Last Minute Prices

By default, we apply last minute discounts based on what is seen on your market. Since hotels don’t usually gradually decrease rates as the date approaches, we recommend you to select the “No last minute adjustment”. Click here to learn more.

Far-out premium

By default, we  apply a Far-out premium, which increases the daily rates for bookings far in advance. However, this is usually not how hotels are. So, similar to the Last Minute Prices, we recommend you to select the “No Far-out premium” to ensure that your rates are not affected by whether the booking comes at the last minute or advance. Click here to learn more.

If this option is not available for your listings, please feel free to reach out to us at support@pricelabs.co so we can enable it for you.

Orphan Day Prices

By default, we apply orphan day, which will drop prices by 20% for gaps of 1 or 2 nights in your calendar. As a hotel, you are likely to work with shorter stays and won’t want this automatic rate drop. In such a case, you can remove this discount by setting “No orphan Day adjustment” for your Orphan Day Prices. Click here to learn more.

Occupancy Based Adjustment and Portfolio Occupancy Based Adjustments

Both these customizations use your listing’s occupancy to determine if we will add a discount or premium to your daily rates. The difference is that Occupancy Based Adjustment uses the occupancy of the specific listing only, while the Portfolio Occupancy Based Adjustments accounts for an entire group of listing’s occupancy and applies the same discount to all the listings on the group.

Occupancy Based Adjustment

By default, we apply a default Occupancy Based Adjustment to your listings. However, for hotels, you are likely to want to optimize your prices based on the hotel’s overall occupancy, or maybe based on specific groups such as “beachfront listings” or “mountain view listings”, not based on individual rooms.

So, we recommend that you set your Occupancy Based Adjustment to “No Occupancy Based Adjustment” and then use Portfolio Occupancy Based Adjustments instead. Click here to learn more.

Portfolio Occupancy Based Adjustments

Portfolio Occupancy Based Adjustments is what you can set if you want your prices to be adjusted based on groups. Our system will calculate the occupancy percentage of all the listings in the group, then apply the same adjustments for each listing in the group. This way, all rooms of the same category will have the same occupancy based adjustment. Click here to learn more.

Day of Week Pricing Adjustment

This option allows you to set percentage adjustments on certain days of the week. While we already apply factors such as demand to your rates so that demand days are likely to get higher prices, we understand that you may have your own preference in terms of pricing for specific days of the week. In this case, you can set up Day of Week Pricing Adjustment. Click here to learn more.

Rounding

It is common in hotels to set their rates in a more uniform way, such as all of the prices ending in 0 and 5 or 4 and 9 (e.g., $400, $1015, or $1499). If you prefer prices ending in specific numbers, you can indicate your preference in the Advanced Customizations. Click here to learn more.