Hospitality technology specialist Beonprice says its new benchmarking standard has seen increases in revenue per available room of up to 11%
The new Hotel Quality Index (HQI) was developed to take into account modern review platforms to assess the overall guest experience.
It was launched six months ago to help hoteliers better qualify rates and their competitor set in their revenue management strategies.
“HQI is a unique way of assessing a hotel’s reputation and market position to improve a property’s REVPAR,” said Benprice.
The benchmark combines traditional revenue management considerations with real-time information about the hotels’ positioning in the marketplace.
It not only assesses what the best price is but also the chances of selling at that price in the market.
Emilio Galan, chief technology officer at Beonprice, said: “Revenue management is a science, and like all scientific fields, progress brings a deeper understanding and better results.
“Using HQI, hotels are able to set a multifaceted pricing strategy, refining their rates and estimating the probability of sale for different segments.
“Having the most accurate pricing recommendations per room and rate type at their fingertips helps our clients meet their goals and react in real-time to market changes.”
HQI was developed with input from former hotel revenue managers. It analyses external market data, including product quality and online reputation, using Artificial Intelligence to calculate an overall quality score for hotels.
The HQI algorithm calculates its overall score by evaluating the room weighting value of each product’s characteristics according to the target guest segment.
It claims to be capable of calculating the value of the product to the most relevant customer at that specific moment to optimise the booking rate in relation to sales probability.
Beonprice says it can “tailor revenue strategies for different market segments, offering a deep understanding of the hotel’s market position and enhanced results whether targeting leisure or corporate travellers”.