Yorktown Beach Hotel, a charming hotel located on the York River in Yorktown, Virginia, faced significant challenges in managing their room pricing strategy:

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• Manual pricing was time-consuming and complex, with the owner and general manager, Matt Bowery, spending countless hours each week adjusting room rates for multiple room types over their long booking window.

• As the only hotel in Yorktown, they lacked benchmarks for setting competitive rates.

• The leisure-driven market required quick responses to weather changes and last-minute cancellations to avoid revenue losses.

• This combination of factors made it critical for the hotel to find a more efficient and effective pricing strategy to remain competitive.

 

The Solution

 

Yorktown Beach Hotel partnered with PricingService.ai to implement a dynamic, autonomous room pricing solution. The service provided:

• Automated price adjustments based on real-time booking activity, updated six times a day.

• A user-friendly interface that allowed Matt to easily oversee the pricing strategy.

• Consistently optimized pricing that captures future demand trends without manual intervention.

 

The Results

 

Since implementing PricingService.ai, Yorktown Beach Hotel has experienced remarkable improvements:

• The hotel's revenue grew by 21% in 2023 compared to 2022. In the first six months of 2024, revenue has grown 11% year over year.

• Matt has completely eliminated the time previously spent on manual pricing adjustments, allowing him to focus on other critical aspects of hotel management.

• The automated system ensures that room rates are always optimized, capturing future dates and responding to demand changes seamlessly.