Hotel ICON Turns to IDeaS for Best-Practice Revenue Management CapabilitiesHotel ICON: First in Hong
IDeaS Revenue Solutions, the leading provider of revenue management software and advisory services, announced their reformed relationship as the revenue management technology provider for Hong Kong’s upscale and award-winning Hotel ICON. Hotel ICON will be the first hotel to adopt Smart Space in Hong Kong and China.
Located in bustling Tsim Sha Tsui, with 262 sophisticated guest rooms and exceptional harbor views, Hotel ICON is a modern, elegant property with a commitment to delivering unrivalled comfort and a wide range of dining choices for both leisure and business guests. Seeking total revenue performance and extraordinary revenue impact, Hotel ICON determined that deploying IDeaS’ advanced analytics and sophisticated revenue management system (RMS) was critical to their growth.
"Hotel ICON operates at very high occupancies, which means there is little margin for pricing error. After carefully assessing all available systems, it was clear that automation, accurate forecasting capabilities and a credible, innovation-led roadmap were must-haves for us to fully optimize our hotel’s performance,” said Richard Hatter, general manager Hotel ICON & adjunct associate professor at the School of Hotel and Tourism Management Hotel ICON & The Hong Kong Polytechnic University. “We chose to partner with IDeaS because their G3 RMS provides the best breed of revenue management technology. We had used G2 RMS previously, as well as another revenue management system, and we are confident that G3’s unique ability to assist with room-type management and yielding, along with IDeaS’ solution for meeting space revenue management, will drive the best possible revenue and profitability."
Hotel ICON will adopt the industry leading IDeaS G3 RMS along with Smart Space by IDeaS, the world’s leading visual strategy management solution for meeting and event space. By implementing IDeaS G3 RMS and Smart Space by IDeaS, Hotel ICON will be able to make strategic revenue and inventory management decisions across their business as never before. Hotel ICON will be the first hotel to adopt Smart Space in Hong Kong and Greater China.
"IDeaS is very pleased to work with Hotel ICON again. Through its adoption of IDeaS G3 RMS, Hotel ICON will achieve optimal RevPAR performance through rate increases and by selling the higher room categories at suitable market prices. This will help minimize overbooking entry-level rooms and forced upgrades, a key area of opportunity many hoteliers are challenged by in the Hong Kong market, and which can only be addressed by IDeaS’ sophisticated, predictive analytics and machine learning," said Rachel Grier, Asia-Pacific managing director, IDeaS.
Hotel ICON incorporates training staff from the School of Hotel and Tourism Management of The Hong Kong Polytechnic University, a partnership which allows the next generation of hospitality leaders to gain real-world hotel experience. IDeaS will supply Academic Program Support to Hong Kong Polytechnic, providing a practical learning platform for future revenue leaders in the region.
This article was written by IDeaS on 10 May 2018
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