Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 26, 2015 erstellt
Beschreibung:
In this paper, we investigate an optimal room charge problem for a hotel that considers maximization of the expected sales. We introduce a waterfall model and a multinomial logit model for hotels in the same area and the same price range which offer limited number of rooms. The models reflect choice behaviors of customers in a transparent on-line hotel booking system. We show how to estimate the parameters of the models from on-line hotel booking data which are accessible for anyone through internet. Moreover, we give an algorithm to solve the maximization problem and examples of the optimal room charge for hypothetical hotel booking data. The examples show a potential of the sales increase for each hotel by solving the maximization problem in the waterfall model. With these models, it is expected that hotel managers as well as hotel investors, such as hotel REITs and hotel funds, are able to know the potential of the sales increase of hotels from on-line booking data and use the result as a tool for making investment decisions