Step
4: Summarize Your Hotel’s LOS Tier Evaluation Analysis
Before recommending any adjustments
to your hotel’s Length of Stay (LOS) tier structure, ensure that the following
criteria have been thoroughly evaluated:
- Market Factors:
- Competitive assessment
- Customer segmentation analysis
- Hotel Performance:
- Variance in price sensitivity for the relevant LOS
- Adequate demand in the targeted LOS
- Current pricing structure (Tier 1 blended
Weekday/Weekend rates)
Summarize your analysis in the Tier
Assessment Form, which can be downloaded from the Extended Stay Pricing
Strategy website.
The next step is to establish the most suitable benchmark rate for each LOS tier. If adjustments to the LOS tier structure are recommended, it is likely that pricing within these new tiers will also require changer