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Changing minimum prices, base prices and maximum prices

How to configure your rate(s)

How can I configure the rates?

The most important part is the rate configuration. Please note in particular that you can only configure the yielding rate in happyhotel. All other rates are either linked to the yielding rate and take their prices from here or the rates are independent and set as configured in the PMS.

The relevant rates are those that are also active in the PMS. These rates are labelled as ‘Rate active in PMS’.

Warning! Before each onboarding, Support configures the rates as specified in the onboarding form. You should never change the yielding rate without the help of Support. This is because the algorithm has to be trained for this purpose.

Below, I will show you how to configure the yielding rate:

 

Important: Changes to the rate configuration can affect your price recommendations in Revenue Management. Check the settings carefully before saving them.

1. Open the rate settings

  1. Open the happyhotel Dashboard.
  2. Click Settings in the navigation on the left.
  3. Click Rates at the top of the settings page.
  4. The Rate groups and Rate plans sections are displayed.

2. Edit the rate configuration

  1. Select the rate plan marked with a checkmark in the Used for Revenue Management column.
  2. Click Edit configuration for this rate plan.
  3. Check which room category is marked as the Reference category.

Important: Edit the prices of the reference category first. Then adjust the prices of the other room categories using their respective differences from the reference category.

3. Edit the prices of the reference category

  1. Adjust the required values for the reference category:
    • Minimum price
    • Base price
    • Maximum price
  2. Check the values you entered before continuing.

4. Adjust the other room categories

For the remaining room categories, use the Difference from reference category field:

  1. Enter the required price difference from the reference category.
  2. Enter a negative value if the room category should be cheaper, for example, -€10.00.
  3. Enter a positive value if the room category should be more expensive, for example, €10.00.
  4. The minimum, base, and maximum prices of the other categories are adjusted based on the reference category and the specified difference.

Important: Adjust the other room categories using their differences from the reference category. This means you do not need to adjust each price separately.

5. Save the changes

  1. Review all configured values.
  2. Click Save.
  3. Decide whether the occupancy-based prices should also be adjusted.
  4. Review the adjusted prices for the individual room categories and occupancy levels in the preview.
  5. Confirm the adjustment by clicking Yes, or click No if you do not want to apply it.
  6. Click the arrow next to Save and select Keep current prices.
  7. Once the changes have been saved successfully, the message Changes saved! appears.

Caution! When saving, you will be asked at the end whether you want to keep the current prices or change all prices. Here it is very important to maintain the current prices. Synchronisation is carried out automatically by the system. 

♦ When configuring the rates, it is particularly important to define the minimum and maximum expected prices. This will become very relevant later on! They can also be defined very quickly and easily using the distance to the reference category. Only the reference category needs to be fully processed; for all others, it is sufficient to specify the price difference. 

♦ You must then specify which room is to be used as the reference room category. This is important for the algorithm to work at all because the price for this room will change the prices of the other rooms based on the distances.