90 rooms, corporate hotel located in Joliette, QC
Introducing Rate Yield to our revenue management strategy at Chateau Joliette has helped us to eliminate our biases and break through the ceilings we had set for ourselves. Soon after we integrated the software, we noticed a huge impact on our ADR, particularly on the weekend rates. In a market that typically sees rate growth of 2-6% annually, depending on the season, Rate Yield has helped us to increase our ADR in double digits, even as compared to pre-COVID rates. Despite our rising rates, our occupancy rates have also increased beyond our record setting levels of 2019. This is something we would not have thought possible before Rate Yield challenged us to put aside our opinion on rate and focus on what the data is saying.
Rate Yield makes it easy to maintain rate integrity and compete in the right market. As a hotel that is not located in major tourist destination or a business hub, we have to think creatively about our market. Rate Yield has made this flexible and dynamic, allowing us to select a wide array of hotels for our competitive set and to weight them appropriately by day of week.
We couldn’t be happier with the results we are seeing from Rate Yield and are looking forward to another great year!
33 rooms, located in Vieux Quebec, a tourist destination with seasonality
Prior to working with Rate Yield we were working with a different revenue management consulting firm with strategy based on hotel occupancy levels.
As business started to pick up again after COVID, it was important for us to find a Revenue Management System that would be more market driven and include artificial intelligence in our strategies. Rate Yield focuses on statistical analysis of the market. After just a few months with the software, we quickly noticed material growth in our revenues.
The feature we appreciate most about the system Rate Yield’s flexibility. It empowers our team to make decisions and dictate where we want to go. We can set parameters, short term and long-term strategies and modify them instantly if the market goes in a different direction. The system also updates hourly so that our pricing is always in line with the market. Rate Yield allows the property to determine its comp set and to configure the algorithm specific to the property guidelines. Once the strategy is in place, the robot takes over, but we still feel like we are in charge. And most importantly, the support is fantastic!