It happened now a few times that I was in contact with hotels, that were not sure about how they would like to set up their rate structure, what rates to offer and how to define cancellation policies etc.
Thus, I thought it would be nice to ask the community about what it is that is important for you, when developing a new rate structure?
What are rates, where you think that they are a must-have?
To me I often see the following rates:
- Flexible Rates (with free cancellation)
- Automatic payment only at the beginning of the stay
- Non-Refundable Rates (with no cancellation possible)
- Automatic payment at confirmation of the stay
- And sometimes special/cheaper rates that can only be booked if I stay for a specific amount of nights
When I would create this rate structure, I personally would try to work as much as possible with derived rates. Thus, using one rate as the base rate for all the other rates.
By doing this, I can eliminate the manual work of amending rates, and only need to make changes to one rate instead of all the rates.