Hotel pricing beyond the compset
June 14, 2010 |
Many hotels operating under an antiquated business model rely heavily on their Smith Travel Research Competitive Set analysis. As a tool and gauge, the STR comp set is useful for at-the-moment assessment, not as a basis for a pricing or marketing strategy to individual consumers.
In certain markets with homogenous competitors (like the super-luxury market in Miami, for instance, or the upscale resort market in Aspen) this strategy may bear fruit. But for most other markets with a diverse range of rate levels, service standards and amenity offerings, hotels would be well served by looking outside of their comp set for sales opportunities, particularly in times of weak demand.
The ability to set prices (and, of course, subsequently sell rooms) outside a hotel
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