Dynamic room pricing model for hotel revenue management systems

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Abstract

This paper addresses the problem of room pricing in hotels. We propose a hotel revenue management model based on dynamic pricing to provide hotel managers with a flexible and efficient decision support tool for room revenue maximization. The two pillars of the proposed framework are a novel optimization model, and a multi-class scheme similar to the one implemented in airlines. Our hypothesis is that this framework can overcome the limitations associated with the research gaps in pricing literature; and can also contribute significantly in increasing the revenue of hotels. We test this hypothesis on three different approaches, and the results show an increase in revenue compared to the classical model used in literature. © 2011 Faculty of Computers and Information, Cairo University. Production and hosting by Elsevier B.V. All rights reserved.

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Aziz, H. A., Saleh, M., Rasmy, M. H., & Elshishiny, H. (2011). Dynamic room pricing model for hotel revenue management systems. Egyptian Informatics Journal, 12(3), 177–183. https://doi.org/10.1016/j.eij.2011.08.001

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