If you're a Hotel manager seeking a leading solution provider to streamline your pricing strategies, you've come to the right place. With our extensive experience and expertise, we have assisted over 30,000 customers in optimizing their pricing on a daily basis.

In this article, we will delve into the various customizations we recommend for Hotel managers, along with valuable insights on where to access additional market information.

Define your Base Price 

The Base Price is a crucial starting point for our algorithmic pricing. To ensure accurate pricing, it is essential to get this data right.

You can use our Base Price Help tool to compare against other Rooms in your Market and cross-reference it with your annual ADR (Average Daily Rate). Please see Setting your Base Price.

Connect your rate-plans and define mark-ups between categories

For hotels, it is common to start pricing the Standard room or the lowest-priced category and add supplements for higher-tier categories.

There are a few steps you need to take to get the set up.

Step 1: Map your listings that are in the same category

Mapping your listings maintains parity across all mapped listings. This will make managing similar listings from the same category easier as you would only need to manage the parent listings. Additionally, it will reduce your monthly invoice. For the step by step guide to mapping or more information, please see: Multi-unit Mapping

Example: you can map all standard rooms so you only need to make changes on the parent standard room and all the standard rooms will get the same changes. 

Step 2:  Create Groups (and subgroup)

This will be helpful if you have hotels in different locations or simply have some units that have the same pricing or requirements but are different from the others. 

Groups allows you to select a number of listings and then you can manage the customization for the selected listings as a group. For more information as well as how to set it up. Please see: Group-Level Customizations

Example: You can create a group for Ocean View listings. Any changes you make on the group will be applied to all Ocean View listings.

Step 3: Adding Mark-ups between categories or groups

Using a feature called Pricing Offset, we can set a fixed or percent gap in prices across different categories. This is helpful for ensuring that a specific category will always have a higher price than the other categories. For more information, you can check Pricing Offsets

Example: You can set your deluxe rooms to always be 10% more expensive than the standard rooms.

Both Sub Groups and  Multi-unit mapping are by request only features. Please feel free to reach out to us at support@pricelabs.co so we can enable it for your account.

Hotel Weights and Comp-sets

By default, we use data from Airbnb as the basis for the market trends we apply to the listings. However, we are able to gather more data on hotel listings in Booking.com. So, you do have the option to change whether you use the data from Airbnb (Short Term Rentals) or Booking.com (Hotels).

Customize Hotel Weights

The Hotel Weights customization allows you to control the weight or contribution we give to hotel like properties while pricing your listings. This is beneficial for hotels or hotel-like properties. Hotel Data comes from Booking.com and STR data comes (mainly) from Airbnb. These are the available options:

Customize Hotel Compsets

This customization allows you to select the data source of hotels that we look into for pricing.

You have two options for selecting your Hotel Compsets:

• PriceLabs default: 

By default, we consider the 10 nearest hotels with a good date to price for your property.

• Your own selection:

You also do have the option to select your own. We show the closest listings in the Hotel Data tab so you can check and select your own compset.

If you wish to change the Hotel Weights for your listing, please follow the steps below:

1. From your listing’s Review Prices page, click Edit under Customizations

2. Click All Customizations, then Demand Factor Sensitivity.

3. Switch the toggle on for Demand Factor Sensitivity

4. You will now be able to select your preferred option on the dropdown menu under Customize Hotel Weights and Customize Hotel Compsets

5. (optional) You can click Review Prices so you can see how the changes will affect your prices.

6. Then, click Save Changes.

If you wish to manually select the listings for your compset,  please follow the steps below:

1. From your listing’s Review Prices page, click Hotel Data.

2. Under Hotel Price Tracker, click X in the listing you wish to remove and select the listings you wish to add from the drop down menu.
   

Other Customization 

Once you have set up your Demand Hotel Weights and Comp-sets, there are still other customizations that you may want to use depending on your hotel set up and your needs. To know more about these and check if the customization will be useful for your property, please check Customizations for Hotel listings.

Compare your pricing against your Comp set

Once you have selected your Base Price, you can use our Hotel Data tab to look at the prices of the comp set of your choice and see if you need to adjust your Base Price up or down:

Define your Minimum Stay settings

Depending on the type of hotel and its location, you may need to adjust prices and minimum stay requirements throughout the year. For example, properties near the beach might have higher minimum stays and prices during summer compared to quieter months like November.

PriceLabs offers the flexibility to manage these variations using Minimum Stay Profiles and Seasonal Profiles. By implementing these profiles, you can easily adjust variables such as minimum price, base price, maximum price, and minimum stay according to the time of year. This allows you to tailor your pricing strategy to match seasonal demand fluctuations. For more information, you can check: Creating Minimum Stay Profile from Custom Seasonal Profile and Min Stay for Seasonal Profiles

Multiple Syncs per day

By default, PriceLabs synchronize prices every 24 hours but as the hotel market might need to be a bit more dynamic, you can add automatic additional syncs (up to 3 per day) in your Settings → Sync Settings → and “Specify Your Own Time”. This option comes with an additional cost of $1 per month and per listing. You can also check: Scheduling more than one daily sync