Why and how to implement a flexible hotel pricing strategy?
🏨 Over half (52%) of travellers require the ability to cancel their hotel stay for free within 24 to 48 hours of arrival. Hotels must offer flexible pricing to meet the new traveller expectations post-pandemic. Flexible rates can improve conversion, increase direct bookings, and optimize RevPAR. Strategies include exclusive website offers, multiple cancellation options, and clear communication. AI can further enhance flexible pricing strategies, as seen with the Elysée Val d’Europe hotel tripling its direct bookings. Balancing flexibility and profitability is crucial to mitigate risks such as last-minute cancellations.
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