Multi-layered market forecast framework for hotel revenue management by continuously learning market dynamics.
LodgIQ’s AI driven Market Forecasting methodology which is published in the AI issue of Journal of Revenue and Pricing Management. Be sure to check out the full article here.
With the rising wave of travelers and changing market landscape, understanding marketplace dynamics in commoditized accommodations in the hotel industry has never been more important. In this research, a machine learning approach is applied to build a framework that can forecast the unconstrained and constrained market demand by leveraging data from disparate sources. Several machine learning algorithms are explored to learn traveler’s booking patterns and the latent progression of the booking curve. This solution can be leveraged by independent hoteliers in their revenue management strategy by comparing their behavior to the market.
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