Wyndham Hotels & Resorts has unveiled RevIQ, a next-generation, cloud-based, mobile-first revenue management system designed to help franchisees further optimize their revenue strategies and grow market share.
Created in collaboration with IDeaS, an industry leader in hotel revenue management software, RevIQ is built specifically for the needs of Wyndham franchisees and is designed to deliver top-tier performance while keeping control, flexibility and simplicity at the forefront, the company has told Hotel Business. Leveraging real-time data and analytics to make automatic pricing recommendations and adjustments, the platform seamlessly integrates with Wyndham’s property management systems and allows franchisees to optimize their strategies based on their own market insights—a key competitive differentiator.
“No one knows their business, competition or market better than our franchisees,” said Vikram Pradhan, group VP, global revenue management, Wyndham Hotels & Resorts. “For those reasons, it was critical we create a platform that, while powerful and robust in its data and analytics, also enables franchisees to incorporate their own knowledge and insights. RevIQ does exactly that, making it a simple, intuitive, easy-to-use tool that is as beneficial to experienced hoteliers as it is to those running their very first hotel.”
“What I love about RevIQ is it allows me to put my hotel’s revenue management strategy on autopilot, freeing my time to focus on other parts of the business while helping ensure I’m always getting the best possible return on every available room,” said Prativ Patel, owner of the Super 8 by Wyndham in San Bruno, CA, and a member of the Super 8 by Wyndham Franchise Advisory Council. “It’s a game-changer for Wyndham franchisees.”
Wyndham was the first major hotel company to introduce an automated revenue management system at scale in the economy and midscale segments, first deploying the system across its portfolio in 2015, the company reports. RevIQ builds on that leadership position by delivering smart revenue management capabilities anytime, anywhere and on any device, with core benefits falling into three distinct categories:
- Control: Hotel owners can create a custom pricing strategy based on market conditions and competition with full control over who they deem in their competitive set and the ability to change as needed. Competitors are automatically shopped five times daily, with RevIQ instantly adjusting its forecasts and recommendations.
- Flexibility: Seamless integration, combined with a cloud-based, mobile-first design and single sign-on allows hotel owners the ability to easily transition between their property management and revenue management systems anytime, anywhere and across any device.
- Simplicity: Designed with busy hotel owners and general managers in mind, RevIQ makes it easy to quickly update pricing, manage inventory, switch seamlessly between multiple hotels and more. Rate changes are immediate across all channels while a clean, intuitive interface allows for faster training of new team members.
Pradhan joined Wyndham about two years ago and immediately began looking at the revenue management system at the time to make it better for the company’s franchisees. “I started shopping to see if there was another one out there to take us to the next level,” he told Hotel Business. “And also, frankly to leapfrog the competition.”
He also knew that since its original launch, advancements had been made. “I knew in the industry, the algorithms had gotten better, the actual system functionality had gotten better…,” he said. “We quickly figured out that we needed to take advantage of these developments in the industry.”
IDeaS created a customized system for the company. “The reason we did that on a customized basis is because of certain functionality that we insisted upon,” he said. “One of the key things about revenue management systems is that they have to learn. If you don’t teach them the right way, the forecasts they generate can then deviate from reality over time…We have a feature in our system where our franchisees input what the current climate is. That would help course correct the system over time and [make the] forecast more accurate.”
RevIQ is available now to all Wyndham franchisees running Sabre SynXis Property Hub with plans to roll out to hotels on Oracle’s OPERA Cloud Property Management later this year, with portfolio-wide adoption by 2024.