Hospitality Net

OCTOBER 20, 2023

Hotel price monitoring is a crucial practice that involves tracking the prices of hotel rooms, both within your own portfolio and across competitors. This data-driven approach enables you to make informed pricing decisions, ensuring you remain competitive in the market while maximising revenue.

Pricing 97

Pricing Information Marketing 97

eHotelier

NOVEMBER 19, 2023

This innovative pricing concept enables hotels with 40 or more rooms to start their digital transformation without the usual challenges of an initial investment. SuitePad, announces the launch of its Performance Model today, redefining hotel technology financing.

Pricing 130

Pricing 130

Boutique Hotel News

JUNE 16, 2023

UK: The four-star Lion Hotel , located in Criccieth, Gwynedd in North Wales, is up for sale at a reduced price of £1,800,000 marketed by business property adviser Christie & Co. The post The Lion Hotel for sale at reduced price of £1.8 It can easily surpass this now with the right operator.”

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Pricing Catering Events Marketing 242

Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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Pricing Guest Satisfaction Marketing Communication 187

Revenue Hub

NOVEMBER 15, 2023

In the good old days, hotel room pricing used to be simple. As a result, however, hotels were often under priced when travellers were willing to pay more and overpriced when travellers were price sensitive. Subscribe to our weekly newsletter and stay up to date Today, most hotels take a dynamic approach to pricing.

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Pricing Book Special Events Events 105

Revenue Hub

JULY 27, 2023

NB: This is an article from Demand Calendar One of the most pivotal decisions is setting the right price policy for hotel rooms. A hotel’s pricing strategy can be the difference between empty rooms and a bustling, thriving business. In this approach, hotel rooms are viewed and sold as commodities, regardless of who the guest is.

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Pricing Guest Satisfaction Catering Budgeting 92

Hospitality Net

NOVEMBER 17, 2023

Competitor-based pricing or competition-based pricing is a data-driven approach where businesses use advanced analytics to set their prices based on competitors’ rates. In the hotel industry, this involves leveraging sophisticated pricing algorithms and software to monitor, in real-time, the room rates of comparable hotels.

Pricing 98

Pricing 98

Revenue Hub

NOVEMBER 1, 2023

Value-added pricing, also known as value-based pricing, is a pricing strategy in which a hotel sets its prices based on what a customer believes the value of a room or service to be. But what is value based pricing in hotels specifically? Why should hotels implement a value added pricing strategy?

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Pricing Article Marketing 104

Revenue Hub

OCTOBER 3, 2023

ZHAW School of Management and Law, based in Winterthur, Switzerland, conducted a study of 37 hotels that implemented dynamic pricing in 2021 and 2022, evaluating the effectiveness and impact of the RoomPriceGenie revenue management system. What are the internal effects on competencies after starting with dynamic pricing?

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Pricing Guest Satisfaction Article Marketing 105

Revenue Hub

OCTOBER 19, 2023

Using CompSets is fine for benchmarking but not for making pricing decisions. But please don’t use it as a basis for a pricing or marketing strategy to individual consumers. CompSet prices are a particularly mysterious form of alchemy. Primary data driven strategies were better at optimising revenue 80% of the time.”

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Pricing Article Book Marketing 95

eHotelier

MAY 16, 2023

Join Erik Tengen and IDeaS’ Chief Evangelist Klaus Kohlmayr as they discuss the Future of Dynamic Pricing.

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Pricing 130

MEWS

MAY 18, 2023

Having a robust hostel pricing strategy is essential to a hostel's profitability. You want to find the price that gives you a competitive edge but isn't too high to scare away potential guests. It will depend upon the hostel location, the type of guests, your competitive set, how well your hostel is rated and market trends.

Pricing 130

Pricing Marketing 130

SiteMinder

OCTOBER 18, 2023

What is competitor based pricing? Competitor-based pricing or competition-based pricing is a data-driven approach where businesses use advanced analytics to set their prices based on competitors’ rates. But it’s not just about matching or undercutting competitors’ prices.

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Pricing Book Property Management Catering 105

Revenue Hub

OCTOBER 9, 2023

Pricing is a critical element of a hotel’s revenue management strategy. NB: This is an article from Agilysys The right pricing approach can help hotels optimize profitability, attract the right customer segments, and maximize return on margins. Each segment has distinct needs, booking behaviors, and willingness to pay.

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Pricing Book Article Marketing 95

eHotelier

NOVEMBER 26, 2023

The boutique New Zealand property – The Convent Hotel in Auckland changed its pricing strategy to be based on more real-time market conditions and customer demand.

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Pricing Marketing 130

Sculpture Hospitality

OCTOBER 24, 2023

But, as restaurant owners and operators, it’s important that you don’t overlook another equally crucial aspect of menu creation and that is pricing. Creating an enticing menu is an art form.

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Pricing 87

Revenue Hub

SEPTEMBER 25, 2023

Talk to any hotel operator about empty rooms, and you’ll likely hear about price sensitivity. What if the relentless focus on price is causing more harm than good? If you think you know all there is to know about price sensitivity, prepare to think again.

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Pricing Travel and Tourism Special Events Book 99

Modern Restaurant Management

NOVEMBER 7, 2022

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? To answer that question, Revenue Management Solutions (RMS) examined two factors: the impact of price increases on QSR sales performance and consumers’ perception of value. Is it possible?

