more about the new partnership or LodgIQ’s Machine Learning-based RMS, please contact Fabian Bartnick at [email protected].