📊 What is Hotel Market?
In hotel revenue management, “Hotel Mareket” is a term used to describe the geographical or commercial market where the hotel competes. It includes the local demand, competition, and economic factors influencing performance.
🧮 Factors defining Hotel Market
- Geographic location and accessibility
- Competitor Hotels and their services
- Local Demand Factors (Business, Leisure, Events)
- Economic and tourist trends
✅ Importance of Hotel Market
- Understanding the Hotel Market helps tailor pricing and marketing strategies.
- Enables benchmarking against competitors in the same market.
- Influences demand forecasting and inventory management.
- Critical for strategic planning and positioning.
📘 Practical example of Hotel Market
A hotel in central London considers its plaza to include all other city centre hotels, adjusting its strategy based on their pricing and occupancy trends.
👉 Refers to the specific market area or location in which a hotel operates, including its competitive set and demand environment.
