CHICAGO, IL – PriceLabs, a leader in revenue management for the hospitality industry, is unveiling its most significant upgrade ever: The Breakthrough Release.
This isn’t just a step forward – it’s a giant leap for hosts, property managers, and revenue management teams.
Anurag Verma, PriceLabs’ President and Co-Founder, stated: “With the Breakthrough Release, we’re delivering unparalleled pricing precision, streamlining operations, and providing performance metrics for faster decisions. This major upgrade showcases our relentless innovation pace. With solutions focussed on intelligence and customizability, PriceLabs caters to a wide range of property managers from 1 to 10,000 properties.”
Spotlight: The Hyper Local Pulse Algorithm
The Hyper Local Pulse (HLP) Algorithm is at the core of this breakthrough release. Within three months of using HLP, new PriceLabs users experienced an average 26% boost in RevPar (Revenue per Available Night).
- Hyper-local Relevance: Tap into hyper-local comp-sets for seasonality and weekday pricing, enhancing accuracy and relevance
- Improved Event and Holiday Pricing: We analyze previous pacing, early demand signals, competitor cues, and hotel rates along with a holiday calendar.
- Rapid Market Adaptability: Adapt fast to market changes, maximizing event, daily, and seasonal revenue.
- Time-saving: Minimize manual pricing adjustments.
Jon Supranowicz of vacation rental management company Grand Welcome said: “The Hyper Local Pulse Algorithm has reshaped our pricing strategy. Its daily tuning to market movements is unmatched. With our vision to expand into over 70 markets by the end of 2023, we anticipate a significant reduction in setup time and smarter resource allocation”.
A few other highlights of the Breakthrough Release:
- Performance Metrics: Choose from over 40 metrics to dive deep into the performance of your portfolio. Make decisions that count.
- Smart Presets: Navigate PriceLabs with a tailored touch. Smart Presets offers guidance for every business type: short-term, mid-term, or multi-unit rentals.
- Desktop App: Work faster when managing changes in large portfolios by working directly on your computer.
- Team Management: Assign listings with ease. Efficiently track changes.
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Author: Theodore Koumelis