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Should Hotels Lower Prices to Stimulate Demand?
By GuestCentric
Wednesday, 19th May 2021
 

The economic fallout of 2020 undoubtedly drove many hotels to lower their prices in an effort to stimulate demand.

But as the industry prepares to capture the pent-up travel demand, lowering prices could cost Hoteliers a significant level of business in the post-covid travel boom on the horizon.

History and research suggest hotels that hold the line on price tend to recover faster from recession. In cooperation with the Center for Hospitality Research at Cornell University and Smith Travel Research (STR), researchers explored pricing behavior using 67,008 hotel observations over a seven-year period, from 2001 through 2007.

The results showed that RevPAR gains came to those who priced above competitors, while those who priced below suffered significant revenue losses.

Read the full story here

Guestcentric is a leading provider of Hotel E-Commerce solutions to help extraordinary hoteliers promote their brand, connect with guests, and drive direct bookings.

GuestCentric’s Next Generation Hotel CRS, which includes conversion-driven booking engines, award-winning websites, GDS Chain Code, Channel Management, and a host of integrations with leading PMS and RMS solutions, provides hotels with the only unified solution to optimise the guests' online journey and convert visitors into direct bookings.

GuestCentric is a proud provider and partner to hotel groups and independent hotels in over 50 countries worldwide. From collections such as Design Hotels, Great Hotels of the World, Leading Hotels of the World, Relais & Chateaux, Small Luxury Hotels and Small Danish Hotels.

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