Optimal pricing based on real-time monitoring of hotel information

Abstract

Online travel agencies (OTAs) are becoming popular nowadays. Travelers now search for and compare room prices of hotels online, which makes the competition between hotels in terms of room price fierce. For convenient and precise information on room prices, we propose a real-time monitoring system of room prices for hotel management to follow the changes in hotel information. The system finds the best price and provides a reference room price. The results show that the proposed method proposes the optimal price by considering competitors' prices. The results of this research provide a basis for improving existing travel and hotel reservation services for travelers.