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Worldwide: Revenue management software PriceLabs has upgraded its solution for independent hotels, incorporating real-time analytics and automated dynamic pricing.
Key features of the updated product include:
- Monitor publicly available rates from up to 350 nearby properties
- Responsive pricing adjustments based on occupancy, seasonality, lead time, and booking trends
- Automated dashboards for tracking performance across key revenue metrics
- Compatible with over 150 property management systems (PMS) and channel managers
As part of the update, the company has launched a new Real-Time Sync premiumadd-on, which can refresh pricing recommendations every 60 minutes.
Its Hyper Local Pulse algorithm also automates revenue management by dynamically adjusting rate recommendations based on publicly available data, competitor pricing trends, and occupancy levels, among other factors.
Richie Khandelwal, co-founder and president of PriceLabs, said: “Independent hotels face increasing pressure to compete without the resources of major chains. Our aim is to give these operators access to affordable, data-driven revenue tools that are powerful but simple to use. Smarter pricing shouldn’t come at the cost of operational complexity.”
To inform its hotel solution, PriceLabs has built on experience pricing more than 500,000 short term rental listings daily.
Highlights:
- PriceLabs rolls out upgraded dynamic pricing for independent hotels, adding real-time analytics, automated rate adjustments and enhanced revenue dashboards.
- New Real-Time Sync add-on refreshes pricing recommendations every 60 minutes.
- Hotels can benchmark rates against up to 350 nearby competitors using publicly available data and PriceLabs’ Hyper Local Pulse algorithm.
- Dynamic pricing adapts to occupancy, seasonality, lead times and booking trends.
- Solution integrates with more than 150 PMS and channel managers, leveraging PriceLabs’ experience pricing over 500,000 short term rentals daily.
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