Common Questions About LodgIQ

After we begin pulling hotel’s current Booking, Pricing and Comp-Set data, LodgIQ will also work with PMS on importing historical data.

Ideally, one year of historical reservations and pricing are needed, but LodgIQ can start with 2 months of your Booking and Pricing data.

The more data available, the better guidance will be provided to LodgIQ AI based forecast and recommendation platform.

During the initial 90 days, LodgIQ will forecast and optimize pricing based on your market demand. LodgIQ follows, “progressive enhancement and graceful degradation”. Therefore, as LodgIQ collects more data, algorithms become smarter for your hotel and automatically upgrade to more sophisticated versions.

LodgIQ gives a special focus on forecast accuracy. Models are continuously tuned and validated. Accuracy reports are generated on a daily basis for the algorithms to be smarter. These reports are available on demand.

LodgIQ Demand Forecasting goals are:
Lead Time (DBA) 0-3: 3%
Lead Time (DBA) 7-30: 5%
Lead Time (DBA) 60-90: 10%

The ultimate test is whether you see a Revenue Lift after following LodgIQ’s algorithmic Recommendations!

That said, our Intellimerge feature makes it easily compare our pricing recommendations to your hotel’s current sell rates and competitors’ rates.

An ideal set of competitor hotels should be composed of hotels in similar classes (star-rating, accommodation type) and in a close geographical proximity. In a densely populated market like New York City – the distance may be less than a few miles. Conversely, for rural areas or resort locations the radius may extend to a half hour driving distance.

LodgIQ system comes with a large selection of pre-defined major Markets, which consist of 3.5-4.5 star hotels.

The biggest difference between a Compset and Market are: a competitor hotel will be in much closer proximity to your hotel and will closely match your hotel’s class.

Whereas a Market comprises a much wider number of hotels spanning a city-area (or entire city) and range. LodgIQ also has the capability to create Custom Sub-Markets for customers who need it.

Ultimately, success is a combination of RevPAR Index Lift and property Team’s Time saved. Of course there are internal measures such as performance vs internal Budget, as well as industry standards like index position against the property’s STR Compset.

LodgIQ’s goal is to work with customers to fine-tune the system to optimize these goals.

Any rate changes made in LodgIQ (whether accepting system recommendations or making user supplied overrides) will apply to the entire room-type hierarchy with room-class differentials applied algorithmically in an automated fashion.

If a customer is using LodgIQ RM Advanced product, they will also have access to Room Type Pricing module which gives Recommendations (and the ability to override) at Room Level.