Key Factors that Affect Hotel Rates
Are you looking for the lowest hotel rates? If so then it’s important to know the various factors that affect the rates charged by different hotels. Even if you use an aggregation site, you’ll have a better understanding about certain hotels have higher or lower rates. Here are some of the main factors to keep in mind:
If the hotel is located in the city center and is near tourist attractions, restaurants/bars, shops, etc. you should expect higher rates than ones located in more remote/rural areas. The drawback is such locations will also provide less convenience since you’ll have to travel farther to get to various sites, establishments, etc. It’s a matter of rather you favor convenience or savings. In some cases, you might need easy access to various places in town so you’ll need to stay in the city proper whether it’s uptown or downtown.
If you’re looking for a rock-bottom hotel rate, then you should consider a location like a suburb. You’ll need more travel time to get to the city center, but the savings can be worth the extra travel time. It’s a matter of weighing both factors to determine which one is more important to you.
This is a somewhat complex issue. On the one hand, hotels ant to provide better prices/deals than their rivals and especially ones closest to their hotels. So they do their research to find out how their prices stack up with rival companies. However, they still need to turn a profit, so hotels also want to make sure their rates aren’t so low that they’re not turning a profit.
This is one of the major factors that affect the different rates of hotels. For example, if there’s a big event like a conference when you’ll be in a certain city or town it can result in higher hotel rates based on the basic laws of supply/demand. There also might be restrictions placed on customers like minimum stays. Meanwhile, during the off season, there are fewer visitors/tourists, so the prices of hotel rates tend to be lower. Some hotels also offer special deals/packages.
The key is to research your trip to a certain destination. There might be a local holiday or event that could cause hotels to jack up their prices. You should be aware of such events since you might even want to change your travel plans so you can enjoy lower accommodation rates.
The day of the week and season also affect the hotel rates that are offered. Weekend stays usually cost more than weekday stays due to supply/demand. So if you want to find cheaper rooms, you should visit the location during the weekday whenever possible. Another way to save money is to avoid peak seasons like summer. Make sure to research the off-season months wherever you’re visiting so you’ll know how to plan your trip to make it more affordable.
The type of room you pick is also another of the top factors that affect the prices of hotel rates. For example, are you looking for an economy, family, or suite room? If you want more amenities like restaurant, swimming pool, spa, gym, etc. you should also expect to spend more for a hotel room.
Is it worth it? It depends on factors like how much you’re willing to spend. If you’re on a shoestring budget, then you’ll likely want to pick a room with fewer amenities. Meanwhile, if you’re willing to splurge then a high-end room with all the bells and whistles would be a good option.