{"id":1040,"date":"2014-07-07T14:57:01","date_gmt":"2014-07-07T18:57:01","guid":{"rendered":"http:\/\/7pointe.com\/?p=1040"},"modified":"2014-07-07T14:57:01","modified_gmt":"2014-07-07T18:57:01","slug":"art-hotel-room-pricing","status":"publish","type":"post","link":"https:\/\/7pointe.com\/blog\/art-hotel-room-pricing\/","title":{"rendered":"The Art of Hotel Room Pricing"},"content":{"rendered":"<p style=\"text-align: justify;\" align=\"center\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Ever wondered how hotel room prices are set?\u00a0 It is in fact possible to phone a hotel directly, online, or via a travel agent\u2014and come away with three different quotes. \u00a0There are several factors that affect hotel room pricing:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Availability and demand for rooms<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Location of hotel (city vs. suburb vs. resort)<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Season<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Nearby competition<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Time of booking<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Perks or services included in price<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Type of hotel (corporate vs. leisure)<\/span><\/li>\n<li><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Hotel\u2019s set rate tiers<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Considering the last bullet first, let\u2019s take a look at the various types of tiers, or pricing categories:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: medium;\"><span style=\"font-family: Times New Roman;\"><i>Rack rate <\/i>is the set, standard walk-in price of a given room. This is the highest price.<\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: medium;\"><span style=\"font-family: Times New Roman;\"><i>Corporate <\/i>is the discount price offered to either a travel agent or other business with which the hotel has an arrangement based on volume.\u00a0 This rate can be a considerable percentage savings off of the rack rate.<\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">The<i> negotiated <\/i>rate is based on a guarantee from a partner that a certain number of nights will be spent there.\u00a0 For example, an association\u2019s members may have a preferred rate with a particular hotel chain worldwide. Said members need only reference their affiliation to benefit. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: medium;\"><span style=\"font-family: Times New Roman;\"><i>Group<\/i> can be defined as government or corporate in terms of rates, or just a one-time arrangement, like a contracted rate for a wedding or conference.\u00a0 Special group rates tend to be discounted from the rack rate.<\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Revenue management analysts are professionals in the hotel industry who dedicate their time to constant monitoring of room pricing among competitors, percentage of booked rooms, and the other factors listed above to ensure that a hotel\u2019s revenue is optimized.\u00a0 They look at the number of rooms booked versus demand and make a determination to raise or lower prices in a way that keeps the hotel competitive and maintains the hotel\u2019s revenue, as well as making sure that the occupancy remains as balanced as possible.\u00a0 Here\u2019s the important thing to know: a room\u2019s price can change based on any combination of the above factors.\u00a0 With this in mind, we suggest the following three tips for booking.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">BOOK EARLY, and note whether your dates or destination coincide with a major happening in the area at that time.\u00a0 Ask for whatever discounts qualify at that time.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">SEARCH OR ASK FOR SPECIALS, which may or may not be advertised.\u00a0 Remember to ask for rates related to any organizations or businesses with which you are affiliated.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">If the price remains the same, ask whether certain perks or services may be included in the nightly rate, such as parking, a meal, spa, or laundry.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">Most importantly, frequent travelers should SIGN UP FOR EVERY PERKS PROGRAM available via their airline, preferred hotel chain, or corporate partner.\u00a0 As is often said, \u201c\u2026membership has its\u2019 privileges\u201d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">\u00a0<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">\u00a0********<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">This is the latest in our new \u2018Secret Sauce\u2019 series, where we discuss and demystify key industry topics.\u00a0 Did you find this article informative?\u00a0 Drop us <\/span><a href=\"http:\/\/7pointe.com\/contact-us\/\" target=\"_blank\"><span style=\"color: #0000ff; font-family: Times New Roman; font-size: medium;\">a line<\/span><\/a><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\"> or come chat with us about it on Twitter at <\/span><a href=\"http:\/\/www.twitter.com\/planit7\" target=\"_blank\"><span style=\"color: #0000ff; font-family: Times New Roman; font-size: medium;\">@planit7<\/span><\/a><span style=\"color: #000000; font-family: Times New Roman; font-size: medium;\">!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ever wondered how hotel room prices are set?\u00a0 It is in fact possible to phone a hotel directly, online, or via a travel agent\u2014and come away with three different quotes. \u00a0There are several factors that affect hotel room pricing: Availability and demand for rooms Location of hotel (city vs. suburb vs. resort) Season Nearby competition &hellip; <a href=\"https:\/\/7pointe.com\/blog\/art-hotel-room-pricing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">The Art of Hotel Room Pricing<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1040","post","type-post","status-publish","format-standard","hentry","category-blog-post"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Art of Hotel Room Pricing | 7 Pointe Planning Incorporated Blog<\/title>\n<meta name=\"description\" content=\"Ever wondered how hotel room prices are set?\u00a0 It is in fact possible to 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