NH Hotels Sep 04, 2024
A well-planned vacation is more than just the itinerary, as there are several aspects to consider when it comes to preparing your next holidays: We’re talking about what’s perhaps one of the most important aspects: booking a hotel room.
In this article, you will find out when the best time to book a hotel room is and where to find the best hotel deals.
To sum up, you will get behind the science of how to get the best accommodation possible for your planned trip.
Choosing the best one, at the ideal price and location will make a difference on your holiday. But we should ask ourselves, is there really such a thing as a perfect time to secure your accommodation to maximise your savings and comfort? The short answer is yes. In fact, research shows that when to book a hotel room can significantly impact hotel rates, as there are certain periods offering better deals than others. If you understand these trends and statistics, you can enjoy a stress-free holiday, whether you are travelling to a well-known destination or an off the road place, during peak season or off-peak times. These tips will guide you on how to book a hotel room at the best rate, so you can focus on living your trip to the fullest.
As we mentioned earlier, booking a hotel room can sometimes be a bit challenging, especially if we’re not familiar with the hotel pricing strategies. To simplify this process, it’s indispensable to recognise that the majority of hotels employ a dynamic pricing model to determine their rates. They often utilise a competitive pricing strategy to align their rates with the competitors’ companies, and they usually offer lower prices for longer stays, in order to reduce the turnover costs associated with short stays.
What is more, demand and supply dynamics play a significant role in this process, causing prices to be at their highest during high-demand periods such as holidays or major events. Popular seasonal vacation locations and major cities might see their rates double or even triple during these busy periods, which is a factor to take into account when booking their hotel room. On the other hand, during lower seasons, when travel is less usual, hotels may lower their rates to attract more guests and fill in their occupancy.
Moreover, hotels tend to study their customer segmentation to adapt their rates according to guests’ inclination to pay as well as their booking behaviour. This estimation also applies to different room types, the ones with higher prices are usually premium rooms or those offering special views.
Most chains offer different types of hotels to best accommodate their guests needs. Our group, Minor Hotels, for instance, has supplied different options according to the type of travelling, the mindset of their guests, and their locations, thus the existence of NH Collection Hotels & Resorts, Oaks Hotels, Resorts & Suites and Elewana Collection, the different brands of the group, where booking hotels is easy.
Finding the best time to book your room is indeed a science.
Statistics suggest that accommodation prices often decrease as the date of stay approaches, as hotels aim to optimise their occupancy rates with last-minute bookings. A report by Hopper in 2023 indicated that prices frequently drop on the day of booking to sell remaining available rooms.
A significant finding from 2022 demonstrated that the best time to book a hotel room is approximately 15 days before the intended stay. This conclusion was supported by a study conducted by NerdWallet in 2019, which shows that hotel rooms are nearly 13% cheaper when booked in advance. Luxury hotels display more significant price reductions when reservations are made close to the date of stay. This trend is principally attributed to the dynamic pricing strategies, which often end up in last-minute deals, especially in less busy locations or during off-peak seasons.
However, choosing a last-minute booking can come with the risk of limited availability on the rooms. That’s why, Minor Hotels ensures that guests receive the best rates for available rooms, whether you prefer to book in advance or seek last-minute accommodation deals. Hence, understanding where to book hotels, can help travellers secure the most valuable rates and availability for their stays.
It’s well known that booking flights at the start of the week is the most economical way to secure the best prices from airlines, so it would only make sense that the same rule of thumb applies to when to book a hotel room. However, hotels tend to uprise their prices for customers willing to book their transportation and accommodation at the same time. This phenomenon has led some experts to recommend that the best time to book a hotel room is towards the end of the week, when hotels lower their fares to increase their occupation. Nevertheless, there are other trends that indicate that, the early days of the week, such as Monday or Wednesday, are the best times to book a hotel room. This conundrum raises the interrogation: is it a science or a myth?
