Optimal pricing strategy of hotel for long-term stay

Liuyi Ling · Xiaolong Guo · Lina He

14 citations0/0 files storedInternational Journal of Services Technology and Management

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Supply Chain and Inventory Management Diverse Aspects of Tourism Research Consumer Market Behavior and Pricing

Abstract

Along with the economic development and tourism prosperity, long-term stay in hotel is very common in realistic practice in recent years. This paper does some research on how hotel pricing for long-term stay. By developing an operational optimisation model, this paper derives the optimal pricing strategy for long-term stay, and demonstrates that this strategy is beneficial to hotel as well as its customers. Moreover, this paper further analyses the effects on the optimal room rate and hotel revenue, of standard room rate, variable cost, hotel capacity, the number of individual customers, as well as the properties of long-term stay. Eventually, a numerical experiment is employed, and the results are consistent with reality.

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References

2008Price and service competition of supply chains with risk-averse retailers under demand uncertainty 1998The Strategic Levers of Yield Management 2005Pricing strategies to maximize revenues in the lodging industry 2003A stochastic approach to hotel revenue optimization 2005Advanced booking and revenue management: Room rates and the consumers’ strategic zones 2006Market demand variations, room capacity, and optimal hotel room rates 2003THE BENEFITS OF OPTIMIZING PRICES TO MANAGE DEMAND IN HOTEL REVENUE MANAGEMENT SYSTEMS 1997Proposing a room pricing model for optimizing profitability

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