PREM Group Acquires Majority Stake in Rate Wise
International hotel and hospitality management company PREM Group has taken a significant equity stake in Rate Wise. Rate Wise was originally founded in Dublin by software developer Niall O’Meara and quickly became a leading rate management tool working with 76 hotel and serviced apartment clients across 9 countries including Ireland, the UK, Belgium, Netherlands, Hong Kong and Australia.
CEO of PREM Group, Jim Murphy (pictured on right) said: “We were very impressed with the Rate Wise software and had been using their solution in several of our own hotels. It takes out the margin for human error and gives us the information we need at our finger tips. Prior to working with Rate Wise, our revenue teams were having to create 5 or 6 reports daily in order to manage their rate strategy. This software negates all this extra work.”
Under PREM Group’s management, the new Rate Wise business model will offer additional support services in that clients can subscribe to a software only service and control the rate setting locally, or they can tap into Rate Wise’s consultancy service which extends beyond rate setting to OTA account management, book direct strategies and support with market segmentation and technology set up.
Rate Wise have very ambitious plans to grow their client base and intend to double the number of properties using the Rate Wise software over the next 12 months. They see massive growth potential for the software in Northern Europe particularly where the company is already well established through their procurement business Trinity Purchasing.
Heather Wiktorski (pictured left), Business Manager at Rate Wise said “Clients are seeing significant growth in revenue as a direct impact from using the toolkit. Rate Wise is very easy to navigate. The system automatically extracts all of the data you require into one platform which is a huge time saver. Based on a finely tuned algorithm it then makes rate suggestions for future dates. It has the ability to connect to your PMS or Channel Manager, again saving significant time and also ensuring your systems connect seamlessly. The system is fully secure and encrypted. One of our key principles is to ensure our clients’ rates and revenues are secure and confidential.”
