Open Pricing is changing how hoteliers set hotel room rates. It has the potential to increase revenue and forever change revenue management practices.
Open Pricing is changing the way that hoteliers set hotel room rates. For properties from large to small, it has the potential to increase revenue and forever change hotel revenue management practices. So, how does it work? Is it a good fit for you? If you wanted to try it, where would you start? Read on to find out more.
Though it can seem complicated, it’s possible to sum up Open Pricing in two sentences. It is a revolutionary hotel pricing model for hoteliers that allows for more flexibility with rates. It means pricing all room types, channels, and dates independently of each other to maximise revenue, without ever closing any channels.
Open Pricing is different than the way that most properties currently manage hotel room rates. Many hoteliers follow a dynamic pricing model that’s based on a Best Available Rate (BAR). Here’s a quick recap of that strategy.
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