Client Success Stories
“We've partnered with IDeaS. They're really the leading revenue management provider out there and it's available now to all 6,000 domestic hotels to help them forecast more accurately and price more confidently.”
Revenue Management in Budget Hotels, Simplified
Stay competitively positioned
Setting the right price at the right time for the right guest through the right channel while making sure your hotel is competitively positioned is a challenge—unless you’ve got powerful analytics on your side. Confidently set prices while accounting for market shifts to ensure the hotel is properly positioned with guests.
Grow RevPAR and market share
Your Economy hotel has unique booking patterns and demand drivers that differ from other hotel types. So, you need a convenient and simple way to dynamically price rooms based on hotel and competitor data to ensure you are not under- or over-pricing and as a result leaving money on the table.
Spend time efficiently & strategically
With lean teams and limited budgets, achieving greater efficiency often means prioritizing quick tasks over long-term strategy. Only with revenue automation can you reduce time spent on tactical pricing activities through decisions that make every second count, giving you more time to focus on what matters.
How to Drive Profitability in Your Role
Ensure financial success by properly balancing occupancy and rate to maximize revenue per available room (RevPAR). Utilize simple yet effective revenue strategies to exceed budget while gaining operational efficiencies and maintaining service quality.
Utilize AI and pricing automation to maximize margins for your property. You can focus on achieving revenue targets, managing risk, and controlling operating costs to ensure satisfactory returns on investment and growing long-term asset value.
Budget Hoteliers’ Frequently Asked Questions
Crafting a pricing strategy for budget hotels involves understanding guest preferences and typical length of stay, integrating with hotel systems, aligning with budget traveler booking channels, considering affordability, and using data to understand trends and stay competitive.
Budget and economy hotels, despite offering fewer amenities compared to full-service counterparts, can benefit from applying simple revenue management practices. Limited-service hotels should leverage historical data from their property management system for business segmentation and accurate demand forecasting to enable smart marketing and pricing strategies. Pricing should consider the hotel’s own trends, upcoming events, and competitor pricing. Focus on metrics like revenue per available room (RevPAR) and revenue generation index (RGI) against local competition to grasp performance.
An economy hotel maximizes revenue by implementing variable pricing based on property and market trends. Every effort should be made to incentivize direct bookings through exclusive deals or guest favorable booking terms. By efficiently presenting the right price to the right guest at the right time, while optimizing operations, and prioritizing guest experiences, an economy hotel can achieve higher revenue.
A sustainable revenue strategy should prioritize both improving rates and increasing occupancy, ensuring a balanced approach. Rather than accepting every guest, revenue management focuses on identifying the most profitable guests and prioritizing them. Automation simplifies this process, enabling economy hotels to deploy revenue-enhancing strategies efficiently. Limited-service hotels can leverage technology to optimize pricing and related decisions, maintaining control while maximizing revenue within their market.