In this case, there is no correct answer, as hotel prices tend to swing throughout the week. To determine the best time to make your reservation, it may be helpful to monitor the prices of the same hotel room over a period of time and draw your own conclusions on when and where to book a hotel room.
On the other hand, hotel chains, such as Minor Hotels, offer special rates year-round through their Loyalty Programme, GHA DISCOVERY, whether you are a traditional traveler or you look for the perfect hotel to held you corporate meetings, as a firm or a freelancer.
By taking advantage of the GHA DISCOVERY Programme, clients can secure their booking at the best rate without worrying about making marketing studies, among many other benefits. These “fidelity cards” ensure that you get the best price for your booking at any time, regardless of the day of the week. This approach provides peace of mind, allowing to book with confidence, knowing that they will give you a good value for your money, and the best room for your needs. For companies and self-employed individuals, there are business programs like NH+ that offer a range of advantages, including valuable benefits and significant discounts for clients.
Although Minor Hotels has special offers all year round for you to see the world benefiting from unique rates and promotions, to optimise your chances of securing a hotel room, it is important to consider various factors that influence pricing and availability.
When finding your accommodation, you must take into account the demand and supply, which are key factors impacting hotel prices. Peak seasons, popular destinations, and local events can raise accommodation costs. Also, the type and location of the hotel greatly affects pricing. For example, hotels in central or tourist-heavy areas tend to have higher rates, as we have seen in previous paragraphs.
Additionally, if you are seeking the best tool on where to book hotels, using comparison tools and booking apps can meaningfully help travellers to find the most suitable accommodation for their holidays. Setting up price alerts, observing market trends, and comparing different offers are, undeniably, effective strategies to ensure you get the best rates.
The timing is another essential element in determining the best time to book a hotel room. Booking well in advance often secures lower rates and a wider selection of rooms. However, last-minute bookings can also offer advantages, such as discounted prices, particularly if the hotel is aiming to fill remaining rooms.
If we ask ourselves “does the early bird take the worm?”, we might reply “yes, but”.
Both early and last-minute bookings come with their respective advantages and disadvantages. Early bookings generally provide a greater selection and better availability, though prices may not be as low as those found through last-minute deals. On the other hand, last-minute bookings might offer significant discounts, especially during off-peak periods, but this may come at the cost of limited availability and fewer choices.
By carefully considering these factors and strategies for when to book a hotel room, you can determine the best time to secure your accommodation and heighten your stay experience.
Traveling on a specific budget can differ depending on the city where you choose to settle your base camp: geographical features such as scenic attractions also play a role during the hotels’ rates evaluation, as leisure-focused areas are usually higher priced, regardless of the season, with the holiday season being the priciest time to book a room. Concerning the business districts, hotel rooms usually have a higher price during the weekdays, when corporate travellers are common.
Likewise, major cities or popular vacation spots can oftentimes experience a rise of their demand and thus, their prices. On the other hand, less frequented destinations and remote areas might have lower prices fluctuations during the year. Nonetheless, it is important to emphasise the fact that, local celebrations or major events such as music festivals or conventions can correlate to an increased urge to book, leading to the increase in prices.
Consequently, to the question, Can where you book hotels impact the best time to choose a stay? The answer is yes. If you rather plan ahead, you must always take into account these factors, to ensure you have the best booking deal.
In a nutshell, determining when to book a hotel room depends on various factors, including demand fluctuations, peak travel seasons, scenic destinations, local festivals, and significant events. You should also consider your own preferences and plans when choosing your accommodation. To ensure the best rates and take advantage of available promotions, our recommendation is always to make reservations well in advance. Additionally, exploring offers such as Minor’s GHA DISCOVERY Loyalty Programme or NH+ for business, can always increase savings and other benefits. So, when it comes to the best time to book a hotel room, planning in advance and exploring all we have to offer will ensure a more rewarding and stress-free hotel experience.
