Base price is the average rate you would charge across the year. It serves as a starting point, with market factors, demand patterns, and customizations applied on top. 

Base Price Help

The Base Price Help tool analyzes nearby hotels and provides a suggested starting point for your base price. It considers properties in the same category with similar Star Rating to help match your competition.

To use this tool, click "Help me choose a base price" from the Review Prices page in your Pricing Dashboard.

Options When Setting a Base Price

1. Market-Based Price

• This option sets the base price based on local market data.
  
• Hotels considered for this compsets are hotels seen in Booking.com that are active for the last 6 months and next 6 months. If a listing is new or is no longer active, it is not included in the data used for this section. 
• Factors considered:
  • Mark Up: This is to deduct any listing commission and fees. Our market-based prices use data directly from Booking.com, which already includes any markups hotels have applied. If you then add your own markup in your PMS without adjusting for this, you're essentially creating a 'markup-on-markup' situation and our recommendations could lead to extremely high final prices.
    
    
  • Property Category: Economy (25th percentile), Midscale (50th percentile), or Upscale (75th percentile).
    
  • Midscale is often a good starting point, but other factors might justify a higher or lower price. For example, if your hotel is high-end compared to other hotels in the market, it could be safely priced above the median and you can choose Upscale.
    
    
  • Star Rating: Choose which Star Rating to compare against to refine market data.
    
  • Select the Star Rating of the listings that you consider your competitors. 
    
  • Selecting a set of bedroom categories with a good number of listings (at least 20) is recommended. Otherwise, you will receive a notification stating that we're unable to provide a recommendation we're confident in for this room type due to limited data from nearby hotels. Consider using your historical pricing data or exploring alternative pricing strategies until more market data becomes available
    
    
  • Market Map: Displays active hotels considered in the analysis, showing pricing trends.
    
  • The square shows your hotel. Hovering over a dot will show the average price, the Star Rating, and the room type ID. The listings are colored based on the price. 
    
    
  • You can fine-tune the hotel market area considered to calculate the market-based values and percentile calculator by selecting an area on the map.
    
    

2. Custom Base Price

• Select the Custom button to enter a base price manually.
  

3. Imported Base Price

1. This is the base price that was set on your Room Type for when it was import to PriceLabs.
   
2. Imported price is displayed only during initial 30 days after adding the listing. After that, your options becomes only the Market-Based or Custom Base Price.

Percentile Indicators

This indicator shows in what percentile of the selected market the newly selected base price will be. The percentile can be determined based on both Star Rating and map selection:                 

 

Seasonality Graph

Before confirming your selected base price, you can review the average monthly prices across the year to understand its potential impact.

🔹 Important Notes:

• These averages serve as a reference only.
• Actual recommended prices for high and low seasons may differ significantly due to:
  • Customizations (e.g., Far-out Premium)
  • Market effects (e.g., Demand Factor)