Hospitality Revenue Management and Dynamic Pricing Strategy

Start of the Workflow/Process.

Retrieve historical occupancy rates from the past 30 days to establish a baseline for forecasting.

Retrieve current pricing data from the Competitor Rate Monitoring data model.

Retrieve upcoming local events and holidays that may impact demand.

Aggregate all completed booking entries to calculate the average room rate for the current period.

Aggregate occupancy percentage entries to determine the mean occupancy for the upcoming week.

Execute a formula comparing current booking pace against historical trends to determine a demand multiplier.

Apply a formula: (Baseline Rate * Demand Index) + Seasonal Adjustment.

Update the 'Daily Rate' field in the Room Rate Data Model with the newly calculated price.

Create a task for the Revenue Manager to review and approve the proposed price changes for the next 7 days.

Create a task for the Front Office Manager to adjust room availability if occupancy exceeds threshold.

Create a new entry in the Pricing Audit Log documenting the date, old price, new price, and the reason for change.

Send an email to the General Manager and Sales Team notifying them of significant updates to the pricing strategy.

Generate a PDF report summarizing the projected RevPAR (Revenue Per Available Room) based on the new pricing.

Delete outdated promotional rate entries from the Promotions Data Model that have passed their end date.

End of the Workflow/Process.