Define your Base Price 

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

Step 1: Map your Room Type that are in the same category

Mapping your room types maintains parity across all mapped room types. This will make managing similar room types from the same category easier as you would only need to manage the parent room types. 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)

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

Step 3: Portfolio Occupancy Based Adjustment 

Step 4: 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.

Step 5: Hotel Pricing Data Source and Comp-sets

Customize Pricing Data Source

Customize Hotel Compsets

1. Go to your Pricing Dashboard, then click "Review Prices" for the room type.
2. Click "Smart Presets".
3. Ensure that the Property Type is set to Hotels, select Demand Factor Sensitivity.
4. Switch the toggle on for Demand Factor Sensitivity
5. You will now be able to select your preferred option on the dropdown menu under Customize Pricing Data Source and Customize Hotel Comp Set
6. (optional) You can click Review Prices so you can see how the changes will affect your prices.
7. Then, click Save Changes.
    

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

1. Go to your Pricing Dashboard, then click "Review Prices" for the room type.
2. Click Hotel Rate Shopper.
3. Under Hotel Price Tracker, click X in the property you wish to remove and select the properties you wish to add from the drop down menu.
   

Note: 

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.

Compare your pricing against your Comp set

Once you have selected your Base Price, you can use our Hotel Rate Shopper 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 room type. You can also check: Scheduling more than one daily sync