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Pricing Scheduling Information Marketing 199

Revenue Hub

OCTOBER 10, 2023

NB: This is an article from BEONx , one of our Expert Partners When it comes to maximizing revenue and occupancy rates, dynamic pricing strategies have taken a quantum leap forward. This comprehensive guide not only demystifies dynamic pricing but also showcases innovative approaches to elevate your hotel’s performance.

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Pricing Competitive Analysis Book Article 96

Revenue Hub

SEPTEMBER 27, 2023

Hi, welcome to one of our Expert Insight discussions This is part 2 of 2 episodes looking at the importance of controlling your Hotel pricing and, more importantly, the impacts of not controlling it. You can’t put your head in the sand, do the same thing and expect a different outcome – that would be insanity.

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Pricing Book Marketing 107

SiteMinder

OCTOBER 10, 2023

What is hotel price monitoring? Hotel price monitoring is a crucial practice that involves tracking the prices of hotel rooms, both within your own portfolio and across competitors. This data-driven approach enables you to make informed pricing decisions , ensuring you remain competitive in the market while maximising revenue.

Pricing 59

Pricing Guest Satisfaction Catering Marketing 59

Modern Restaurant Management

APRIL 12, 2022

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices. The sentiment has changed rapidly.

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Pricing Customer Service Marketing 184

Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Pricing Property Management Reservations Book 79

Revenue Hub

SEPTEMBER 12, 2023

Dynamic pricing is like a flexible price tag for products or services that can change depending on different factors. NB: This is an article from eZee Absolute Think of it as a “smart” price that goes up or down based on what’s happening at the moment. You might notice that the price isn’t the same all the time.

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Pricing Article Book Events 95

Duetto Cloud

NOVEMBER 28, 2023

Learn the many ways resorts such as the Crystalbrook Collection and Outrigger Hospitality Group use Open Pricing to enhance their revenue management. Read now.

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Pricing 64

Hospitality Net

MAY 25, 2023

One component is "dynamic pricing." You’re familiar with this model when considering your rack rate vs. your bottom prices. Those bottom prices may not cover much more than your costs, but they impact your rack rate months away when you can see higher profits. You’ll see below how this works.

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Pricing 93

Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Pricing Book Marketing Maintenance 94

Revfine

MAY 21, 2023

Revenue management underpins six different main types of hotel room pricing. Called dynamic pricing or “price tags,” this article illustrates these various pricing approaches. Quick menu: The post Hotel Dynamic Pricing Guide; An Essential Overview of All Price Tags appeared first on Revfine.com.

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Pricing Article 97

Revenue Hub

SEPTEMBER 21, 2023

Hi, welcome to one of our Expert Insight discussions This is part 1 of 2 episodes looking at the importance of controlling your Hotel pricing and, more importantly, the impacts of not controlling it.

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Pricing Book Marketing 98

Modern Restaurant Management

MARCH 2, 2022

Restaurant menu prices continue upward as the U.S. Operators are being forced to make changes in an effort to navigate the price escalation. Technomic also reported that 45 percent of consumers say they usually pick restaurants with lower prices. Department of Labor reported an inflation rate of 7.5 percent on an annual basis.

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Pricing Magazine 182

Revenue Hub

OCTOBER 13, 2022

Seeing one price to then being presented with another one. I just came from Expedia at $100) Price ambiguity hits: let’s check Booking.com too. Point being, even when you saying the truth, you’re lying, because too many external factors impact the final price prospects are presented with. Just saying….

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Pricing Book Presentation Article 91

Revenue Hub

NOVEMBER 3, 2023

Understanding the Longer-Term Impacts of Taylor Swift This relationship between quality and price exists in the RMS today. On a high-demand day, you can have two-star properties charging five-star prices. Read more articles from Duetto The post The Relationship Between Value, Quality and Price Exists appeared first on Revenue Hub.

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Pricing Article Book Information 98

Lodging Magazine

NOVEMBER 30, 2023

J&P Asset Management manages 109 hotels, about 85 percent of which are […] The post Succeeding in Extended Stay: Operational and Pricing Insights From a Specialist in the Sector appeared first on LODGING Magazine. The third installment will focus on development and guest service trends in the leisure market.

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Pricing Guest Services Magazine Article 109

Revenue Hub

OCTOBER 4, 2023

In the quest to maximize your hotel’s revenue, two buzzwords often come up: Revenue Management and Price Optimization. We demystify the differences between Revenue Management and Price Optimization and provide actionable insider tips to boost your hotel’s earnings. Price Optimization: Precision Pricing What is Price Optimization?

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Pricing Catering Article Information 81

Modern Restaurant Management

SEPTEMBER 9, 2021

The data to analyze with food is the following: food sales, food costs, sales mixture, food inventory, cost of goods sold, menu pricing, invoice reviews for accuracy of pricing, stock on hand, beginning and end of day protein counts, and daily sold items. They have to price it on the menu and add it to the inventory. Food Costs.

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Revenue Hub

AUGUST 23, 2023

Price is a very significant yet sensitive topic for many travelers. Remember that there is a correct way to respond to reviews on price when they are negative and positive. It All Starts with Expectations: One essential part of responding to reviews on price is including detailed information about your property.

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Pricing Guest Satisfaction Article Information 83

Revfine

OCTOBER 8, 2023

An effective, data-driven room pricing strategy is the cornerstone of hotel distribution management, with the ultimate goal of finding the ideal price per room that ensures you can maximize revenue without losing guests to competing properties.

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Pricing 101