Pricing is critical to a hotel’s success

How we price is critical to a hotel’s success. It is also a subject that can generate some passionate discussions. The question becomes: how are we making these important decisions and what factors do we take into account? Whether you use a sophisticated price-optimization system or determine your rates manually, it is necessary to make a critical assessment of the information you are using to make and validate your pricing decisions.

Too often pricing decisions are made simply by following the competition’s lead or increasing rates once a hotel has limited inventory. Competitive pricing and available supply are two factors to be considered, but only skim the surface. I will explore some of the factors influencing price and how they may be used to make more effective pricing decisions. Each individual hotel’s situation is somewhat unique with differing internal and external pressures on how they price, but the overarching factors are universal. Read more

Published in: http://www.hotelnewsnow.com

By: Jon Eliot

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About RezNext

RezNext is the world’s only true Real-Time Distribution Management Solution provider. It empowers hotels to adopt a distribution strategy that simplifies the complex global distribution environment and makes it understandable and manageable. It is integrated with revenue management, operating intelligence and powered with reputation management insights. RezNext’s portfolio of offerings include Rate & Channel Manager, Revenue Management, Online Reputation Management, Website Designing and Web Booking Engine, Mobile solutions, Central Reservation System, Business Intelligence, Property Management System (PMS) two-way connect, GDS and OTA Interface and Loyalty & Feedback Management. Our growing range of solutions can be access by hospitality properties across market segment and size, such as independent hotels, chain hotels, business hotels, resorts, clubs, service and limited service apartments, spas, restaurants and others.
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