6 March 2023 | Revenue management, Industry news, Industry technology, Commercial strategy, Short-Term Rental
Denver, CO, March 6th, 2023 - OTA Insight, the global leader in cloud-based hospitality business intelligence, announced today the launch of Rate Insight+, a first-of-its-kind solution that gives hoteliers a complete view of their competitive landscape by combining hotel and short-term rental data in a single platform. The new short-term rental data will be available as an upgrade to the core Rate Insight product.
Rate Insight+ offers hoteliers a comprehensive view of competitive short-term rental and hotel pricing in their specific market, providing crucial data to enable better pricing decisions based on demand, occupancy, and rates in their market. With the addition of short-term rental data, Rate Insight+ also saves time and effort by providing a single source of truth - hoteliers now have both the hotel and short-term rental data they need, in one simple and easy-to-use tool.
As the short-term rental industry continues to rapidly grow, professionalize, and increase market share, hoteliers face a host of new challenges. Short-term rentals are now a mainstream competitor to hotels: 46% of those who paid for lodging in 2021 stayed in a short-term rental at least once. Potential guests compare factors including price, value, and experience offered by both short-term rentals and hotels when booking rooms. But until now, hoteliers have not had a solution to truly understand this new short-term rental competitor, leading to a major blindspot across their competitive landscape.
“With the majority of booking sites offering both hotel and short-term rental accommodation, market convergence is accelerating, and traveler habits are changing," said Sean Fitzpatrick, CEO of OTA Insight. "Our Data Science team has surfaced some powerful insights to help hoteliers understand the impact of short-term rental properties in their market on their commercial strategy. We’re excited to introduce Rate Insight+, the first solution of its kind in the industry. Rate Insight+ enables hoteliers to take a comprehensive approach to analyze their market, understand the impact of short-term rental supply, and gain a competitive advantage.”
For over ten years, tens of thousands of hoteliers have relied on OTA Insight to provide real-time, high-quality market data to capture demand at the optimal price. The winner of Hotel Tech Report’s Rate Shopping and Marketing Intelligence category for three consecutive years, OTA Insight is a proven innovator. The new Rate Insight+ will help hoteliers gain a much richer view of their markets, enabling them to price with confidence in the face of an ever-changing competitive landscape.
To learn more about Rate Insight+, click here
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