Award Date

11-2009

Degree Type

Professional Paper

Degree Name

Master of Science in Hotel Administration

Department

Hotel Administration

First Committee Member

Mehmet Erdem, Chair

Number of Pages

48

Abstract

This research paper compares room rate luxury casino hotel pricing pattern between the periods of 4/1/2009 to 6/30/2009). A good price strategy can help a hotel optimize both price and demand. The price strategy is also the only way a hotel can offset its demand in advance. Price strategy experienced several revolutions after the hotel industry adopted the Revenue management (RM) price strategy from the airline industry, which has changed it profoundly in the past decades. The RM price strategy is, more than ever before, a fundamental influence on RM practice. This is not only because of its financial point of view, but also because it is strongly related with all aspects of hotel management marketing strategies, such as forecasting demand, controlling the pace of booking, and understanding customer price elasticity.

Keywords

Hospitality industry – Marketing; Hotels – Prices; Luxuries

Disciplines

Hospitality Administration and Management

Language

English


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